Las Vegas rental properties are going to require routine and preventative maintenance, even if they’re new and even if they’re in great condition. Smart investors will stay ahead of that work in order to limit surprises and emergency repairs.
As professional Las Vegas property managers, we have some consistent and effective processes for dealing with maintenance, whether it’s a running toilet or an emergency leak in the middle of the night.
We do see a lot of landlords and inexperienced rental property owners make maintenance mistakes that are costly and could have been prevented. We’re highlighting the three most common mistakes today, so you can avoid making them with your own Las Vegas investment property.
1. Working with Unlicensed Vendors
You need to establish relationships in place with local vendors and contractors who can respond right way to any work you may need. You don’t want to find yourself playing catch-up when it comes to hiring professionals who will care for your investments.
We see landlords make the mistake of hiring just anyone who is willing to do the job. Don’t hire a handyman to take care of major plumbing work. Don’t hire a roofing expert to look at your HVAC system.
Working with licensed and insured vendors is critical. It protects you, your tenants, and your property. Don’t make the mistake of hiring unqualified or unlicensed workers. You may think you’re saving money, but you’re actually welcoming a lot of liability into your investment experience. That could be costlier than you imagine.
2. Deferred Maintenance
When your tenants call to report that there’s a leak under the bathroom sink, you might not feel a sense of urgency to fix it, especially if it’s minor and not causing a lot of trouble.
That’s a huge mistake.
Waiting for even a week can result in a major plumbing problem which might ultimately lead to mold and rot. Instead of spending the $200 to have a plumber fix the small leak, you’ll find yourself spending $2,000 or more on a major repair project.
Ignoring repair issues is a huge mistake. Fix them right away, no matter how small they are. Fix the broken screens and replace the frayed wires. There has never been a maintenance problem that got better and less expensive with time. Not only will this protect your investment property and preserve its condition, you’ll also contribute to better tenant retention. Your residents want to know you take their repair needs seriously.
3. Cutting Corners on Maintenance Work
A cost-effective approach to maintenance issues is an excellent way to keep costs down and ROI up. However, you don’t want to cut corners or put the condition of your investment property in danger. Deteriorating homes simply do not rent for a lot of money, and they don’t attract great tenants.
Some things can be done cheaply, but installing a new furnace or replacing a water heater should not be done for pennies. Don’t trust vendors who give you dramatically lower quotes than other vendors, and make sure you’re using high-quality materials and supplies. You can pay $500 to have the job done right the first time, or you can pay $200 to have the job done seven or eight times over the course of a year because it wasn’t really fixed the first time.
Finally, don’t make the mistake of doing everything yourself. Unless you’re a professional contractor with a lot of time and experience to devote to maintaining your investment property, hire an expert.
Your Las Vegas property management partner can help you avoid these maintenance mistakes and many of the others that owners tend to make. If you’d like to hear more, please contact us at Strawberry Realty – Property Management.