If you're a new landlord trying to make it in the world of property investment, you might not yet know about the importance of keeping your tenants happy and maintaining a great property.
Too many landlords let property maintenance fall by the wayside. While this might work for a while in a hot rental market, it will eventually lead to their downfall.
If you think that property maintenance is an unnecessary and costly expense, we're here to set you straight. Keep reading to learn all about the importance of maintenance for investment properties.
It Helps You Retain Good Tenants
Finding great tenants isn't easy. Once you have them, you don't want to let them go. It's far more expensive to find new tenants than it is to retain the tenants that you already have.
Property maintenance is crucial if you want to keep your valued tenants in place.
Consider yourself as a tenant. Would you want to continue living somewhere that's falling into disrepair? Would you like to stay with a landlord who isn't attending to your maintenance needs?
If the answer is no, you know what you have to do. Keep up with maintenance to avoid a rental dispute and maintain that reliable rental income.
You'll Have a Better Reputation
Speaking of retaining your current tenants, keeping a well-maintained property will also boost your reputation and help you gain new tenants more quickly so you don't have to deal with empty properties or the lengthy tenant-finding process.
If you let your rental properties degrade, people will spread the word. A bad reputation can cost you a lot of money and a lot of tenants.
A good reputation, however, will cause people to spread the word of your great property to all of their friends and family members who are looking for rentals. There's no better marketing than word-of-mouth marketing.
You'll Save Money
It might seem as though property maintenance is too expensive for the average landlord, but is that really true?
We already mentioned that having good property conditions can prevent you from having empty units for too long, but there are other ways that you'll save money as well.
When you perform routine maintenance instead of just checking on the property when someone complains, you'll prevent more expensive maintenance projects in the future. For example, having routine rental property inspections and maintenance to find and fix hidden leaks will prevent future water damage.
By maintaining your property, you'll also maintain a higher property value if you ever decide to sell.
Property Maintenance Matters
You have responsibilities as a landlord. Your tenants rely on you to provide a habitable and well-maintained property. If you don't hold up your end of the bargain, you'll lose tenants and damage your reputation.
Property maintenance isn't just for your tenants. It helps you as well.
Are you a property owner in Houston, Texas that's struggling to keep up with maintenance or other ownership responsibilities? Our property management professionals at Precision Realty want to help you. Contact us so we can start working together today.