Pipes held together with duct tape. Hot water heaters that don’t work. Drafty windows, overgrown hedges…MICE! Who the heck is in charge of property maintenance around here?
Maybe you’ve had a landlord who valued money over comfort. They let their property deteriorate because it was “too expensive” to fix. But there’s a fine line between cost-efficient and cheap (and nobody wants to be “that guy”).
These property maintenance hacks will save you money without compromising value or curb appeal. Let’s jump in!
Thrifty Tricks: How to Save Big on Multi-Family Property Maintenance
Well-maintained properties will maintain their tenants. Even better, they’ll also attract new tenants looking to escape their cheap landlords. Property maintenance is as valuable to them as it is to you.
With our list of thrifty tricks, you can boost both profits and satisfaction at the same time.
Budget Detective: Unmasking Overspending Hotspots
Get out your Sherlock Holmes hat and magnifying glass: we’re playing detective. In today’s story, The Case of the Hidden Costs, Sherlock is looking for all the ways you’re overspending as a property owner. The first was hiring Sherlock. These areas are easy to find on your own!
The most common overspending hot spot is preventable property maintenance. Let’s say the roof is leaking, but you neglect to fix it. That leads to floor damage, wall damage, and drenched carpets. Before you know it, you’ve soaked up thousands in repair costs when it would have been cheaper to just fix the problem in the first place.
That’s why regular inspections are so important. They allow you to find and plug these leaks before they become costly issues.
Speaking of repairs, let’s talk about appliances. Refrigerators, stoves, and water heaters all break down eventually. While a repair once or twice is cheaper, continuous repairs will add up.
Operate on the three-strike rule: when the appliance strikes out, buy a new one. The fourth and fifth breakdowns are always around the corner from the third. By then, you’ve already spent more on repairs than you would on a new unit.
Future-Proof Finances: Planning for Regular Upgrades and Servicing
The future is full of unknown expenses, which is why future-proofing your property maintenance plan is critical to saving money. The key is to balance necessary costs while avoiding surprise expenses.
You will have to upgrade your units, either with modern appliances or smart home technology. In fact, the demand for smart home features is booming right now. Tenants will pay more for properties with automated thermostats, energy-efficient appliances, and keyless entry systems.
You must also consider when you’re going to make these upgrades. Let’s say you have tenants who are moving out in six months. It may be better to wait and make the upgrades after they leave. This way, you can advertise the unit at a higher price point due to sleek new (and unused) gadgets.
On the other hand, let’s say you have long-term tenants who want to resign. You may be able to negotiate a rent increase on the promise of new and trendy appliances. A modern refrigerator or a built-in Alexa system may be worth an extra $100 a month. Hey Alexa, can you play “Easy Money” by Bruce Springsteen?
Inspector Gadget: The Magic of Regular Inspections
Now that “go-go-gadget arms” is stuck in your head (you’re welcome), let’s talk about how you can be your own Inspector Gadget when it comes to property maintenance. The key is knowing when to inspect, what to inspect, and how often to inspect.
Here are four must-have inspections:
The Move-In Inspection: Before new tenants move in, conduct a detailed inspection of the entire unit. Note any pre-existing conditions, like scratches on the floor or wall damage. Take photos and videos as proof and keep a detailed checklist of everything you find.
The Routine Inspection: With your tenant’s permission, conduct routine inspections every six months to ensure upkeep and cleanliness. Approach these inspections in a way that doesn’t feel intrusive or accusatory. You’re not the warden inspecting their cell.
The Drive-By Inspection: This one is simple. You’ll drive by the property and observe it from the outside. If you notice anything out of place, such as a neglected lawn or a hanging gutter, you can speak with the tenant and make a plan to fix it.
The Move-Out Inspection: This is similar to the move-in. Walk through and inspect the unit, comparing any damage with your checklist from the move-in inspection. If you notice anything beyond typical wear and tear, you can withhold repair costs from the tenant’s security deposit. (Side note: always collect a security deposit.)
Negotiation Nation: Striking Deals With Regular Contracting Partners
Teamwork makes the dream work, and there’s no better team in the multi-family housing market than property maintenance contractors. Roofers, painters, landscapers, electricians, plumbers (especially plumbers!)—these contractors should be your best friends. And, like your actual friends, you should strive to maintain relationships with all of them.
Regular contracting partners appreciate your businesses, so they’ll be willing to help you in a pinch. Let’s say a pipe bursts in one of your units. You don’t have a plumber on speed dial, and now you're calling every service in town to see who can come and fix it. Short notice? Emergency? Desperation? Get ready to pay double or triple.
We told you plumbers were important!
Build contracting relationships before major problems arise. You can always call around for quotes and trial-run different contractors on small-scale jobs. Try to build a small network of repeat contractors that rely on you as much as you rely on them.
Regular Preventative Property Maintenance: Saving Costs in the Long-Term
Your yearly physical is like a preventive inspection of your body. Your doctor might notice high blood pressure or cholesterol. They may advise you to lose weight or work on your mental health. These areas are critical to preventing major—and costly—problems. You can apply the same concept to property maintenance.
Think of yourself as your building’s doctor. Keep up on those routine inspections to nip problems in the bud. In a perfect world, you repair things before they break, like tightening a screw that wasn’t loose yet but was bound to be soon.
For example, you could hire a contractor to inspect your water lines, even if nobody is complaining. After a quick tighten here and a seal there, you can relax, knowing the pipes are good to go for the next several years.
One commonly overlooked preventive maintenance strategy is pest control. Even if ants, roaches, and mice aren’t an issue right now, you can take steps now to ensure shrieking tenants aren’t in your future. Anyone who’s ever had a problem with mice will tell you the same thing: there’s always more than one.
Kindness Without Borders: Worldwide Feel-Good Gems We Had To Share
One contractor we didn’t mention in this article is the trash collector. Hopefully, yours is as good as these waste management workers from Greenville, South Carolina.
Tragedy struck in January of 2024 while Melanie Harpe was taking out the recycling. Her white-diamond wedding band fell off and got lost in the trash. She wrote to the city, explaining what happened. Melanie knew it was like finding a needle in a haystack.
Then, she got the call she never expected. Two Public Works employees sorted through the recycling and found her missing ring. After hours of searching, the employee who found the ring said it was like striking gold—or, in this case, diamonds.
This sweet story reminds of us a joke: Why was the snake mad at the jewel thief? Because he wanted his diamond back!
Save Money on Property Maintenance This Year
You know what your multi-family property could probably use? A fresh coat of paint! If that’s on your property maintenance bucket list, call the pros at Procoat Painting. A new paint job from us won’t break the bank. That’s a Procoat promise!
When you’re ready, head to our website and scroll down until you see the big white phone number. Give us a call when you want to take your multi-family properties to the next level.
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