8.4 Repair and Maintenance

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Best Practices:

• Leave information about local attractions at your rental such as pamphlets or fl yers for seasonal events. • Tell your guests which attractions are popular and if they need to book ahead. • Tell them how/where to buy tickets and the best way to get there. • Send an email with your recommendations and ask if you can help with info about local attractions.

Remember, as a DIY VRP owner, you will need to wear all hats. That means, for example, that while you may have a cleaning crew, you will need to regularly monitor the cleaning process. Your ability to inspect the cleaning will insure your newly checked-in guests will have a great fi rst impression.

8.4 Repair and Maintenance

You will need to plan and implement a regular and ongoing process for administering VRP maintenance. This plan should include solid record keeping with documentary evidence of work performed, as well as materials, parts, and new equipment purchases. This will not only provide records for tax preparation, but build a full report for a future purchase when and if you decide to sell your property.

When you purchase a VRP, you will have inspections performed that may reveal environmental hazards such as radon gas in the basement or water supply, the presence of asbestos materials, peeling or disturbed lead paint, in-ground heating oil tanks that may contaminate groundwater, or mold. Typically, the mortgage lender will require these conditions to be repaired before allowing the purchase to close.

From there, the basic types of maintenance that are necessary for your VRP business are preventative, corrective, and predictive.

WEALTH AS A VACATION

• Preventive maintenance is everything in terms of a successful

VRP operation. It is when equipment or facilities are inspected, maintained, and protected before break down or other problems occur. This is maintenance performed with the intent of avoiding failures, safety violations, unnecessary production costs and losses. It is also done to conserve original materials. • Corrective maintenance is done when building and equipment is repaired or replaced after wear, malfunction, or break down. This type of maintenance is often the most expensive. Worn equipment damage other parts and cause multiple damage. The repair and replacement costs (and loss of revenues due to down time) can be a huge problem, particularly for a newer VRP owner. • Predictive maintenance uses sensor data to monitor a system, then continuously evaluates it against historical trends to predict failure before it occurs. This strategy allows maintenance to be performed more effi ciently, since up-to-date data is obtained about how close a product is to failure.

Repair is not the same as improvement, although many improvements can result from repairs or maintenance. Sometimes, the costs of larger repairs will justify an investment in full-scale improvements. It may make just as much sense to upgrade a home system with an improved option as to repair it or incur ever-more-frequent and expensive maintenance for an ineffi cient, obsolete or dying system.

Here are some common repairs and maintenance tasks to plan on for your VRP:

• Replace used components such as burnt out light bulbs, worn out batteries, and full vacuum cleaner bags. • Restore or replace common household tools or utensils, leaky faucet washers, cleaning out plumbing traps, rain gutters, or overfl owing sinks. • Fix broken windows, appliances, or furniture.

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• Do small repairs such as patching holes. in plaster and drywall, cleaning stains, repairing cracked windows and their screens, or replacing a broken electrical switch or outlet. • Complete urgent repairs, such as a broken water pipes, broken doors, latches or windows, or a leaky roof or water tank, or overfl owing toilet. • Test alarm systems, HVAC, replace water treatment components or air-handling fi lters, purge heating radiators and water tanks. • Defrost the freezer, touch up worn house paint and weather seals, and clean chimney fl ues. • Repaint or stain outdoor wood or metal. • Clean out septic systems. • Replace washing machine hoses (put in stainless steel hoses as they are less likely to burst and cause a fl ood). • Replace obsolete or ageing systems such as water heaters, pumps, shingles and siding. • Power wash the siding, driveway, and sidewalk.

Do not skimp on VRP maintenance. Doing so will cost more in the long run. Yes, it requires discipline to repair and maintain your VRP. Be aware of the conditions that could result in larger problems down the road, and take remedial action before damage or injury occurs. Be curious about unusual noises or smells. These can point to issues with mechanical, electrical or plumbing systems. Do not overload systems. Instead, upgrade.

Address small leaks before they cause structural damage. Take steps to exterminate termites and other wood-damaging insects.

8.5 Customer Service

Providing good customer service is another key to the success of your VRP. Despite your best eff orts to make sure everything with your