Want to keep bad tenants at bay? Maintain your property. Opting for deferred maintenance on an investment property to save money will cost you in the end. It will cost you the value of the property and it will cost you a good tenant. Aren’t you a real estate investor to make money? Sometimes to make it, you have to spend it.
Deferred maintenance may seem like a good idea in the moment. It can be a pain to change furnace filters or have the chimney cleaned. Painting is a pain, and really, what harm can come from putting it off for awhile?
At worst your house or building can burn down if the chimney isn’t kept clean, or the heating system will shut down because air flow to the furnace is disrupted. A good real estate investor will not have deferred maintenance because they know it costs more in the long run.
Deferred maintenance means that at the very least that your property will start to look run down. A good tenant won’t stay for long in a run down property. Ok, you say, I’ll get another tenant. But with the property looking less than top notch, what kind of tenant can you get? Not only that, but you certainly won’t be able to get top rents for a less than maintained property. As a real estate investor you know that the bottom line is return on investment which you can’t get with bad tenants and lowered rents due to deferred maintenance.
So be proactive. Maintain the property and its systems so that service calls are unnecessary. Change furnace filters on a regular schedule. Have chimneys cleaned on a yearly basis. That alone is a safety issue, so keep every tenant safe as well. Paint or maintain the outside of the home. Keep shutters in good shape, walkways safe and driveways evenly paved or graded. Your current tenants, the ones who pay on time, will appreciate that you care enough for their safety and keeping them happy.
As a real estate investor you have an obligation to your tenant and to yourself to stop deferring maintenance. Sure it may cost something now, but your tenants and your bank account will thank you for it later.
Want some great real estate investing and property management help? Give Tena D a call today… 303-452-5853