The Importance of Maintaining Your Lancaster Rental Property

Rental property maintenance is extremely important for two reasons:

  • It preserves the condition of your asset; and,
  • It keeps your tenants happy and secure.

Your tenants are your customers, and the number one reason that most tenants leave their rental home is because their maintenance concerns were not responded to in a timely manner. That’s a terrible reason to lose a tenant.

You also want your investment to grow in value. Deferred maintenance only harms the value of your investment and costs you money in the long term.

As Lancaster property managers, we understand the importance of rental property maintenance. We also understand how critical it is to have a preferred vendor list of repair professionals you can trust.

Well-Maintained Homes Attract Better Lancaster Tenants

Placing the right tenant will improve your cash flow and deliver a better investment experience. With a well-qualified tenant, you won’t have to worry about late or missing rental payments. Evictions will be unlikely. There will not be any property damage left behind, and spending time and money on disputes and conflicts will not be a part of your rental experience.

Good tenants are looking for homes that are in good condition. You don’t have to provide granite counters and hardwood floors. But, you do need to offer a clean and functional home.

You’ll lose your best tenants if you take too long to respond to their maintenance needs and repair requests. So, providing a home that’s in excellent condition and staying on top of that property’s maintenance needs once a tenant is in place will reduce your vacancy and turnover costs and allow you to earn more money from a happy tenant who renews the lease year after year.

Good Maintenance Increases Rental Value

When you’re pricing your rental home, the condition of the property will impact what you’re able to charge.

A clean and modern unit will allow you to charge more. A unit that’s old and worn and missing appliances or window blinds is not going to earn the most rent. If you pay attention to preventative maintenance issues and inspect the property annually to get an idea of where you may need to make some repairs in the future, you’ll preserve the condition of the property and increase its value. Earning more rent is an easy way to increase your cash flow and your long term ROI.

Put Together a Preferred Vendor List

One of the best reasons to work with a Lancaster property management company is the vendor relationships that come with that partnership. Property managers have access to the best vendors and contractors in the area. They are licensed and insured and they stand behind their workmanship. They also offer cost-effective pricing because of the volume of work that property managers can provide.

If you’re managing on your own, make sure you have high standards for the people you hire to complete work on your home. If you work with unlicensed labor, you’re putting yourself at a lot of risk.

Work with licensed and insured vendors and contractors who can provide high quality work. You need a good relationship that allows for emergency repairs and cost-effective pricing.

Put Together a Preferred Vendor ListRental properties that are in shambles take a lot of work, time, and money. It’s much better to keep them well-maintained from the moment you invest. If you have any questions about rental property maintenance or Lancaster property management, please contact us at Fetch Home Management.