Our topic today is something that all investors care about: how to keep maintenance costs low in Albuquerque.
The lease is the most important starting point, even when it comes to maintenance. It should spell out who is responsible for what and who needs to pay for which maintenance items. This will help you avoid disputed charges. If you have a vague lease in place, you are always going to have disputes and conflicts.
No one likes to do them, but it’s so important for your property. Conduct regular inspections. Document what you find in writing and with dated photos. Put a tickler file together so you remember to do these. If you notice a violation or a maintenance item that needs to be addressed, write out a violation notice on the spot. You don’t want to wait; write it out while you’re at the property and tell the tenant when repairs need to be completed. It’s important to be consistent. Don’t let little violations pile up with the idea that they’ll get fixed at the end of the tenancy. You will end up with too many things to do and not enough funds to complete them.
Maintain your sanity and protect your bottom line by setting clear guidelines and boundaries for what constitutes an emergency maintenance item and what qualifies as a regular maintenance item. Let tenants know specifically what qualifies as an emergency that needs to be addressed immediately vs. what will be taken care of during regular work days and working hours.
Insist on preventative maintenance controls, such as furnace filter changes. Air conditioning and furnace repairs are always expensive, and you want to avoid them. Have tenants change the furnace filters every 90 days minimum and come up with method so you can be sure this is being done.
Repairing floors and investing in new carpet is expensive. So to help stretch your flooring dollar insist your tenants have carpets professionally cleaned at least every 12 months. Even if the tenant is in a longer lease. Make sure a professional job is done, and ask for a paid receipt.