The cost and inconvenience of managing maintenance work on an rental property is a hard pill to swallow for any investment property owner. However, too many landlords avoid addressing needed maintenance concerns to save money. Putting off repairs on maintenance requests from your tenants because an issue is “not important” or “too expensive” is a sure-fire way to sabotage your chances of keeping otherwise good tenants. At the end of the day, a paying tenant is better than a vacant rental.
At Real Property Management Southern Connecticut, the premiere Greenwich property management company, we know the importance of keeping good tenants. To help you understand the benefits that you stand to gain by hiring a professional property management firm, we’re sharing three ways how our maintenance management strategies can help you retain tenants longer:
- Establishes a safe home—A tenant who knows that the rental is safe as a result of proactive maintenance and expeditious emergency repairs is more likely to continue leasing from you.
- Builds an open line of communication—When a tenant submits a maintenance request and is met with a friendly reply and prompt repair, they are more likely to provide regular status updates that help you catch issues earlier, which helps you avoid costly repairs.
- Quality work encourages tenant care—The fact is that tenants are more likely to respect the property when they see that you do too. Providing professional maintenance that gets the job done right, will encourage the tenant to take extra care of the home.
Staying on top of maintenance isn’t only beneficial for retaining quality tenants; it can actually increase your rental home’s property value. This is especially the case when it comes to proactively maintaining the curb appeal of your property. Elements such as the roof, siding, paint, and landscaping, should be evaluated on a regular basis. Greenwich property management company, Real Property Management, advises investors consider setting aside a portion of their budget to save for eventually replacing these big ticket items. Remember, you more likely able to charge higher rent rates for a well-maintained property that attracts residents who will treat the property well. Your ultimate goal is to preserve the value of your investment and optimize your cash flow with safe rental properties that cultivate long-term residents. Making the right choices in your maintenance management is a key factor in ensuring that value.
What Investors Can Do
Below, we’ve outlined our top five keys to providing cost-effective maintenance aimed at empowering property owners throughout this process. Because an ounce of prevention is worth a pound of cure:
- Plan Ahead: calculating regular maintenance costs into your budget by setting aside at least two months worth of rent per year to cover these expenses is recommended.
- Inspect Regularly: be proactive about catching small issues before they become expensive problems. Of course, your local Greenwich property management team can help you by performing regular property inspections and seasonal maintenance for you, which will save you money over time.
- Respond Quickly: addressing maintenance requests from tenants promptly will help reduce your risk of liability and improve retention as renters will feel respected when you respond to their needs.
- Be Prepared: tenant turnover is inevitable. Take time between vacancies to address any safety issues or needed repairs in the home. Doing so helps keep the home well maintained, which translates onto short vacancy rates.
- Look For Discounts: By partnering with Real Property Management, you will be able to utilize our network of licensed and bonded contractors to service all of your maintenance needs. You’ll also gain access to national discounts and preferred pricing on items like appliances and materials, needed to keep your property at its best.
How Our Greenwich Property Management Team Can Help
By now you’ve seen the benefits of hiring a professional property management firm like RPM Southern Connecticut to help you maintain your rental. But we can help you manage much more than just maintenance requests. As a nationally trusted company with more than 25 years of industry experience, our property managers have been trained and equipped to manage your rental property in the utmost professional manner. You can know, with confidence, that our team of property managers can handle every one of your rental property needs. We do so by providing:
- Personalized rent-rate assessments to help you set an appropriate rent rate.
- Rent-Ready Assistance to prepare your home for new tenants.
- Targeted advertising strategies to attract the quality applicants.
- Thorough tenant screenings to ensure you select the most qualified renter.
- Regular interior and exterior property inspections to keep you home in premiere shape.
- Affordable remodeling and maintenance services.
- Risk management and eviction services for handling difficult tenant situations.
- Easy-to-understand accounting and maintenance reports to keep you updated on your property.
- Online rent payment management for owners and tenants to make ensure all parties are paid.
With our Greenwich property management team by your side, you can save valuable time and money. Call us today and see how we can help you make the most out of your investment!