Making large and small repairs at your Columbus rental property impacts your tenant retention, and tenant retention has a lot to do with your cash flow and long-term ROI. You don’t want to put off repairs, even those that seem like no big deal to you. If there’s a sense of urgency to the repairs requested by tenants, they’re going to feel like you are responsive and committed to providing a safe, habitable, and attractive place for them to live.
Those big ticket repairs are a little more difficult to manage. That doesn’t mean you should put them off. You know that if you’re being called to repair a roof, you’re getting closer and closer to needing a new roof. If the refrigerator has caused multiple problems in a short period of time, it’s probably best to just replace the entire appliance rather than repairing it again.
Avoid making big repairs at the wrong time. The best thing you can do to protect your investment property’s condition and work harder towards tenant retention is to make timely repairs right away, and to do so without inconveniencing the tenants who are living in your property.
Tenants Expect Attentive Service
When your own refrigerator starts to fizzle at your own home, you might be okay fighting with it for a few weeks before you finally get it fixed or have it replaced.
That’s not going to work with tenants. If you neglect a fridge repair for weeks, you’ll not only have to pay for a new appliance, you’ll likely have to pay for all the food your tenant lost while waiting for their maintenance request to be taken care of.
You have to be responsive and you have to take care of these repair issues right away. Tenants are paying rent in exchange for low-maintenance living. They don’t want to worry about things breaking down and having to fix them on their own. A tenant will appreciate that you’re available to take care of these things right away.
Major Repairs that Require Preparation and Planning
Big ticket repairs might include new appliances or a 27-year-old furnace that needs a new motor. Perhaps a pipe has collapsed outside or the hot water tank is leaking or rusty. Maybe the oven will stop working on Thanksgiving and your residents will call in a panic.
These are going to be large maintenance issues that need immediate attention. You’ll need the cooperation of your tenants and you’ll need a team of reliable vendors and contractors who can take care of the problem right away and provide their best rates.
Preventative Maintenance Avoids Emergency Repairs
In many of these situations, preventative maintenance will be your best friend. If your HVAC is being inspected and serviced annually, for example, you’ll have some advanced warning that there might be a problem with the heating or the air conditioning. You can plan and budget and increase its lifespan. Have a roofer check things out every year, especially if you’ve noticed problems, and make sure you’re paying attention to all your seasonal maintenance issues such as gutters and irrigation.
We know that big ticket repairs are challenging to manage. Keeping good tenants in place is the best reason to take care of these things promptly. If you’d like to hear more about how we handle routine, emergency, and preventative maintenance for your Columbus investment property, please contact us at Solutions for Real Estate.