One of the significant challenges facing property managers is convincing landlords of the benefits of routine home preventive maintenance. Most property owners do not practice preventive maintenance because they are unaware of its long-term cost benefits. Landlords who adopt preventive maintenance will save money, confirm household appliances are in good condition and reduce the chance of costly breakdowns. This article is a guide for landlords on why home preventive maintenance is in your best interest as a property owner.
Understand the Logic Behind Preventive Maintenance
In general, preventive maintenance keeps things running smoothly. Just like our annual health check-up for our personal health, taking vitamins, routine exercise or taking our car for regular servicing every 10,000 km of travel mileage. Routine care is the key to avoiding major issues.Therefore, applying the same preventive maintenance on HVAC, plumbing and other expensive systems has proven to have significant benefits for property owners.
Know the Advantages of Implementing a Preventive Maintenance Plan
Fixing problems as they come (reactive maintenance) can be quite expensive since emergency services usually cost more than regularly scheduled maintenance. A regular maintenance program improves the performance of the equipment, limits costly breakdowns, minimizes emergency repairs and reduces legal liabilities. Knowing your household equipment is in working order provides a safer living environment overall. Second, regular maintenance will increase tenant retention since residents commonly leave a property due to poor quality maintenance. A tenant who is satisfied with the property's condition will most likely renew his/her tenancy.
Economic Benefits
Planned preventive maintenance will save a homeowner money. Experts estimate that 94% of all emergency heating and air conditioning repair calls could have been avoided with proper preventive maintenance. Landlords can save 20% in expenses if their plumbing system is inspected regularly. Jones Lang LaSalle Incorporated, an investment company specializing in real estate, released a study that the return on investment for preventive maintenance can be as high as 500% for property owners. Moreover, a study carried out by Mintek claims that for every dollar spent on preventive maintenance saves a property owner five dollars on other expenses. Building Owners and Management Association (BOMA) recommends homeowners setting aside 1-4% of the home’s purchase price each year for maintenance. In conclusion, a preventive maintenance plan is in the best interest of property owners.