PROTECTING YOUR INVESTMENT AND DELIGHTING YOUR TENANTS
As autumn settles in, it’s time to give each property a little extra attention to ensure a smooth transition into the colder months. Cost-conscious real estate investors know that a well-maintained property saves buckets (sometimes literally) on costly repairs. We post about it every year, because we go through our properties every fall season. A one hour walk-through at this time of year can be reassuring to tenants that we care about them (and the property), but we also almost always find out about something that the tenant “didn’t want to bother us with, yet.”
Most landlords will have a checklist. There are oodles out there on the internet, so we’ll just hit the highlights.
- Inspect and clean the gutters, check the downspouts. Water damage is a property owner’s biggest challenge! So let’s do everything we can to keep it OUT! Many landscaping companies will offer this service for a reasonable rate (if you’re not a fan of ladders, but have lots of trees near your homes).
- Check the roof, before it is covered up with snow and problems are hidden. It is common to find a little damage or even missing shingles with Calgary’s wind and hail storms each summer.
- Service/Clean the HVAC system. In a perfect world, tenants will change those furnace filters – but it never hurts to double-check. Dryer vents should also be checked twice a year—you wouldn’t believe the things we’ve seen …. And if there is a wood-burning fireplace, chimney cleaning needs to be somewhere on that routine maintenance list.
- Assess for drafty windows and doors. Even if the tenants are paying the energy bill, everyone will be happier if weatherstripping is repaired, or extra caulking is applied where necessary. Another consideration here is that if air can get in, other critters can get in (mice, etc…); no sense wasting money on pest removal if the doors just need a better seal.
- Test smoke and carbon monoxide detectors — AND document it somewhere, with the tenants’ initials and/or photos. God forbid if a fire ever happens, but if it does, real estate investors need to be able to prove that we checked twice a year, every year, replaced batteries, and ideally provided fire extinguishers (properly maintained). We don’t ever want to give an insurance company ANY excuse to deny a claim in an emergency.
- Outdoor walkabout. Are there any branches that need trimming (remembering that snow/ice is heavy sometimes)? Pack away any outdoor furniture if this is part of your rental package. Drain and shut off any outdoor taps (trying to avoid the risk of burst pipes). Put eyeballs on the foundation and grading; has anything changed?
Being proactive with our properties is great, but the fall maintenance inspection also gives us an opportunity to chat with our customers (tenants). How are things in their lives? Any changes happening? Any issues with the neighbours? What’s new in the community? Our tenants aren’t likely to be “delighted” to spend an hour with the landlord, but we’re absolutely certain that they won’t be happy if there is a problem on a deeply cold day in January!
Our choice is to do everything we can to prevent costly surprises and avoid unnecessary drama or sudden repairs. We’d always rather invest a little time and effort before the snow flies, than freeze our fannies off with a headache later. And we truly believe that a little prevention saves us money on the long-term.
Looking for checklists?
Here’s a few suggestions:
https://www.buildium.com/blog/fall-maintenance-checklist/
https://www.steadily.com/blog/rental-property-fall-maintenance-checklist
https://mikeholmesprotection.com/mhp/fall-home-maintenance-checklist/
