Everybody likes a well-maintained property. For property managers, that leads to tenant satisfaction and tenant retention. A survey by Avail states the same - 12% of tenants planned to vacate rather than renewing their term if the property was not well-maintained.
If your tenant’s service orders are met on time, and the issues are fixed, you get long-term clients and attract potential buyers.
The top 8 reasons you need good property maintenance
Here are some of the reasons why maintaining your property is important today:
1. Tenant satisfaction
Sure, maintaining a property is not easy, but current tenants may vacate and not attract new buyers if ignored or postponed. Running a property business means taking care of your property and tenants at all times.
When you care about your property, your tenants continue to reside on it for the long term. It is one way to keep tenants rather than looking for new buyers frequently. Keeping your property clean will keep your tenants happy and, in turn, lead to tenant retention.
2. Higher sale value
Good property with clean surroundings means fewer repairs making it highly valuable while selling it. No one likes to buy a poorly maintained property and spend an extra amount repairing or renovating it. Keep your property clean without any damages to the windows or doors. You can also get it painted once to make it look visually pleasing and clear the clutter during the process.
3. Maintain rents at market rates
You can increase your rents as per the market rates if you keep it in good shape. Potential buyers will also find its value for price and turn it into long-term tenants. Finding new tenants frequently can be challenging, so you need to keep your tenants for the long term, and it can happen when you care about your property and your tenants.
4. Reduces liability insurance
One major benefit of maintaining your property is that it keeps your tenants safe. Regular maintenance can avoid major accidents such as your kids breaking your tenant’s window or the tenants getting injured after falling down the stairs.
In each of these cases, you are liable for the damage and should pay for it, but in most cases, owners will be responsible for building damages and not personal damages.
Do not delay fixing any hardware components or ignore the issues, thinking it's insignificant. You can get a document signed by the tenant that you’re not responsible for any personal injuries, and it’s mentioned in your landlord insurance policy.
5. Attract good tenant
Sometimes, tenants don’t treat the property well and damage it. You need to find tenants that take care of your property as theirs, and for that, you should keep your property clean. When you don’t bother to fix damages, your tenants don’t worry as well. If you want someone who takes care of your property, you should start.
6. Prevent major problems
Repair the broken ones and replace the rest. Visit your property occasionally and see for any fixes that are needed. Plumbing, heating, roofing problems, windows, doors, drains, pipes, and sewage issues, lost key, and electricity problems are some of the major issues that should be fixed and checked for frequent faults as part of your maintenance charges.
Do not delay fixing them as tenants may be vacant if their plumbing or electricity problems are not addressed and fixed soon. Providing the essentials and taking care of such issues can retain tenants for a long.
7. Builds trust
Having property management software helps tenants raise a ticket for the issue. You can then contact your third-party vendors and fix the problems by talking to the tenant about the right time to get it fixed. You then close the ticket once the problem is solved.
The entire process builds trust among the tenants and assures them that anytime there is a problem, it can be resolved by contacting you. When you delay it, tenants lose confidence and eventually get frustrated and vacate your property.
8. Positive impression
When you ignore maintaining your property, you forget your tenants and future buyers. Imagine you delay fixing any roofing problems in your tenant’s unit. No one wants to reside in a leaky roof, and even after requesting service orders multiple times, it goes unaddressed, the tenants vacate your property.
Your future buyers may talk to residing tenants better understand the property better and not recommend it to them due to their neglected problems.
Depending on your needs, you may go for real estate management software like Yardi or MRI. Assetsoft can help you choose the best fit for you.
Talk to us for real estate IT consulting today!
The top tips to maintain your properties
Go for regular checks or hire property managers to oversee and manage your property. Contact local vendors who can fix issues such as plumbing regularly.
Here are some of the things that you can do to maintain your property better.
Hire a property manager to manage your property better
Conduct regular inspections for both interior and exterior portions
Fix issues regularly, even if it is a small one
Fix leaks, check fire extinguishers, air filters, and water heaters
Maintain your properties with property management software
Managing maintenance and keeping track of things can be made simpler with the help of property management software like Yardi and MRI.
Manage communication with your tenants, keep track of maintenance, screen tenants and verify documents, provide better service to tenants through online rent payment methods and tenant portals to update them about the latest news about your property.
Manage all your departments through a self-service portal. It saves time and reduces dependency on property managers.
Assetsoft can help you choose the right software for your business and implement, support, and maintain it while also train your staff to use the software. We implement project management best practices for your business.
Want a project management system for your business? Contact us today!