By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
AmextaFinanceAmextaFinance
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
AmextaFinanceAmextaFinance
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
AmextaFinance > Small Business > Three Maintenance Tips To Extend The Life Of Your Property
Small Business

Three Maintenance Tips To Extend The Life Of Your Property

News Room
Last updated: 2023/07/03 at 5:30 PM
By News Room
Share
6 Min Read
SHARE

CEO and Founder of L.A. Property Management Group and Crown Commercial Property Management.

Contents
1. Conduct main line cleaning.2. Clean your gutters and downspouts.3. Hire strategically.

In my three decades of property management, I’ve seen the best and the worst of what this industry has to offer. I’ve seen impressive workmanship and a few tragic mistakes. I’ve seen someone ignore a termite report, thinking the problem couldn’t really be that bad, and then have to entirely reframe a four-unit building, replacing every single piece of wood in two of the units. The foolish owner in that scenario? That was me. I was relatively lucky—it only ended up costing me $50,000 to fix that quadruplex, but that’s still an expensive lesson.

I’ve written about preventative maintenance before, but it’s a subject I couldn’t possibly exhaust in one article—or ten. Nor can I overstate its importance to this industry. It might be the best thing property managers do for rental property owners, maybe even the best case for property managers to exist at all.

Preventative maintenance isn’t just about cautionary tales. You’re not just averting disaster by taking these measures; you’re shrewdly pushing your property to the highest level of its potential profits. It’s better to go out of your way to do something smart than it is to just avoid doing something dumb.

To that end, here are three preventative maintenance tips that can significantly impact the “health” of your building in the long term.

1. Conduct main line cleaning.

This service scrubs out your main line of any debris or blockages. It can extend the life of your building’s sewer main by many, many years. In my experience, it’s one of the most effective but neglected maintenance hacks out there.

Don’t assume your current management has already thought to have it done—this is something to ask about. The cost of a new main line is typically far higher than the cost of getting a main line cleaned.

This also serves as a fairly reliable measure of capable managers. If your management company can tell you the last time they scrubbed out your main, you’re probably in good hands.

2. Clean your gutters and downspouts.

Sounds stupid simple, but a lot of people never have it done. It’s extremely important to help water drain from the roof. Especially in a year like the one we’ve had, with record rainfall in L.A., gutter and downspout cleaning goes a long way in keeping your property safe and leak-proof.

Anybody who’s ever had to deal with a mold remediation situation can attest to the importance of keeping unwanted moisture out of a rental property—and the astronomical costs that can come with failure to do so. I walked through a prospective client’s building a week ago that had three apartment units stacked on top of each other, all of them entirely ruined by one leak.

3. Hire strategically.

The third hack wears boots! That’s right; it’s a team that keeps a careful calendar and performs all of the above and more maintenance actions on a regularly scheduled basis. Once, I was walking around a property to inspect it when my colleague and I found a lit pilot light that was burning yellow, which meant it was emitting carbon monoxide. Thankfully we took action and immediately fixed the issue, but we might not have had the chance if we hadn’t been there in the first place conducting our inspection.

If you’re a rental property owner looking to hire a property management company, the best way to apply this advice is to search for a company with an in-house maintenance team that proactively prioritizes preventative maintenance. (Try to say that three times fast). Ask them how often they physically visit the properties they manage. If they’re only there at the owner’s request or if there’s a problem, they’re not there often enough.

If you’re a property manager, I recommend bringing on maintenance professionals who faithfully follow a strict schedule for walking the properties you oversee rather than just being ready when the owner calls. I’ve written before about how to build a winning team in property management, and those principles apply here as well.

None of this is rocket science or requires cutting-edge technology. I didn’t get my Ph.D. from Harvard in property management. But sometimes, the simple fixes are the most impactful, and if you overlook them, you risk winding up in one of my many cautionary tales.

Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?

Read the full article here

News Room July 3, 2023 July 3, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
Donald Trump calls Elon Musk a ‘train wreck’ as feud escalates over third party

Unlock the White House Watch newsletter for freeYour guide to what Trump’s…

Investors pile into tokenised Treasury funds

Crypto companies and traders are pouring billions of dollars into tokenised versions…

Liechtenstein hit by Russia-linked ‘zombie trust’ crisis

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

BlackRock tried private credit once before. Will this time be better?

Seven years after BlackRock’s last big foray into private credit, last week…

The global economy is suffering from the Rashomon effect

I have marvelled over the past few years, and continue to marvel,…

- Advertisement -
Ad imageAd image

You Might Also Like

Small Business

Why Do We Stay In A Job When We Are Not Happy? Insights To Help You Get The Career You Deserve

By News Room
Small Business

Making A Large Language Model Transparent, Compliant And Reliable

By News Room
Small Business

The Important Initiative For Real Digital Marketing Results

By News Room
Small Business

The Future Of Real Estate

By News Room
Small Business

How AI Is Transforming Healthcare Risk Adjustment

By News Room
Small Business

How Do Hard Knocks Help? 5 Life-Changing Lessons Taught By Adversity

By News Room
Small Business

Lessons Learned From The World’s Most Successful Startups

By News Room
Small Business

Small Business Saturday Encourages Consumers To Shop Small And Local

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

YOUR EMAIL HAS BEEN CONFIRMED.
THANK YOU!

Welcome Back!

Sign in to your account

Lost your password?