As a landlord, two of your biggest responsibilities include answering tenants’ requests and increasing your property’s value. However, sometimes these roles can clash when renters demand changes that don’t necessarily benefit your property. For instance, opting for eco-friendly designs in a rental can attract new tenants, but it may not always yield the most ROI. So stick around till the end as we highlight the best ways to balance tenant requests while maintaining property value:
Evaluate Requests Carefully
Consider each tenant’s request carefully before dipping into your savings to fix it. While most articles will tell you to always prioritize renters’ wishes, not all requests are equal. For instance, a tenant complaining about faulty electrical wiring should take precede over another suggesting you repaint the building. Although both requests can improve the property value, the former is more crucial because it addresses a safety issue, while enhancing your property’s curb appeal can wait. As a result, it would be best to prioritize necessary maintenance needs to restore safety, prevent accidents, and preserve property value, over those that are merely for beautification.
Establish a Clear Lease Agreement that Outlines Limits on Modifications
Discuss with an expert Northern Virginia rental property manager to relay modification concerns to your tenants. It’s common for renters to want to personalize their rental, making it feel more like a home and less like a house listing. However, some modifications can reduce your property’s value, forcing you to pay out of pocket for repairs and adjustments between tenants. Thus, it would be in your best interest to clearly outline what changes renters can or can’t make. For instance, neutral colors appeal to more home searchers, but if a tenant insists on repainting the wall, you can add a clause that says they need to restore the wall’s original color before moving out of the apartment.
Communicate Policies Transparently
Be open when communicating your policies to tenants. If you want to get the best out of your landlord-tenant relationship, then you have to give renters sufficient heads-up about what rules you expect them to follow. Do you have protocols or special platforms for submitting maintenance requests? What system do you use to determine tenant damage? It would be best to review clear lease policies before signing with new tenants to ensure everyone is on the same page. In addition, remember to give renters regular updates on the status of repairs so they feel heard, and can also assist with the entry of workmen on the property.
Prioritize Preventative Maintenance
Keep tenants’ requests to a minimum by prioritizing preventative maintenance. Instead of waiting for small issues to become big ones before you fix them, conduct regular inspections on your property to identify minor faults. Generally, property owners that are more thorough with their maintenance, spend far less on repairs which can help you save more money in the long run. Besides, you can also redirect some of the saved funds to improvement projects that can enhance your property’s value and attract new tenants.
Buy Quality Appliances
Investing in high-quality appliances may seem counterproductive when owners are trying to save more money, but it is often the more economical choice in the long run. Besides being the more superior model than their cheaper counterparts, quality appliances also have a longer life span which is a big consideration for landlords that own furnished apartments. One of your top priorities should be durability because a more expensive fridge that requires fewer repairs or replacements will ultimately cost less than a pocket-friendly appliance that’s more high maintenance. Moreso, high-quality appliances often come with energy-saving features that can significantly cut down your utility bills and are a perk to attract more eco-friendly renters.
Build Relationships with Reliable Contractors
Go the extra mile by forming good relationships with reliable contractors. Repairs are inevitable, but with the right connections, it can reduce your expenses. Many plumbing, electrical, and similar services often offer loyalty programs to homeowners to maximize fees throughout the year. Besides getting their services at a cheaper price, landlords can also enjoy other perks like 24/7 repairs, routine maintenance, or priority when you report issues. However, it’s good to ensure that the contractor is good and knows what they need to do. After all, what’s the essence of having a plumber on speed dial if they’re unavailable when you need them or bad at their job? Make sure to research before settling on a service to guarantee your rental gets high-quality service around the clock.
Conclusion
While property owners need to keep tenants happy by attending to their requests, landlords must remember they’re running a business. Not all tenants’ requests are created equally so prioritize the ones that improve the rental’s safety and convenience. Additionally, keep tenants in check to ensure everyone is on the same page by clarifying your policies on modification. In conclusion, buying high-quality appliances, adopting preventative maintenance habits, and building a relationship with reliable contractors can help cut down repair requests while boosting your property value.
