If you own Austin real estate—especially if you own multiple properties—it may be tempting to overlook property maintenance on small, seemingly nonessential jobs. Better to channel your time and money toward the urgent, bigger problems, right?
Maybe your metaphorical plate is not just full, but overflowing, and you simply don’t have the bandwidth to deal with it all. Maybe your cash flow isn’t where you’d like it to be, and you can’t realistically pounce on every repair as it pops up. Or, maybe you simply don’t know what you don’t know—you’re clueless as to what kind of maintenance your properties need and why (much less how to do it).
Unfortunately, neglecting those minor maintenance tasks can snowball into something much larger. They may seem like no big deal now, but ignoring them may lead to major expenses down the road. And as women, the last thing we need is another obstacle or complication in our way. When it comes to smart investing, preventative maintenance is critical to ensuring a smooth property management experience.
Preserve Your Property
“Big” maintenance problems don’t usually come out of nowhere—they start small and compound over time. So, as a property owner, it’s vital that you address any issues as soon as possible. This will not only preserve the condition (and appraisal value) of your properties but also snuff out any chance that an issue will escalate to catastrophic levels.
Along these lines, letting small repairs go by the wayside could signal to prospective renters that the property is under-maintained. This is almost guaranteed to decrease the demand for your property as well as significantly lower your rental income potential (after all, no one wants to live or pay exorbitant money for a run-down place).
Next time you’re tempted to let a minor repair float indefinitely on your to-do list, just remember: would you rather spend a little time and money to fix it now, or spend exponentially more later?
Guarantee Happy Tenants (And a Stellar Reputation)
Leaving a series of broken, run-down conditions for your tenants is a sure way to incite frustration, vengeful social commentary, and high turnover. Given that you decided to invest in real estate to make money, that outcome is one you want to actively avoid.
Conversely, showing initiative by quickly resolving any repairs will build trust and create an environment where tenants feel safe and content. Your tenant retention will be stellar, your properties will be in high demand, and you’ll earn a reputation for being the landlord who takes care of people.
Reduce Legal Risks
Maintenance tasks are often huge liability risks as well. Things like loose railings, faulty writing, or even mold can all be major safety hazards to your tenants and any visitors to the property. Even the smallest of issues can result in significant injury and a potential lawsuit.
Many cities, states, and local housing authorities have safety regulations, codes, and/or laws that require you to keep your property up to a certain standard. Not doing so could result in penalties like fines (or again, litigation), so you want to make sure you’ve done your due diligence and know exactly what’s expected of you to keep your property up to code.
The SmartEgg Difference
We understand that all of this can be extremely overwhelming, especially if you don’t know where to start. At SmartEgg, we’re committed to making sure that you have all the tools and resources you need to manage your properties with excellence and integrity from the very beginning. We’ve made it our mission to make your life easier by assisting you with our extensive real estate experience and resources.
Our goal is to equip property owners in Austin with the tools and information necessary to be successful landlords and reach financial fluency. Whether you’re a beginner or a multi-property investment maven, we’re here to help you along the way.
Protect Your Properties & Get Money Smart—Schedule Your SmartEgg Consultation Today