Maintaining Your Rental Property is Important

[Danny Webber]

Maintaining your rental properties in good shape is crucial for several reasons. First and foremost, it ensures the safety and well-being of your tenants. Secondly, it can help you attract and retain high-quality tenants, and thirdly, it can save you money in the long run by preventing costly repairs and legal issues.

Safety and Well-being of Tenants

As a landlord, it is your responsibility to provide a safe and habitable living space for your tenants. Regular maintenance checks can help you identify potential safety hazards such as faulty electrical wiring, leaky pipes, or mold growth. Addressing these issues promptly can prevent accidents and illnesses that could harm your tenants and leave you liable for damages.

Attracting and Retaining Tenants

Maintaining your rental properties in good shape can help you attract and retain high-quality tenants who are willing to pay a fair rent for a well-maintained property. A clean, well-maintained property shows potential tenants that you care about their comfort and are committed to providing a quality living experience.

On the other hand, neglecting your rental property can lead to vacancies, high tenant turnover, and negative reviews that can make it difficult to attract new tenants. This can result in lost rental income, increased marketing costs, and even legal issues if the property falls into disrepair.

Preventing Costly Repairs

Regular maintenance can prevent small problems from becoming big ones that require costly repairs. For example, fixing a leaky roof early can prevent water damage that can cause mold growth and compromise the structural integrity of the building. Similarly, addressing a plumbing issue early can prevent water damage and prevent the need for more extensive repairs down the line.

In addition to preventing costly repairs, regular maintenance can also save you money on your utility bills. For example, replacing air filters regularly can improve the efficiency of your HVAC system and reduce your energy costs.

Conclusion

Maintaining your rental properties in good shape is essential for the safety and well-being of your tenants, attracting and retaining high-quality tenants, and preventing costly repairs. Regular maintenance checks can help you identify potential safety hazards and prevent minor issues from turning into major problems. It also shows your tenants that you care about their comfort and are committed to providing a quality living experience. By investing in regular maintenance, you can save money in the long run and protect your investment for years to come.

I run a property mgt company and many of my owners want to be slum lords sometimes. Not acceptable!

[Drew Sygit]

@Joe Scaparra If your approach is working for you then keep doing it!

We still stand by our statement though. 

We manage a lot of Class C properties in the City of Detroit and Pontiac, MI. Following your improvement path would have tenants falling over themselves to rent the property, BUT we'd still be picking the "best of the worst" from applicants with under 600 FICO scores, probably under 580. 

We would be able to get top-of-the-market rent, maybe 10% more. But still wouldn't cover the extra costs in a reasonable amount of time.

Over a short period of 12-24 months, many of these tenants would trash the improvements - ruining any hope of an ROI.

This is our experience over 23 years of managing Class C properties.

Hope your better than average results continue:)