Avoiding costly repairs is one of the most critical aspects of maximizing returns for your Jacksonville Fl rental property. A broken pipe and severe water damage can happen at any time and without warning. However, there are several preventative measures that professional property managers recommend for avoiding these types of emergency repairs.
What can landlords do to reduce the potential for expensive maintenance? Our expert Jacksonville Fl property management team discusses four ways to avoid them to reduce costs and boost your bottom line!
What Are Some of the Most Expensive Repairs?
What do we mean by "expensive" repairs? We're not talking about things like fixing a stair railing or keeping a toilet from running. Costly repairs can quickly damage your cash flow or reserves, and they often happen at inopportune times without warning.
From floods to leaks, water damage is one of the most expensive emergencies. Repairing a leaky pipe or flooded floor can cost several thousand dollars to repair, depending on the extent of the damage. Your landlord insurance might offset some of those costs, but water damage is a costly out-of-pocket expense if you don't have the right coverage.
Mold and Mildew
It's a common issue in Jacksonville Fl. Mold and mildew are caused by wet environments that get too hot in bathrooms or kitchens where the air is stagnant. These growths are unsightly and can lead to serious health concerns for you and your tenants if not taken care of quickly. This expensive emergency repair requires professional expertise, so be sure to act quickly at the first signs of mold or mildew and hire contractors with the experience necessary for handling these types of problems.
When mold growth is left unchecked, rental real estate owners can lose property insurance coverage, deal rental income loss after tenants legally break the lease due to unsafe living conditions, and face expensive repairs to return the rental to a safe, liveable condition.
Termites love wood! These pests can cause a lot of damage to a rental property, and it's often a significant infestation by the time you realize a rental has a problem. Professional pest control is the only way to get rid of them. After eliminating the pests, landlords often face hefty repair bills to replace foundational structures destroyed by termites.
Three Ways to Avoid These Costly Issues (and More)
What can Jacksonville landlords do to avoid these expensive problems? A standard process of inspections and repairs reduces repair costs and helps rental owners keep properties in excellent condition!
1. Perform Routine Maintenance
Developing a pro-active schedule of routine maintenance tasks helps investors prevent significant problems and costly repairs. Create a schedule of property maintenance inspections that include testing water sources for leaks.
2. Make Repairs Quickly
A small problem can quickly become a significant issue if it's not addressed right away. Repair any damage to the property quickly so that it does not worsen over time. With termites, as soon as you spot potential damage, call a professional to inspect the property and treat a problem before the pests have a chance to cause more damage throughout the home.
3. Establish a Thorough Make-Ready Process
Start every new lease term with a thorough make-ready process before tenants move in. This allows a property owner to clean a rental thoroughly, plus make repairs and document the near-perfect condition of a rental from the start. When residents move into a well-maintained home, it's easier for them to recognize a problem as soon as it starts--and let you know. A make-ready process also helps Greater Jacksonville rental owners set the tone for how they expect renters to take care of the property.
Work with your residents to make sure they take excellent care of your rental, honor their responsibilities in the lease, and report issues as soon as they notice something is wrong.
4. Hire a Jacksonville FL Property Manager
If keeping up with inspections and routine maintenance becomes overwhelming, let a Jacksonville property manager help! Maintaining excellent rental properties and avoiding significant repair expenses is often a full-time job. If you already have a "day" job, let an expert Jacksonville property management company conduct inspections, perform routine maintenance, and coordinate quick (and quality) repairs when something goes wrong.
Professional rental management is one of the best ways to reduce the potential for costly repairs, maximize maintenance budgets, and keep tenants safe!
Let Jacksonville Property Management Handle the Make-Ready Process (and Avoid Costly Repairs)
When landlords follow these suggestions, they're well on their way to avoiding costly repairs! Doing so will also save them money in the long run (and boost returns) by preventing emergencies from happening in the first place.
When property owners hire a professional property management company in Jacksonville Florida, they'll be able to perform all these jobs for you so that you don't have to worry about emergencies or routine maintenance! Spectrum Realty is here to conduct a proactive maintenance plan and make-ready process that reduces the potential of serious repairs, optimizes your maintenance budget, and protects your properties. If emergencies are a routine occurrence for you, let's talk about how we can help!
Master the make-ready process when you download our free Make-Ready Checklist!