Is Your Rental Property Losing Value Due to Poor Maintenance?
Is your rental property losing value due to poor maintenance? As the owner of VHS Property Management and a property investor myself, I run across this a lot with landlords. Whether the owner is managing the property themselves or under a management contract with a local agency, property maintenance is often the lowest priority for owners, and this is a huge mistake. When you own a rental property you have to keep up with the exterior maintenance year-over-year because you need to preserve the value of your property, and you need to be able to consistently attract great tenants, which you will have a hard time doing if your property looks rundown. Moreover, if you do not take care of the property, your tenants will be less inclined to treat the home as well as they should, only adding insult to injury.
Misconceptions About Property Maintenance
A big misconception in property management is that maintaining your property is expensive. That is actually not true and, in fact, a lack of maintenance will cost you more in the long-run between problems that develop and loss of rental income due to difficulties with renting the property. A great example of how a small problem can become a big problem is exterior wood rot. Exterior wood rot that is not promptly attended to can attract termites or create a burrowing opportunity for rodents, with both problems being quite complex and expensive to deal with. I recommend setting aside a small yearly maintenance fund from your rental proceeds which you will go a long way in keeping your property in top notch condition year-after-year.
Another big misconception in property management is that a focus on property preservation is only for owners with big expensive homes. Not true at all! Whether you own a cute rambler or brick colonial in Culpeper, a charming Cape Cod or Farmhouse in Warrenton, a new construction property in Gainesville or Haymarket, or a townhome or custom Craftsman in Fredericksburg, property maintenance is paramount. The problem however is that owners do not always consider this factor when hiring a property management company and learn the hard way that the cheaper property management company was cheaper for a reason; they do not care about maintaining properties.
Consistent Inspections Are Paramount
Property maintenance starts with consistent inspections. At VHS Property Management, we perform maintenance surveys twice a year. One is conducted in the Fall and one in the Spring. The Fall survey consists of inspecting for tenant violations and identifying any major problems in the home. In the Spring, VHS Property Management schedules an in depth inspection of the property that comes with a full report generated by an experienced inspector.
We maintain high standards of quality with each and every property we represent. Our standards for presenting rental properties are superior to the competition and for this reason our homes draw quality tenants, command top dollar and, on average, rent more quickly. At VHS we believe well-maintained properties are critical because our properties are not just rentals, they are someone’s home. Experience the VHS difference today! To learn more about our property management program visit our Property Management page.
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