Owning rental properties can be a lucrative investment, providing a steady stream of income and long-term financial security. However, to reap the benefits of rental property ownership, it’s essential to prioritise property maintenance. Neglecting maintenance can lead to a host of problems that not only diminish your portfolio’s value but damage your relationship with your tenants and lead to mounting costs. Here at Centrick, we work with landlords, tenants and contractors every day to handle property maintenance issues, and understand the importance of a comprehensive property maintenance strategy. Here are just some of the reasons why you should prioritise property maintenance, and why a well maintained property is important…
Attracting and Retaining Quality Tenants
One of the most significant advantages of a well-maintained rental property is its ability to attract and retain high-quality tenants. A property that is clean, in good repair, and well maintained is more likely to appeal to responsible renters who will treat the property with care. This isn’t to mention that a well maintained rental unit can command a higher rent, as tenants will have fewer issues to contend with in their new home. Additionally, quality tenants tend to stay longer, reducing turnover and void periods, which can be costly for landlords.
Maintaining Property Value
Regular maintenance helps preserve and even enhance the value of your rental property. Neglecting maintenance or carrying out poor maintenance repairs can lead to the deterioration of various aspects of the property, not to mention the frustration this can cause for tenants. Research suggests that approximately 3 in 10 tenants are dissatisfied with the response to their maintenance requests, with poor responses and resolutions damaging the trust between landlords and tenants, as well as increasing the probability of maintenance issues worsening. When issues go unresolved or inadequately resolved, it can be expensive to repair or replace them, reducing the overall value of your investment.
This is one of the reasons why the Centrick team use FixFlo to enhance communication between all parties and to ensure that worsening maintenance issues do not go unnoticed, therefore leading to the right repair strategy.
Legal Compliance
Landlords have a legal responsibility to ensure that their rental properties meet safety and habitability standards. Neglecting maintenance can result in code violations, fines, or even lawsuits from tenants. By proactively addressing maintenance issues, you can avoid legal complications and provide a safe and comfortable living environment for your tenants.
The upcoming Decent Homes Standard regulations will be particularly important for landlords to consider, as many of the new standards revolve around better maintenance for rental properties. Once these regulations are passed, homes will need to be in a reasonable state of repair, warm, and safe. Our compliance team is on hand to ensure that landlords prepare their properties accordingly – explore the Landlord Resources hub for further information.
Minimising Repair Costs
Addressing maintenance issues promptly can save you a significant amount of money in the long run. Small problems, when ignored, can escalate into major repairs that are far more costly and time-consuming. In fact, property maintenance repairs cost UK property owners £30 billion every year. Regular maintenance can help you catch and resolve issues while they are still manageable, preventing them from becoming expensive disasters.
Preserving the Landlord-Tenant Relationship
Maintaining open communication with your tenants and addressing their concerns promptly is vital for a positive landlord-tenant relationship. With over one fifth of tenants stating that they were dissatisfied with the way their rental property was maintained, it’s abundantly clear that this can be a bone of contention between landlords and tenants in the long run. This in-turn can lead to a lack of cooperation, hassle for both parties, and could lead to the tenant choosing to move out prematurely. This can in-turn lead to void periods for landlords that could severely impact their ROI.
Energy Efficiency and Cost Savings
Regular maintenance can also make your rental property more energy-efficient. Simple measures like sealing gaps and cracks, maintaining your boiler, and insulating the property can lead to lower utility bills. Tenants appreciate energy-efficient homes, and it can be a selling point when marketing your property, allowing you to command higher rents in the long-run.
Peace of Mind
Knowing that your rental property is well-maintained provides peace of mind to both landlords and tenants. Landlords can rest assured that their investment is being protected, while tenants can enjoy a comfortable and worry-free living environment. This peace of mind can lead to long-term, mutually beneficial relationships that can in-turn reduce the likelihood of void periods, enhance communication and help to avoid conflict.
Ace Your Property Maintenance With Centrick
Here at Centrick, we have been helping landlords stay on top of their maintenance issues with our Reactive Building Maintenance and Repair Management services. With 24/7 access to our FixFlo portal, we make communication between landlords, tenants and agents simple and accessible, keeping everybody on the same page to ensure a swift and effective remediation of any maintenance issues. We also offer a round-the-clock emergency maintenance portal for issues that require immediate action, as well as regular inspections to spot potential maintenance issues before they worsen. To explore the way Centrick’s property maintenance service can minimise your repair costs, enhance your peace of mind, and boost the value of your portfolio, get in touch using the form below:
