"Should I Turn a Wrench, or Pick up the Phone?"
Chances are, you entered the real estate investment game to make money. Whether you're a full-time landlord with several rentals or you've just forked over the down payment for your first property, you want your investment to pay off. Real estate investment can bring a few unique concerns to the table for you. This sort of business is people-centered. You're working with and earning money from your tenants, and it's essential to develop the skills needed to work effectively with them even in challenging situations.
Carlsbad is a great place to invest in real estate. Like anywhere else, you'll also need to keep up with the property itself. Homes are often in a constant state of entropy:
- The foundation will crack.
- Pipes will leak.
- Appliances will break.
- The carpet will rip free.
Carlsbad property maintenance is a significant part of your work as a landlord. If you choose to deal with these issues yourself, you'll likely get your hands dirty or find your wallet a lot lighter. So what can you do to make your life a little easier?
If You Insist on "DIY"
Property maintenance is one of the many "not-fun" parts of being a landlord. It can be labor-intensive and eat into your profits. If you want to handle everything in house, or you feel confident you have everything under control, you may be looking for a few tips.
1. Be Thorough
Be thorough with inspections. You can't fix a problem of which you're unaware. Keeping up with inspections will let you stay abreast of issues before they get too serious.
2. Get to Know Professionals
Develop relationships with contractors. When you find a professional that you work well with, keep their contact information handy. They'll appreciate the repeat business, and you'll know they'll do the job right.
3. Spend Wisely
Don't skimp on upgrades. It may be tempting to push upgrades or repairs as long as you can. Relying on a decades-old furnace or old refrigerator will leave your tenants (and you) waiting for the other shoe to drop. Don't be afraid to replace appliances that need it. You'll save money on repairs or last-minute replacement costs down the road.
4. Communicate
Talk to your tenants. Developing good relationships with your renters will ensure that they feel comfortable reaching out to you with even minor concerns. You can't know too much about the state of your property, and your tenants may have skills that can help you keep the property in better shape.
5. Develop Your "Toolbox"
Start building a set of tools and skills. If you are dead set on taking care of maintenance in house, then you'll need to get to work on learning a broad set of skills. Hit the books, watch tutorials online, take some classes, and dust off any old knowledge. The tools you'll need on hand will vary widely depending on what tasks you hope to accomplish. A solid basic tool-kit (screwdrivers, hammers, pliers, wrenches, etc.), a drill, a ladder, and a pressure washer can get you started.
Outsource the Tough Stuff
You may find it easy to make the call to spring for a third party to get to work on your maintenance problems. You likely won't have the skill or time to handle every problem. A Carlsbad area professional can bring specialized skills and knowledge as well as economies of scale to work for you! Leaning on someone can often be more cost-effective than self-led repairs when you factor in time. Consider a couple of approaches when hiring an outside contractor to work on your property.
You can handle things on a case-by-case basis, hiring contractors yourself as needed when problems arise. This approach is a little more involved. You'll still need to perform regular inspections, schedule appointments, and handling irregular or unexpected calls.
You also have the option of hiring an outside company to handle your maintenance needs. This choice absolves you of the need to make repairs yourself or play whack-a-mole with issues that come up. Prices will be more predictable, and you may find that an outside company can predict necessary work before you do!
Be Sure You Can Find a BRE #
Since you're investing in California real estate, make sure that you find a company or individual with a BRE number. The state of California requires an individual to have a real estate license to do nearly any real estate related business. A BRE number is the number of the license granted by California's Department of Real Estate. There are a few instances where a license is not required, but we'd always recommend it.
BRE numbers are essential to a lot of the financial and business aspects of real estate transactions. California doesn't require a license for property managers who don't collect rent or handle leasing, or who do handle those items and live on the property. Choosing a Carlsbad area property maintenance professional that has a BRE number means that you're choosing someone who has had to meet licensing requirements. They're ultimately accountable to the Department of Real Estate to keep their license up to date. Finally, a company with a BRE number will have the ability to perform more real estate related tasks, which is always a good thing for your bottom line!
Hire an Expert Property Management Company
Handling maintenance concerns can be one of the most frustrating parts of real estate investment. You'll quite literally need to roll up your sleeves and get your hands dirty. Maybe this isn't something that appeals to you. Perhaps you don't feel that you have the skills needed to do it well. If you feel this way, consider hiring an expert property manager! They can handle your Carlsbad property maintenance with ease.
RainTree Property Management offers a maintenance coordination service that's available day or night, year-round. We will triage any maintenance issue that a tenant reports and resolve it over the phone or dispatch a contractor. We work to address every issue quickly with a high-quality vendor when necessary. RainTree Property Management can lift the burden of dealing with maintenance problems off of your shoulders and can provide many other services as well. See how we can put our integrated, technological approach to work for your investments! Get in touch with RainTree Property Management today.
