Benefits of Maintaining Your Property
Finding a home in Toronto is difficult due to high prices and the large population, and it can be just as difficult to retain tenants in a Toronto rental. Property owners have to proactively maintain their property if they wish to keep their tenants. Tenant turnover rates can increase if the property isnâ€™t properly maintained.
The relationship between a property owner and a tenant is often seen in somewhat of a negative light. After signing a lease each party becomes increasingly skeptical of the other, which is usually promoted by previous bad experiences. You (the property owner) quickly switched places from “that nice guy who’s renting out the apartment” to “the landlord”. The landlord is someone that should be avoided until rent is due, or until something needs to be repaired. When it gets to that point, you’ll have your tenants constantly at your doorstep until you fix the problem at hand. What if these resentments never had to develop – what if preventive measures are taken to avoid uninvited hostility? This can be done by implementing preventive maintenance yourself. Why does the property owner have to take the initiative? Because when tenants are staying in your space, the goal is to invite them into a warm environment and keep them happy and loyal. It’s also your legal right and obligation as a landlord to maintain the property. Learn more about this by reading the Residential Tenancy Act. The primary concern is to maintain your property value and not to wait for problems to arise, because you’re then inviting confrontation. Schedule monthly inspections of your property and all of its components. This may be a bit of an investment, but it will take you a long way. Some benefits of staying aware of all situations and taking preventive measures are: 1. You don’t have to rush last minute to get someone to fix a leak or make a similar repair. The necessity of a sudden service such as that may cost you more than it should because it is considered an urgent matter. If you keep an eye on things you most likely will be able to fix it yourself with the proper tools and save yourself a lot of money. 2. You avoid extensive damages. The last thing you want is to have damages coming from out of the blue just because regular maintenance wasn’t carried out. Damages are detrimental and are any property owner’s nightmare. 3. It keeps your tenants happy and safe! You must offer them a properly maintained space so they can remain happy and have no reason to complain or get up and start looking for a new place. Your tenants don’t have the right to hold back the rent; however, they do have the right to seek legal action.
Maintenance is Key Remember, properly maintaining a property benefits the owner first. You avoid future complications and surprise repair costs. Even if a monthly investment is required, it will benefit you greatly in the long run. Secondly, this benefits your tenants’ welfare, which is your main focus after your direct benefit. As mentioned earlier, tenant turnover rate is
increasing largely due to poor property management. Keeping a properly maintained unit will remove the hostility accompanied by initial speculation. This is a simple preventive measure to keep everyone on good terms and to develop a strong, positive, long lasting relationship.
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Published on Jan 13, 2017
At Circl Finding a home in Toronto is difficult due to high prices and the large population, and it can be just as difficult to retain tenan...