Having an investment apartment or apartment building in DC or Maryland is an excellent opportunity to generate extra income. However, maintaining your units is essential for your property value and attracting tenants, as well as keeping your current renters happy. The following are our top five investment apartment maintenance tips for landlords in Washington DC and Maryland to keep their income properties profitable.
1. Stay on Top of Repairs
Staying on top of repairs is essential to maintaining the value of your income property. However, it’s not enough to address repairs—you’ve got to address them in a timely manner. Whether your tenants are having an issue or you need to service HVAC equipment, taking care of maintenance and repairs sooner rather than later is crucial. Timely maintenance can increase tenant satisfaction and reduce potential damage to your investment apartment.
2. Inspect the Unit Biannually
Inspecting your income property twice a year gives you the opportunity to document any damage, make notes about the condition of the unit, and identify items for repairs. Look for water stains, damage from the tenants, and test smoke and carbon monoxide detectors. As tenants may not always notice or report damage, inspections are crucial to maintaining your investment apartment and doing your part to keep the unit in excellent shape.
3. Keep Records of Everything
While maintenance is undoubtedly important, it’s just as important to keep maintenance records. For example, when you repaired or installed the roof, cleaned carpets, and painted are all things to note. Note the day of inspections and take photos of the unit for your records if necessary. Record keeping will make it easier for you to identify when future maintenance needs to be done and also acts as supporting documentation should you have a dispute about maintenance with your tenants.
4. Remind Tenants of Their Responsibilities
Although you as the landlord or your property manager will be responsible for larger maintenance tasks, your tenants should know their responsibilities when it comes to smaller chores, such as keeping the unit clean, changing air filters, and letting you know of any repairs needed. Reminding tenants of their responsibilities during inspections, before inclement weather, or at the lease renewal can ensure everyone is on the same page—and, more importantly, keep your investment apartment in better shape.
5. Hire a Property Manager
A property manager can make it immensely easier for you to stay on top of your investment apartment’s maintenance needs. Most property management companies offer maintenance as part of their services, so you won’t have to worry about inspections, repairs, and finding and hiring contractors. You can even customize the services you need so you can enjoy comprehensive property management or only select tasks from your property management company.
Contact FAS Management to discover more about our property management solutions for your investment property in DC or Maryland. Call us at (202) 337-5080 or reach us online using our contact form.
