Effective property maintenance contracts enable landlords to protect their investment on many levels. Obviously, maintenance ensures that property value is retained, and they can even help increase the value of a particular property. A landlord may want to liquidate their assets in the future, and resale value of the property will be especially important at this point.
It is very easy for a landlord to rent out a property and then essentially forget about it. The old adage that out of sight is out of mind rings true for some landlords. If they can’t see the problems developing, then they won’t do anything about making repairs.
Landlords rely on their assets for income. Whether you are looking to sell a property and reinvest the money or you simply want to turn some of your property assets into cash, you will want to get as high a price as possible for your property.
As well as ensuring that the property looks good inside, and even offering rental contracts with the sale of the property, one of the biggest factors in determining property value is the condition of that property. With regular maintenance, it is possible to ensure that your property portfolio has the highest possible resale value.
Of course, as a landlord, your primary income will usually be rental income and this too requires that your property portfolio be kept in as good a condition as possible. Tenants won’t want to pay for damaged property and you will not be able to ask optimal prices if there are noticeable signs of damage.
Property maintenance contracts do carry a financial cost, but the additional income that they bring through improved rental prices means that they can pay for themselves in relatively little time.
Maintain Good Relationships With Tenants
The relationship that you have with your tenants will help determine how long they remain in your property, and how much ongoing income you can make. Quickly responding to queries and to reports of damage will maintain a strong and positive relationship with your tenants.
If relationships break down with tenants it means that they will be more likely to look for a new place to live. As complaints mount, your tenants will become increasingly likely to break their contract and simply leave without warning too. Property maintenance can help you to maintain a long and mutually beneficial relationship with tenants.
Safety And Security
Damage to doors, windows, walls, and the roof can directly impact on the safety and security of a property. The more badly damaged that a property becomes, the more danger there is that somebody can become injured or ill, as a result. Furthermore, damage to entry and access points like doors and windows can make a property more prone to opportunistic burglars.
Property maintenance will ensure that the property is kept in a safe and secure state. Burglars will not be able to get in to the property, and residents and their visitors will not be put in undue risk when they enter the property.
Service Contracts Are Cheaper Than Callout Services
Property maintenance contracts do require a regular financial payment, but they can, in the long term, save considerable money when compared to the cost of calling emergency builders, plumbers, and other contractors.
The terms and conditions, and payments, for a maintenance contract will vary and there should be some room for negotiating on the actual terms when you establish a maintenance contract. Ensure that you get the level of service required and that your calls and communication will be answered promptly when needed. If you have a maintenance contract with a company that doesn’t respond quickly, then you may as well not have one at all.