Proper property maintenance is essential to the success of any real estate investor. Failure to do so can lead to costly repairs and tenant turnover, both undesirable outcomes. In this guide, we’ll discuss the basics of property maintenance, from preventive maintenance to emergency repairs. We’ll also discuss the advantages of a property maintenance plan. However, before considering this process, you should hire reliable property maintenance services in Dubai.
Preventative property maintenance is essential:
Preventative property maintenance is essential to ensure a high-quality building, and a preventative maintenance program has many benefits. It will prevent problems before they occur, saving money that can be used for important upgrades. Upgrading your building can make it more energy efficient and appealing to tenants. It can also increase your NOI and renewal rates. Though preventative maintenance can be expensive, it is well worth it.
Benefits of a property maintenance plan:
Having a property maintenance plan can increase your property’s value. Properly maintained properties are attractive to tenants and will retain market value better than those not. However, failing to maintain your property properly can lead to costly repairs, negative reviews, and increased turnover and vacancies. A property maintenance plan will help minimize these risks, extend equipment life, and free up your staff to deliver higher service levels.
One benefit of a property maintenance plan is that you can set a fixed annual maintenance budget. You can choose to spend between two and four percent of the replacement value of your property on annual maintenance to maximize the lifespan of your assets. This way, you won’t have to pay for repairs or replacements that could cost you thousands of dollars. The cost savings of planned maintenance can also translate to higher rental income.
Communication in property maintenance operations:
Communication is a critical component of successful property management. Whether you’re communicating with a renter or a vendor, your responses must be clear and concise. In addition, you need to be able to communicate the cost of a repair and the completion date with everyone involved. Without effective communication, your project management and maintenance operations will suffer from delayed decisions.