Good Property Maintenance means better Tenant Retention

Good Property Maintenance means better Tenant Retention

It is not uncommon to overhear tenants complaining about the lack of maintenance on a property they are renting, and stories of damaged water pipes or leaking roofs that go unrepaired for weeks or months are also common.  In properties where these stories originate, whether they are a freestanding house or an apartment in a complex of some kind all have one thing in common, over and above the leaky roofs and lack of maintenance.  Poorly maintained properties have few long-term tenants and the churn rate is high.

For Nova Eagle Property Management maintenance means better tenant retention but it also means high quality service. Tenants don’t have to pay more for a well-maintained property to feel happier and more secure at home. The crazy thing is most property management companies see only the cost of maintenance not the value.

Very often, the only time a landlord or property management company will hear from a tenant is when something needs fixing. It is generally a negative way of meeting, the tenant is not at his or her happiest and generally, the maintenance person is busy. For this reason property management companies and the maintenance teams have a poor image, but a Nova Eagle we work hard to offer our tenants a 24h emergency maintenance by on-site professionals and we follow-up the works orders to make sure the tenants are happy.

Understanding the clear link between rental prices and good maintenance allows things to change and improve. The cost of maintenance, when done proactively by an in-house team with quick response is far less than one would imagine and rentals do not have to increase dramatically, or to a point where the property becomes out of reach, to accommodate this. That’s why living in a Nova Eagle Property, provides a win, win , win situation.

That is win for the tenant because he or she has a well-maintained property as well as the comfort of knowing when something does need repairing it will be. Win for the property management company because they in the end see fewer emergency repairs, secure longer leases or leases that are renewed more often and they become a well-respected name and thus gain business. Finally, it is a winner for the property owner who has peace of mind his or her property is being well looked after and he or she has longer term, more secure tenants and thus rental income is reliable.

Proactive, reliable and efficient maintenance from a property management company should be something any tenant expects. Having reliable and competent in-house property maintenance crew, is our key to retaining tenants. Well-maintained properties become sought after and properties managed with in-house maintenance teams soon become gossip for the right reasons. The balance between monthly rental and cost of maintenance is attained and tenant and owner are both happy.

If you want to retain tenants and have your tenants to speak of you in a good light then look at how you manage your property and how you currently deal with maintenance. The right team, with the right attitude could not just save you money but make you money long term.

 


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