Why Does Your Rental Property Need Maintenance Management?
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Having a home used to be accessible and affordable, almost everyone seemed to have their own homes by the time they retired. Unfortunately, past financial crises leading to a housing shortage have shot home prices skyrocketing and far beyond the reach of most average income households. Some people settle for affordable homes, but at the cost of distance from their livelihoods, which explains the steady increase in the number of “supercommuters,” or those who travel for 90 minutes or more on the way to work every day.
As a means of adapting to the current situation, rental has become the closest alternative to homeownership. A study has illustrated the growth in renting compared to owning in the US. In fact, some sources argue that renting is even more financially advisable than buying. As an increasing option for more people, it is also becoming an attractive source of income for property owners who can rent out a house or a space to interested people.
Since your rental property steadily generates income for you, you should learn to take care of it to keep it up and running for the long run. Here are some reasons from ICC Property Management on why you need maintenance management for your rental property.
1. Maintain Your Property Value
One of the most common mistakes of property rental owners is that they don’t invest in maintenance. Others reason out that these investments can only be regained by raising rents while some owners simply prefer to do the repairs themselves. Either way, the lack of systematic maintenance that comes from proper management can still lead to the decay of the property.
A big misconception among property management circles is that property preservation and maintenance is that it is expensive. In fact, small investments in between for maintenance management saves you money compared to the accumulating damages that will cost you more in the long run. A common example is wood rot. Without periodic inspection, rotting wood will start to attract termites and rodents which creates larger problems later on. A small annual pest inspection and maintenance fund is comparatively lower than contracting repairs.
Another common misconception is that outsourcing maintenance is only for big properties. Whether you own a rambler or a colonial, a bungalow or a rowhouse, outsourcing property management especially maintenance to trained specialists will save you sooner or later. These property management companies have their own maintenance teams or are usually affiliated with maintenance specialists such as repairmen and inspectors.
Speaking of inspectors, periodic property inspections are an important part of proactively maintaining your rental property. These periodic checks ensure that your property remains compliant to all governing laws and standards in your place, as well as ensuring the safety of your tenants. Remember that you, as the property owner, can be held liable for any failure in your property should it be proven that you were negligent in the upkeep of the property. As the landlord can impose fines on the tenant for negligence, so can the state fine the landlord.
2. Keep Your Tenants
The landlord-tenant relationship is simple: the tenant pays for his stay in the landlord’s property and in return, the landlord keeps the property in good condition for the good living conditions of the tenant.
If you fail to uphold your end of the deal, it usually leads to any of the three scenarios:
- 1They ask a rent reduction because of the quality of the rental.
- 2compensation or reimbursement for the inconvenience that they have experienced,
- 3They leave at the first chance possible.
Good tenants are those that you can expect to always pay on time. However, they usually know what their money is worth and will definitely be on the lookout for the best option - from presentation, location, and of course, price. Having a maintenance management partner will help you from utility maintenance to the interior appearance of your property for rent, giving you a better shot at securing that tenant.
During the rent, it’s expected that the tenant expects you to act quickly in the event that something breaks down. If the same issue keeps recurring, it sends that message that you’re either not good at your job or you are scrimping on necessary repairs. They will get your tenant to leave immediately without talking to you about it. Worse, they will tell their friends and acquaintances about it, putting you and your property in a bad light and hurting your future prospects.
Your tenants are your clients. They pay on time so they will definitely expect you to also deliver on your services on time.
Additional Points to Consider Before Putting Your Property in the Hands of Maintenance Management Personnel
Usually, property maintenance ranks at the bottom of the list for property management agencies. The priorities usually revolve around chasing rent arrears, collection, and finding new tenants. Make sure you find a company that understands the importance of periodic maintenance activities on your property and knows how to get it done.
Also, as remnants of old, traditional schools of property management, you might come across property managers who are more on books and records and less on communication. These managers are also the same people who rank maintenance last in their priorities. Their lack of openness in communicating means that they will most likely get scared to talk to you, especially regarding the maintenance work needed since this translates to expenses on your part.
If you can, it also works to your advantage to scout out your potential property managers. They usually handle more than one property, and you can check that out to have an idea on how they generally work. Some business sites recommend asking the tenants on that building if they are satisfied with the management, if the utilities are reliable, or if their complaints are addressed.
Sometimes it is best to invest in enlisting the help of a trained professional when it comes to managing your rental properties. Aside from taking a load off your mind, you can be rest assured your property is in the hands of people who actually manage these things for a living, with the particular education and set of skills to keep your rental property amenable to your current tenants and appealing to future ones.