Here’s a neat little statistic.
A 2010 survey by SatisFacts found that 54 percent of residents choose not to re-lease based on controllable issues. They include poor customer relations and a lack of responsiveness and dissatisfaction with maintenance requests.
These maintenance concerns are truly an area where a Park City property investor can avoid losing a tenant as well as the value they bring to the game.
The following are some maintenance strategies to add to your business plan that will show your Park City tenant your pride of ownership:
Understanding When Things Are a Problem
There is term in the property management industry known as KPI, which stands for key performance indicator.
A KPI is a measure of whether things are going well or if you are losing money. For instance, if the number of re-work orders necessary to repair a leaky pipe is more than expected (getting the job done right the first time is always a good goal), than the KPI is on the increase. Reviewing your relationship with the plumber may be necessary.
Or, if the number of emergency work orders to get your investment property up to snuff are getting out of hand than the KPI may be too high.
And it may be more than just your frustration level that is on the rise. Tenants, the source of profit, can also lose patience with this or that not working. This can spell trouble, particularly if there are other rental options in the area.
Setting the Standard for the Best in Maintenance
Approaching maintenance issues from the vantage point of “how well they are getting done” compared to just “are they getting done” can make all the difference in a quality tenant experience. Putting a quality maintenance regime in place shows your Park City renter that you care about the quality of their tenure in your property.
A quality maintenance system also sets you apart from other landlords in the area.
Getting the best out of your property means creating maintenance expectations. Companies and contractors should know there are certain standards you want to maintain when it comes to:
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Emergency Work:
This work should be addressed in one to three hours.
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Urgent Repair:
This work should be completed in 24 hours.
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Standard Maintenance:
This can take up to 48 hours.
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Adherence:
Quality workmanship and open communication should be emphasized.
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Tenant Reports:
As the landlord, you intend to follow up with the tenant to assure maintenance work was done, and done well.
Keeping the KPI approach to maintenance will help keep you focused on your property. That’s because there is more to maintaining the property than just getting it done.
How well it’s done is just as important.
Choose a Property Manage with Quality Maintenance Checks
Rather than maintaining you Park City property on your own, choose Property Alliance of Park City to handle all your property management needs.
Out team of experts have an established maintenance system in place that includes:
- Property inspections every six months to maintain the quality of the unit,
- An after-hours number for tenants to use in case of emergency,
- A preventative maintenance approach that aims to repair issues before they become a problem, and
- Open communication with tenants to assure your investment property is working at peak performance.
Let the experts at Property Alliance provide your investment with the best maintenance protocol in the business. You will be glad you did.
