For landlords of co-living spaces, maintaining the property is not just a matter of routine upkeep. Here, we delve into the 8 key reasons why landlords should prioritise property maintenance as a key aspect of their property management duties.
1. Tenant satisfaction
Property maintenance is important to preserve tenant satisfaction. When tenants share spaces and facilities, breakdowns such as broken appliances, leaky faucets, dripping aircons or other malfunctions can disrupt daily life and sour the tenant experience. To keep tenants happy, make it a point to conduct regular maintenance.
2. Tenant retention
A well-maintained co-living property is more likely to retain tenants for longer durations. Happy tenants are less likely to seek accommodation elsewhere when their lease is up. This reduces turnover and you don’t have to spend time and money on finding new occupants.
3. Reputation
A good reputation is vital in the property rental market. Positive word-of-mouth from current or past tenants can enhance the reputation of your co-living brand. This will help to attract even more potential tenants. On the hand, poor maintenance can lead to negative reviews and this can deter prospective renters.
4. Safety
It is important to protect your tenants’ safety when they are living in your property. Therefore, regular maintenance ensures that your property is safe and secure. Address issues such as plumbing leaks, broken locks or faulty wiring promptly to prevent accidents from happening.
5. Preserving property value
Consistent maintenance ensures that your property remains in tip-top condition. If you are also the owner of the property, this can help to preserve or even increase the value of your co-living property over time.
6. Cost savings
Addressing maintenance issues promptly can also prevent them from becoming larger issues down the line. For example, quarterly aircon servicing will help to ensure the peak performance of the aircon and preserve its longevity. This means you won’t have to replace the aircon due to frequent breakdowns.
7. Legal liability
If a tenant becomes injured due to a maintenance issue that you failed to address, you could be held legally liable. This could result in costly lawsuits.
8. Long-term success
Ultimately, maintaining your co-living property is vital to the long-term success of your co-living investment. A well-maintained property is likely to generate consistent rental income and positive returns on your investment.
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