Being a property owner in Costa Mesa, CA is hard. It’s not enough to just collect rent, you need to deal with maintenance issues and make sure your properties are in good condition. You know that you should be prepared for the worst-case scenario – but what does this really mean?
According to property management professionals, there are three main types of property damages:
- The one you can anticipate and prevent
- The one you should be prepared for
- The one that is unforeseeable
There’s a right way to handle each of these and to run a profitable property business, you should be prepared. Here’s how.
Anticipate & Prevent
The first type of property repair is the one you can anticipate and prevent. These problems will be minimized if you regularly maintain your property and do a monthly walk-through with your tenant. It is best to address issues before they become extensive repairs or disasters. For example:
- Adding or improving outdoor lighting so people can see where they are going at night. You don’t want tenants falling and getting hurt.
- Electrical inspections – replace old, worn, or damaged electrical wiring to prevent shocks and possible fires.
- Roof inspections – repairing or replacing a roof can prevent water damage to your property
- Pest inspections – be aware of and stop insect damage
Be Prepared
The repairs you should be prepared for are the second type. It’s good to be proactive and have a property manager or a list of professional service companies that will be on call so that you aren’t scrambling when something goes wrong. For example, if a heater is busted in the winter, you can’t leave a family in the cold. You will want to have someone available to fix the problem. Developing working relationships with local services companies will help ensure you’ll always have help when needed.
You Don’t See it Coming
The last type of property damage is the one that can’t be anticipated. No matter how much you prepare, sometimes things are going to happen that are out of your control. If you have liability insurance on your rental properties, this type of repair won’t cost you as much. Unforeseeable repairs are hard to prepare for.
These situations come up unexpectedly and this type of property damage may require a property insurance claim, depending on the costs associated with fixing it. To prepare for these unforeseeable repairs and damages, it’s imperative you have the proper insurance.
For example, property damage caused by a fire or a natural disaster. This type of damage will be covered by property insurance. If you need to replace all of your property that has been damaged in a fire, flood, or other natural damage, this may require working with your landlord-tenant insurance policy.
Unfortunately, property repairs you don’t foresee can also be those caused by renters. Perhaps a renter has broken something and it wasn’t replaced in time so the damage was visible, or caused a leak in a visible spot. These damages will not be covered by your landlord-tenant insurance policy, so you may have to pay for this out of pocket. Renters aren’t always aware of how expensive property
repairs can get, so it is important that you keep your maintenance costs low by working with professionals instead of doing the work yourself.
So when do you know that property damage is too much to handle on your own? The answer really varies on a case-by-case basis, but property management professionals recommend contacting your property insurance company if you have residents who are repeatedly damaging property – especially if the damage exceeds $500.
When property damages reach this point, it’s time to work with your property insurance provider for any property damages that go beyond $2,000. Working with property management professionals in Costa Mesa, CA will help you understand the risks and benefits of property repairs, as well as how to handle property damages in a timely manner – minimizing your losses as much as possible.
Property Management in Costa Mesa, CA is Our Specialty!
Are you looking for a better way of managing your rental properties? We have created True Property Managers as a solution specifically designed for property owners. Our team has years of experience and has been helping hundreds of property owners manage their rentals. We’ve offer a full line of property management services. Whether it’s about reducing costs, increasing revenue, or handling and coordinating property repairs, we can help.
Email us at info@truepropertymanagers.com or call us at 866-957-6677 to find out more information about how we can help save both time and money with our services today!