Maintaining properties is not just about keeping your assets in good condition. It’s also about maximising the rental potential and protecting its long-term profitability. The better the condition of the property, the higher the value it’ll bring. The more premium the quality, the greater the rental yields that it can bring.
For property investors with multiple properties in their portfolio, this can be a difficult task to keep up with. There’s a huge risk of missing critical repairs that can compromise the integrity of the property’s structure. Monitoring all the scheduled maintenance and repairs will lead to lower income potential and maybe even major damages that can lower the value of the property.
This could lead to massive losses in your portfolio if you don’t pay attention to the maintenance of your assets. It’s a necessary and continuous investment that should be treated as a strategy to help your portfolio grow.
Fortunately, the tedious task of monitoring the maintenance of multiple properties is easier when you hire a property management company. They bring expertise, experience and efficiency to ensure that all your properties are well maintained.
In this article, you’ll learn more about the challenges of maintaining multiple properties and the key solutions to make it more effortless and efficient.
Challenges of Maintaining Multiple Properties
Taking care of one property requires attention to detail, adherence to schedules and an eye on property compliance changes. Imagine doing that to 50 or more properties at the same time. It can be difficult to keep up with all the repairs and maintenance requirements.
There are 4 key challenges that you’ll struggle with if you decide to monitor the maintenance of your properties on your own.
Overlooking maintenance tasks
It’s easy to miss essential maintenance tasks especially if you have other businesses to attend to apart from managing your properties. Among the things that you can miss include routine inspections, pest control, landscaping maintenance, HVAC system servicing, plumbing checks, etc. These could lead to equipment breakdowns and the deterioration of the property.
Risk of major repairs
If you fail to solve damages as they start, you might face major repairs that’ll cost a lot of money. For instance, even small water leaks can compromise the structural integrity of the property if you don’t spot it immediately. It can lead to moulds developing within the property - adding a health hazard to the problem. In the end, you’ll have to deal with the declining value of your property.
Drain on resources
Major repairs require a lot of time and money to deal with. But that’s not the only resource drain that you’ll have to face. Managing and monitoring all the maintenance needs of every property is time-consuming and requires effort. Emergency repairs, tenant communication and routine checks are all tasks that you have to attend to. Without an efficient system in place, it can become overwhelming. This could lead to inefficiencies and lower profitability.
Negative guest or resident experience
A neglected property with damaged furniture, fixtures and equipment will lead to lower satisfaction and experience for the occupants. If your properties are on letting platforms like Airbnb or Booking.com, this can lead to lower reviews - which will affect future occupancy rates. You’ll have to face higher vacancy rates and lower rental yields.
The Value of a Property Maintenance Plan
With these challenges, it’s evident that a strategic approach is crucial to ensure that the maintenance of your properties won’t hinder your portfolio’s growth. You need to draft a property maintenance plan to specify the 3 types of work that need to be done.
First is the seasonal maintenance tasks. Plan and think about what needs to be cleaned, checked or repaired throughout the year. This includes routine checks, yearly cleaning, maintenance services, etc.
Second is the turnover cleaning and maintenance. If you have short-let properties, this requires cleaning and repair checks between guests or bookings. The cleaning is a must but the maintenance checks could be scheduled once every month or so. You’ll need a cleaning company to help take care of this task.
Third is the emergency repairs or issues. This is for unexpected breakdowns. You have to come up with a plan to deal with these promptly. Create a system that includes a network of contractors that you can rely on to help with emergencies.
2 Solutions for Effortless Maintenance of Multiple Properties
Managing properties will require solutions that will streamline the maintenance tasks needed to keep your real estate assets in prime condition. Property investors have 2 options that can be strategically used to maintain properties effortlessly and efficiently.
Automation
The digital age offers powerful tools to streamline your property management. Consider a platform like Opago to automate tedious tasks and maintenance scheduling. Set up notifications for routine checkups like deep cleaning every 4-6 months, ensuring a consistent schedule throughout the year.
You can also install smart home devices like leak detectors, programmable thermostats, security cameras and other proptech solutions. This will allow you to monitor properties even from afar.
This automation extends beyond scheduling and proptech devices. It can also help you generate reports and track expenses to ensure that your finances are not compromised by all the repair and maintenance issues done.
You can also set up a digital process to receive service requests from guests and residents. This will allow you to act on issues immediately to avoid negative guest feedback.
Property Management
Partnering with reputable property management companies brings expertise and experience in taking care of properties. They have the manpower to deal with multiple properties efficiently - plus they can communicate with tenants 24/7. They also have systems and processes that they’ve perfected over the years as they managed several properties ahead of yours. Their job requires them to stay updated on local rules and regulations - so you can be assured that your properties will be improved and maintained to achieve complete compliance.
Property management companies offer more than just convenience when it comes to overseeing maintenance tasks. They also offer other responsibilities that include routine maintenance, tenant communication and emergency repairs. They have a network of contractors and service providers to deal with immediate needs and repairs.
Working with these professionals like Opago will relieve the burden of the daily maintenance tasks. You can focus on making strategic decisions that will lead to significant portfolio growth.
Opago’s Comprehensive Maintenance Service Offer
Opago offers the perfect blend of automation and property management services for multi-property investors. We’ve come up with a comprehensive package of maintenance services to meet the diverse needs of extensive property portfolios.
Opago’s Smart Platform
Opago invested in cutting-edge technology to provide a smart platform to streamline property management services. It does more than just automate maintenance tasks. It allows property investors to monitor maintenance and repairs, track expenses and view booking schedules - all in real-time.
You can generate reports that’ll give you a performance overview of every property you’ve entrusted to Opago. This setup keeps you in the loop of what’s happening to your property without having to deal with the daily tasks involved in property management. It’ll give you the data you need to make informed decisions that’ll maximise rental yields and enhance the profitability of your properties.
Opago’s Maintenance Services
Opago offers 3 types of maintenance services to deal with varying property requirements.
The first is Routine. This maintenance service ensures that properties are in optimal condition so guests and residents maintain a positive satisfaction level. We are committed to staying one step ahead of maintenance and repairs to protect and keep everything at premium quality. This is done through regular inspections and preventive maintenance tasks.
The second is Ad-hoc. This maintenance service involves unexpected maintenance issues that are non-emergencies. We have our professional contacts on standby to take care of minor repairs and guest requests. We will accommodate leaky faucets, broken door hinges or busted light bulbs promptly to meet guest expectations.
The third is Rapid Response. This maintenance service is for emergencies. We have a system and process in place that allows us to carry out the work with minimal disruptions to the guest or resident experience. Our electricians, plumbers and other service providers are on standby to resolve issues quickly and professionally.
Maintain the Premium Quality of Your Multiple Properties
The successful maintenance of multiple properties is crucial to the growth of your portfolio. It’s essential for property investors like you to invest in a system that can streamline maintenance tasks to ensure that none are missed and every issue is resolved as soon as possible.
By addressing these challenges and leveraging the solutions offered by Opago, property investors can preserve the premium quality of their assets, achieve maximum rental potential and satisfy guest and resident expectations.
Don’t let maintenance tasks hold your portfolio from enjoying significant growth. Let Opago help so we can protect your properties. Contact us so we can work on an efficient maintenance plan for your portfolio.
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