Stellar building upkeep is one of the primary drivers of tenant retention. And while it can be a costly endeavor, unexpected repairs cost even more. Don’t wait until something bad happens, learn how you can avoid emergency repairs and lower your property’s unexpected maintenance costs.
Refurbish Units Between Tenants
This tenant barely cooked. That tenant traveled a lot. Those tenants had a cleaning service. If any of these are used as reasons not to refurbish a unit between tenants, you might be putting your property at risk for surprise repairs during the next tenant’s lease. To avoid this, give every unit a thorough once over before new tenants move in. Throw on a fresh coat of paint, put down new carpet, replace out-of-date appliances and improve the shower’s water pressure. Not only will these fixes save you money in the short term, one might also be the thing that pushes your tenant to renew their lease.
Keep Inspections Up to Date
Every building-wide system in your property—plumbing, electrical, HVAC, gas, elevators—require inspections to make sure they are running smoothly and safely. While these inspections may seem tedious, they ensure that these systems will not cost you any more money than they need to. For this reason, don’t put off scheduling them to the last possible minute, or worse, skipping them. If you do, you’ll surely be rewarded with expensive emergency repairs.
Don’t Forget the Outside
It’s true that your residents live inside the building, but it’s crucial not to neglect the outside, including areas like the roof, the entryways, roof decks, courtyards and balconies. Indeed, these parts of your building are forced to face the elements, which can cause wear and tear that can lead to costly repairs. Bring roof deck and courtyard furniture inside during the winter months when they aren’t being used. Inspect the roof’s integrity on a regular basis. And keep the entryway bright and inviting—this will also play a role in tenant retention and acquisition.
Maintain an Emergency Repairs Account
No matter how prepared you are, unexpected repairs will always pop up, so maintain a fund for these costs when they do. If you already have money in your budget set aside, these costs won’t hurt your bottom line as much. Plus, being able to see your emergency repair account balance at the start of the year and where it ends up at the end can be valuable information for determining if you need to adjust the focus of your maintenance plans for the following year.
Don’t Overlook Your Gym Space
As most property managers know, gym equipment can be very expensive and can often break the bank when needing an update, replacement or repair. This is where a company like Power for Life Fitness comes into play, as fitness instructors are not only there to help with proper form, but they help to ensure that gym equipment isn’t being used improperly or damaged. This not only helps with your gym’s maintenance costs, but it keeps residents happy as they will no longer feel frustrated when they go to the gym with a workout in mind, and the equipment is “under maintenance.”
To learn more about how Power for Life Fitness can help lower your property’s overall maintenance costs, contact us today!