When you are a landlord looking to rent out their property, you want to make sure that any tenants who move in stay for a long time, pay the rent and have as few issues as possible. However, that can be hard to guarantee if you are doing all of the property maintenance yourself.
There are seemingly hundreds of codes, violations and laws around rental properties, which can be overwhelming to landlords who have a large portfolio to oversee.
So, with that in mind, what are the pros of investing some of your income into a property maintenance team?
- Maintaining Property Value
Your property is an investment, and, as such, you will want to make sure that it retains its value.
One way to do this is to invest in a service that offers property maintenance, end-of-tenancy, cleaning services and repairs, which will come with the majority of businesses that provide property management and maintenance. Many of the companies that offer property maintenance and management will offer checks on the property through the tenancy to ensure that it is retaining (or even increasing) its value.
- Attracting High-Quality Tenants
A well-maintained rental property will attract and retain high-quality tenants. Therefore, if you have a maintenance team that cleans the property and ensures that all of the plumbing is working and that there are no leaks, then tenants who can offer you more rent and stability are more likely to choose your property. Indeed, you will want all of the tenants who choose your property to treat it with care, which, frankly, they may be less likely to do if it is already in disrepair.
It will also allow you to charge a higher rent and will ensure that all of the said rent is more likely to be paid on time, as the tenants will not have the legal grounds to withhold it.
- Legal Compliance
Many landlords have simply bought the property, made it up and are now looking to rent it out; they have minimal, if any, knowledge of the legal compliance and responsibilities that they have to keep it in working order. A maintenance company will ensure that your rental property ticks all of the legal compliance requirements, meaning that maintenance will not be neglected, and your tenants will not be able to take you to court. This also allows you some legal protection as, if your property maintenance team falls behind with the repairs, they are legally responsible, not you.
- Reducing Repair Costs
The last thing you want is an ongoing issue with your property’s maintenance. If a small problem is ignored, then it can grow into a bigger issue, which will cost a lot more to fix. So, investing in a property maintenance team can ensure that any small issues with the rental property are reported and fixed before they spiral.
- Improves Tenant-Landlord Relationship
You also don’t want your tenants becoming unhappy with the maintenance in their homes, as this can lead them to legally withhold rent in many cases. Or, even worse, they may leave the property! So, by investing in a maintenance team, you can ensure that your tenants are happy in their homes and will continue to pay rent and keep everything positive.