Rental properties have always been seen as a good, reliable investment and for a good reason too. People will always need housing, and keeping in mind the constant growth of population and migrations from rural to urban areas, the value of real estate won’t see considerable drops in any foreseeable future.

However, we should keep in mind that rental properties are not money-printing factories. Staying competitive and making money requires that you need to put a lot of effort into maintenance and keeping your investment in good shape.

Here, we are going to take a look at some of the ways you can perform this responsible task with as little time, money, and effort as possible.

Establish transparent communication

Once the tenants move into your property, the vast majority of inspection and maintenance duties will fall on the shoulders of your tenants. If you clearly communicate that you care about keeping the property in good shape, your tenants will also take the issue much more seriously. But you have to remember this is a two-way street, and trust is built on trust. When the tenants file a complaint, you need to be quick to react. Also, try not to appear intimidating. Tenants that are not comfortable with the landlords tend to postpone their reports until minor issues blow up into big and expensive problems.

Test your HVAC system

One of the main issues with HVAC systems is that they stretch throughout the entire property. Even the most minor problems may force you to tear down the walls and undergo expensive repairs. Therefore, your main goal should be prevention. With that in mind, you should do your best to perform regular HVAC checkups that should consist of the basics like resetting the system, checking the air filters and replacing them when necessary, checking furnaces and AC wires, making sure the thermostat is in proper heating and cooling mode. All these steps are well within reach of an average landlord. 

Audit the property for leaks

Water leaks are probably some of the biggest problems you can face as a landlord. In their initial stages, they are notoriously hard to identify, and the devastation they cause if left unchecked is measured in hundreds of dollars. That is why you need to identify potential design flaws and leak issues of your property as early as possible and set up contingencies as early as possible. Fortunately, we can see a number of companies like Australia's Detec NSW that are expanding their services to electronic leak detection (ELD) and other measures that keep maintenance costs at the bare minimum.

Do it yourself whenever you can

Small maintenance issues like faulty doorknobs and broken light switches are like flue – it's not really a question of whether you are going to catch them or not but rather when. Since they are so frequent, they tend to stack up and create some glaring and noticeable expenses. The thing that makes this situation even worse is that 90% of problems like leaky faucets and painting chores can easily be solved with your own resources. So take some time to learn a couple of simple DIY home repair or improvement projects and stop paying the hired labor for the fixes that are within your skill reach. 

Embrace standardization and automation

These methods are keeping maintenance as simple and streamlined as it gets. For instance, easy standardization can be accomplished by always choosing the same proven brands, appliances, hardware, and repair services. This way, you will always know how much money you have at your disposal as well as have an idea about the expected repair time frame. Automation largely falls into the playing field of the modern rental property management software platforms like Buildium that do a great job at streamlining processes like rent collection, sorting through the report tickets, etc.

Set the baseline for the condition of your property

Otherwise, neither you nor tenants will have a clear idea when repairs need to be performed, when, or how. This is the other side of the standardization coin that removes any uncertainties from the property management process – standardization will offer solutions for various problems, regular baseline checkups will tell you when you need to apply them. Provide your new tenants with comprehensive to-do lists they need to go through at the end of each month, make sure they have efficient channels to report the problems, and you will cut a majority of issues right in their root.

Wrapping up

These few tips make only a portion of the puzzle we know as rental property management, but they should give you some general idea about the steps you should take to keep your investments in good shape and competitive. Earning money off real estate may be reliable, but it's far from effortless. Fast and efficient property management is what gives you the edge in this business and allows you to outmaneuver the competitors.

About the author: Mike Johnston is an avid blogging enthusiast and experienced freelance writer. He’s a regular contributor to numerous online publications where he writes about real estate, construction, home improvement, and interior design.