Catching a problem and fixing it when it’s small might save you money (and headaches) down the road. As a landlord or property manager, examine your units regularly for these issues and take care of them before they become a huge expense.

1. Check for leaks

Identifying and fixing a water leak early means avoiding the chances of mold growth or wall and ceiling damage. Check around windows, doors, sinks, showers, toilets and water heaters in your units for signs of leakage. Look for water pockets on the walls and ceiling, especially after rainstorms or when the snow has started to melt.

2. Recaulk showers and seal cracks in tile grout

Regular use of bathroom and kitchen surfaces leads to cracks and loose tiles. Resealing these areas around the tub, sink and tiles will prevent water from getting into and damaging the walls and floors.

3. Update the wiring

Keep your building’s electrical system safe and up-to-date to prevent shorts, outages or electrical fires. Hire a contractor or maintenance person to help you examine your system on a routine basis.

4. Repaint your property

Don’t wait until your building's exterior is peeling or the interior walls are damaged and dingy. A new coat of paint can help extend the life of your building and improve your unit's marketability. A freshly painted home can also be a renewal incentive, and it may be a tax-deductible expense.

5. Replace the air filters

Neglecting your air ducts until they get clogged and then hiring a professional to clean them is costly, and may leave your tenants without heat or cooling while you wait for servicing. This can be avoided by replacing the filter in your central air or heating system on a bi-yearly basis.

6. Test smoke and carbon monoxide detectors

Schedule a time with your tenants to make sure these devices are functioning properly and haven't passed their expiration dates. A smoke or carbon monoxide detector that doesn’t go off in an emergency could not only lead to serious damage or injury, it could also put you in court. Replace batteries, check the wiring or buy a new device as necessary.

7. Check for pests

Dealing with a major pest problem can be costly. Tenants might need to temporarily move, and you risk losing them and facing an extended vacancy. Examine your property periodically for signs of critter intrusions, and take care of the problem before it becomes an infestation.