If you are a landlord, maintaining the condition and appeal of your property is vital to its success as an investment. We have been a Nashville property management company for over a decade now. Because of this, we know how crucial the regular upkeep of your property is. Not only are you responsible for maintaining a safe and comfortable home for your current tenants, but you are maintaining the appeal of your property for future tenants. Minimizing your turnover times is key for success of your investment property. If you are regularly maintaining its condition, then you will have less work to do when someone moves out. Less turnover time equals more money in your pocket! Keep reading along for some insight from the perspective of a Nashville property management company.
Curb Appeal
The curb appeal of your property is the first impression for potential tenants. Think about what you'd look for when searching for a new home. Everyone wants to see a property that looks well-maintained from the outside. If there is overgrown grass, vines, and bushes making your property look like a jungle, then that decreases the pool of applicants for your property. Not many people want to move into a place that needs a lot of work from the get-go. If the exterior of a property is in disarray, most people will only assume the interior is in similar condition. Some other things to consider would be exterior paint, pressure washing, and removal of cobwebs from windows or porches. Keeping up with the curb appeal of your property is the first step in regularly maintaining its condition, and will result in more applications, as people will be more interested to view the inside.
Preserving Property Value
Working as a Nashville property manager, we have seen the property values rising consistently in recent years. We know how important it is to maintain the state of your property in order to avoid potential stagnation or even depreciation of your investment. With new properties being built left and right, it is crucial that you keep your property in good condition to remain competitive in this market. Regular upkeep will help prevent larger issues from popping up, minimizing the need for larger repairs down the line. By consistently addressing minor issues such as fixing leaks, maintaining the HVAC system, and ensuring structural integrity, landlords can protect their investment and preserve the value of their property over time.
Minimizing Turnover
As we touched on earlier, minimizing turnover is imperative for the success of your investment. By regularly keeping up with minor maintenance issues that arise, you are saving both time and money down the line. Not only will you reduce the amount of time it takes to get your property rented, but you increase the chances that your current tenant will happily renew their lease. Keeping your property leased up will help ensure the security of your investment. Avoiding regular upkeep can lead to disgruntled tenants who move out at the end of their lease. When this occurs, you will often find that there is a lot of work to be done before listing the property for rent again. This costs both time and money, both of which are hurting your investment. You should ensure that you are focused on the regular upkeep of your property, which will increase tenant retention, and save you time and money down the road.
Compliance with Local Regulations
Local codes and regulations are there to ensure the maintenance of a property's condition. You must stay compliant with these regulations. Not only is it a legal requirement, but it is essential for the safety and well-being of your tenants. Putting a focus on regular upkeep will keep you in compliance and help you avoid expensive fines and legal issues. Things such as smoke detectors, fire extinguishers, emergency exits, and sprinkler systems must be functioning properly. By consistently checking up on the condition of your property, you can avoid any potential legal complications.
Long-Term Cost Savings
You may think that regularly fixing the little things is just another expense to worry about. However, it is a smart investment that actually saves you money in the future. By addressing the smaller issues that pop up, you are helping prevent much larger issues from arising. If you neglect a minor issue for too long, it can escalate and become a much more costly and time-consuming repair than you anticipated. On top of this, regularly maintained properties are typically rented more consistently, reducing turnover and putting more money into your pocket.
Bottom Line
Because we have been navigating the world of Nashville property management for so long, we understand the importance of regular upkeep for a rental property. By doing this, you are increasing the curb appeal, complying with regulations, saving money, and preserving the value of your investment property. Regular maintenance protects your investment and keeps your tenants happy. You are also contributing to a growing community and helping the real estate market prosper. If you are in the Middle TN area and don't know where to start, consider working with a Nashville property management company like RENEW Real Estate Services to gain some tailored advice for your investment.
