When you invest in real estate, you understand the importance of taking care of your investment over time. Not only does it help protect the value and condition of your property, but it also ensures that the tenants you place in that property through the years have a safe and well-maintained place to call home.

There will always be costs associated with maintenance and repairs, but they pale in comparison to what could be spent (and lost) if neglect is allowed to take hold. Holding onto your investment property for the long term is smart. It brings you a higher return on investment (ROI). But, you have to properly maintain your real estate investment over prolonged periods, otherwise that ROI will start to sink.

We’re taking a look at best practices when it comes to keeping up with repairs and preventive maintenance so that you and your tenants can benefit from an attractive, well-maintained home that will continue to be habitable and profitable for years.

Partner with Your Charlotte Tenants on Long Term Maintenance

Educate your tenants on their roles and responsibilities when it comes to maintaining your property and keeping it clean and attractive. You own the property, but you don’t live in it. Your tenants, however, are there every day. They’re sleeping in the home, they’re moving through the home, they’re cooking there, and they’re living their lives in that property.

Tenants can help you maintain your home over time, even when there are different tenants coming and going through the years. When they’re all taking care of your property consistently, you can expect less deterioration, wear, and tear.

Always stress to your tenants the importance of making maintenance requests right away. When they notice that something is broken or needs to be replaced, you want them to tell you as soon as possible. Those deferred maintenance issues are expensive, and you don’t want to be playing catch-up during turnover periods.

Once you receive a maintenance request from your residents, don’t take too long to respond. Give those repair needs your attention right away. It’s the only way to protect your property’s condition and value for the long term.

Your lease agreement will be the point of reference for tenants so they know what they’re responsible for. If they cause any damage, they’re obviously required to pay for it. You can also put them in charge of replacing air filters, batteries, light bulbs, etc.

Partnering with your tenants and encouraging tenant retention will make it easier for you to maintain your investment property over the long term.

Make Preventative Maintenance a Priority

Pay attention to preventative maintenance. When you have a reliable schedule of inspections and service calls, you’ll find it’s much easier to protect the condition and the value of your property now and in the future. Smart investors will rent out a home for 10 or 20 years. Maybe even longer. You need to be sure that the property is not likely to deteriorate beyond the point of providing value.

There’s a lot of value in working with licensed and insured vendors and contractors, and when work is needed, we highly recommend it. But, when it comes to checking for preventative issues, you can usually do some of this inspection work yourself. Put together checklists to use when you happen to be in the property, responding to a need that your tenants have or preparing for turnovers.

These are some of the best preventative measures you can take to keep your investment in good shape over the long term.

Air filter changes. Let your tenants know you expect them to be changed every month or every three months, depending on your property and how quickly the filters fill up.
Contract with an HVAC technician to inspect your units. Have an expert take a look at your heating and cooling unit annually, because replacing it will cost thousands of dollars. In Charlotte, we use our air conditioning for most of the summer and even into the fall. In the winter months, heat will be essential. You’ll want to keep those systems running efficiently.
Preventative plumbing. Always look for leaks and signs of water intrusion. Water can be problematic, whether it’s a burst pipe or an irrigation system that is out of control. Keeping your plumbing system in good shape will contribute to the long-term health of the house.
Inspect the exterior of the property. Look for tree branches that may be dangerously close to the windows or knocking against the roof. Check for foundation issues, gutter and drainpipe clogs, or any safety issues such as uneven pavement

This type of preventative maintenance catches problems right away and allows the systems and functions of your home to last longer.

Vendor Relationships Maintain Your Property Over Time

Vendors who you work with consistently will get to know your property. They’ll care about it. That personal relationship and expertise can help you take care of your investment now and in the future.

If you need referrals or you’re not sure where to find the vendors you need, talk to a Charlotte property manager. Many property managers will have their own in-house maintenance teams, and if they don’t, they’ll have access to the best vendors and contractors in the area. We have a strong list of licensed and insured professionals who stand behind their work and offer us their best rates.

If you’re managing on your own, start gathering your preferred vendors early. Start with a plumber and then keep asking for referrals until you have a great team put together. These are the professionals who will let you know when attention is needed or a seemingly minor repair is actually something more serious.

Well-maintained rental properties rent for more money and to better tenants. They also appreciate faster and provide you with a stronger investment portfolio. We love working with investors who plan to hold onto their properties for many years to come. We know that’s how real wealth is created with real estate.

If you’d like to talk about a solid maintenance plan for your investment property over the long term, please contact us at Wess Cason Realty. We provide real estate and property management services in Charlotte and the surrounding areas in Mecklenburg, Union, and Cabarrus County.