How Poor Property Maintenance Can Lower Your Rental Income
Curious how to earn the most money as a rental property owner? The secret is in property maintenance. Every dollar you spend on repair and maintenance (R&M) can come back to you in the form of breakdown prevention, occupant comfort, and property value. Investing in proper maintenance is the smartest and simplest way to get the most bang for your buck as someone who rents out homes or apartments to tenants. Master maintenance with tips from the experts at Home365!
Deferred Maintenance Can Cause Expensive Repairs
Deferred maintenance is a common strategy for property owners who don’t have the funds for constant upkeep. Deferred maintenance, however, can be a major risk. Putting off property maintenance and repairs can negatively impact the performance and functionality of your assets. You might run into significant problems you wouldn’t have with regular maintenance, such as a roof leak, structural damage, mold growth, or pest infestation.
Paying for simple maintenance tasks can actually save you money in the long-term. You might be paying for jobs and services more regularly, but you’re avoiding the hefty price tag of serious emergency repairs and replacements. For example, roof maintenance and repair can cost a few hundred dollars every now and then, but waiting too long to fix a roof problem could result in substantial wood damage and thousands of dollars in structural repair and roof replacement. The expensive repairs can eat into your rental income.
Poor Property Management = Unhappy Tenants
An important reason not to shirk property maintenance is to keep your tenants and home occupants happy. Ignoring tenant complaints and repair requests can ultimately impact how much people are willing to spend on the rental, as well as how long they want to stay. High turnover can cost you much more than keeping a steady, long-term tenant happy. Investing in regular maintenance can make sure you fulfill the needs of your tenants as a good property manager.
Tenant happiness shouldn’t be your only priority, however. You must also think about their safety. Poor property maintenance could cost you big if a defect causes someone else an injury. If you ignore a staircase that’s in need of repairs, for instance, you could be liable to pay for damages if a tenant trips and falls down the stairs. A lawsuit could cost you thousands of dollars and your reputation as a landlord – ultimately translating into lower rental income.
Boost Your Reputation as a Landlord With Excellent R&M
Speaking of landlord reputation, how important is the way people see you and your building? Very, if you’re in need of high-quality and reliable tenants. It doesn’t take long for issues like a roof leak, bedbugs, or delayed appliance repairs to spread throughout a community. A bad image as a landlord and property manager could make it more difficult to find good tenants in the future. It’s better to invest money in property maintenance now rather than lose big on rental opportunities in the future.
Repair and maintenance are key to getting returns on a rental investment. R&M can be easy with a sophisticated system telling you when and how to get things fixed. Home365 can help owners feel confident in their property maintenance around the clock. It’s a simple, affordable, and effective solution that can optimize rental income through top-notch R&M services. Find out how we can help you – contact Home365