Are you the type of landlord that allows maintenance to pile up on your rental property? Or do you get the job done as soon as the problem arises?
Here is a list of reasons why it is so important to stay on top of repairs as they surface;
It Helps with Tenant Retention
When you respond promptly to your tenants’ maintenance requests, it is appreciated and they are satisfied knowing that their needs are being handled in a timely manner. When a tenant’s maintenance needs are met, the tenant is more likely to reciprocate your efforts by taking care of your property and treating it as if it were their own. Also, when your residents feel at home in your property, they are more likely to become long-term tenants. Building strong landlord/tenant relationships is necessary because where there is good communication; there are less hassles and problems.
It Avoids Making a Mountain out of a Mole Hill
A small leak under the sink that goes untreated can eventually turn out to be a huge mold problem that could cost you the loss of your tenants, a lawsuit and thousands of dollars in damages. A pipe that is clogged can turn into a disastrous back-up, ruining the carpet and damaging your tenants belongings. You can easily avoid scenarios such as these by addressing any plumbing issues immediately.
Less Turnover Cost and Time
We all know how costly it can be when a tenant moves out, and each day that goes by that the property is unoccupied, the less you receive on your return. The good news is that if you keep up on the repairs throughout the tenancy, your turnover costs will be much less, saving you energy, time and money!
You Have a Higher Chance of Renting or Selling
If you have a property that is well-maintained, it will show much better and has a higher chance of renting or selling at an increased amount. Properties exhibiting curb appeal or pride in ownership always command a higher rental price or sale price. Landscaping, paint or signage are items that attract positive attention when they are upgraded or properly maintained.
It’s the Law
There are State and Federal regulations requiring that your tenant is furnished with a safe and habitable property. In order to protect yourself and to avoid unnecessary lawsuits, make sure you follow these laws. We suggest that you study these laws so you know firsthand what renders a property uninhabitable.
Last but not least, we highly recommend that you schedule a quarterly inspection of the property to make sure that the property is in good working order and that there are no hazards that you should be aware of.
Happy and prosperous renting!
The above article is written by Natalie Greenberg Frost of Income Property Investors, Inc. who specializes in the management of small to large properties throughout San Diego County. For a free consultation, please feel free to contact Natalie directly at (858) 277-2700.