Investments made in real estate property can be a great source of income and at times the main source by renting and leasing it. Meticulous care and vigilance attention should be paid to keep the property maintained. There’s a lot of discussion about investing in real estate; buying, selling, renting etc. But what people forget to discuss is to maintain it.
We all keep our residential properties high-fi and stylish, hire architects to design our dream home. Same way we should take care of other properties also. If the rental property is maintained properly then the income will be higher.
Losing tenants is not just a loss of money but also it will become one of the common problems that an owner faces: delay in occupancy, getting settled for less than deserved and more. So, do you want to lose your just because of laziness and miserliness or want to earn more?
Beautiful property, amazing landscapes, perfect walls and roofs, smart appliances and boom! Multiply the profits. Having a property is a profit not only when it is good looking but also when it is well maintained.
Inspect the exteriors and interiors of the property and get them fixed:
Check the wooden furnishings, windows, doors, cabinets etc. and make sure that they are painted. Not only that they look beautiful but also saves from deteriorating. If not repaired on time then it may cost you more.
Make sure that your property should be free from damaged flashing, moss and molds etc. Looking at those green plants and fungi in unwanted areas of the property are a major turn off for a tenant. Clean them so that you don’t lose a source of good money.
Check out the doors and windows that there should not be any gaps in between, they should be weatherproof. Fill in the gaps if there are any. This will protect them from moisture and heat.
If you are keeping a mini-garden in your property then make sure the garden is maintained properly. Hire a gardener to take care of the garden in your rental property.
Eradicate the unwanted guests from your rental property i.e. the pests. Ever heard the stories of girl is being afraid of cockroaches and lizards? Exactly; It is a big no no for a tenant to have pests in their living area. Hire a professional and get them removed. It is always a minimum spending worth ₹2000 than losing a tenant worth ten times the amount.
Check the walls, appliances in bathroom (taps, toilet seats, soap dispenser, water heater etc.) If possible try to add new technology appliances like sensor taps.
Scrutinize shower caulking and grout between tiles. In kitchen check for cupboards and cabinets, knobs and handles. Get them fixed, if needed. Make sure that the space is clean and tidy.
It is necessary to have a regular check up on the smoke detectors and carbon monoxide detectors. As these detectors are life saving. They need to be checked on a quarterly basis if not on a monthly basis. They will let you know if there is any carbon monoxide leakage or smoke in the property.
Another thing which is a turn on for the out of state tenants is the number of amenities you provide. If you are providing amenities like: air conditioners, water heater, WiFi, elevator, refrigerator etc. make sure that they are in a working condition.
Hire a professional and make sure there are no leaves, hair, and other things that are blocking the sewage in any way. Keep the gutters clean so that the water flow should not get interrupted.
Well yeah, if you love your property then you gotta make sure your tenant is happy. There is a common problem that an owner faces is the tenants does damage on purpose. Now, would you fix the damages or will keep the good relationship with your tenant. Show them that they are not just the tenants but a part of your family now. This will add you into the good books of tenants which will improve your reputation in bringing you the good tenants in future.
#3 Renovate & Improve
Renovation is nothing but upgrading your property. Stay updated with whatever is hot in the market. Like the new stick on wallpapers, new exterior designs etc. not only they will entertain a tenant but also will help in raising a rent for future tenant.
Pay your taxes and follow the landlord-tenant law. It will help you in strategizing how you should raise a rent and other necessary things to consider while signing the agreement and maintaining your rental property.
A tenant deserves as much as happiness an owner deserves. There must be few reasons behind living in a rental space. It becomes an owner’s responsibility to look after the property’s maintenance. So, maintain your rental property and increase the chances of getting more good tenants.