Calendar icon October 10, 2023

What is Tenant Retention and 15 Ways to Improve it

What is tenant retention? Tenant retention refers to the ability of property owners or managers to keep their current tenants renewing their leases rather than having them move out and needing to find new renters. 

In the world of property management, retaining tenants is often more cost-effective and efficient than constantly finding new ones. This practice not only ensures a steady cash flow of rental income but also reduces expenses associated with vacancies, marketing, and new tenant screenings. 

To maximize tenant retention, you need a combination of value-driven services, proactive management, and strong tenant relationships. In this guide, we'll delve into 15 top tenant retention strategies.


Second Nature's Outlook: 

"Tenant turnover” is an industry term used from time to time. But we here at Second Nature are trying to evolve the word "tenant." We’ve seen the incredible work property managers do day in and day out to make renters feel like they’re so much more than just a tenant – they’re residents. Making renters feel like residents isn’t just philosophical, it also encourages them to invest in care for their home and add value to the property. This is why, at Second Nature, we prefer to call renters “residents.” Like you, we think of them as people first – making your property their home.


1. Offer a Resident Benefits Package

It’s one of the biggest trends in property management for a reason! 

Offering a Resident Benefits Package (RBP) is a strategic move to elevate the overall resident experience. And nothing is more critical to tenant retention than their experience. 

An RBP typically bundles various services and amenities that cater to the modern tenant's needs and desires. This can range from convenience-driven offers like an air filter delivery service or move-in concierge to value-driven aspects like resident credit building and renters insurance programs. 

By incorporating such a package, property managers not only enhance the perceived value of living in their property but also position themselves as being attuned to the evolving demands of today's renters. 

That’s what makes an RBP such a significant differentiator in the competitive renter’s market, making tenants more likely to renew their leases and stay longer.


2. Address Maintenance Requests Promptly

When it comes to rental experience, property maintenance is a top priority – and, unfortunately, often a top pain point. 

One of the chief concerns for tenants is how swiftly and efficiently their maintenance requests are addressed. Quick and effective responses to these requests demonstrate a property manager's commitment to the well-being and satisfaction of their tenants. 

Delays or negligence can lead to a feeling of being undervalued or overlooked, pushing renters to look for alternative accommodations where their concerns might be treated with greater urgency. 

Moreover, swift repairs prevent minor issues from escalating into major, costlier problems. In essence, by prioritizing and promptly attending to maintenance requests, property managers not only ensure the structural integrity and safety of their property but also build trust and rapport with their tenants, encouraging longer stays.


3. Incorporate a Renter’s Insurance Program

Offering or even mandating a renter's insurance program is a proactive measure that benefits both property managers and tenants.  This insurance covers tenants' personal belongings in cases of theft, fire, or other unexpected events, granting them peace of mind. 


For property managers and owners, it offers an extra layer of protection, as tenants are less likely to pursue claims against the property for personal loss. Additionally, when damages or accidents occur that aren't the property owner's responsibility, having an insurance policy ensures that costs are covered without disputes. 


For owners, it protects their property and protects them from financial losses. They can also often get lower premiums on their own insurance if they can prove their renters are covered with their own policies. 

Second Nature addresses this benefit by offering a renter’s insurance program as part of our RBP.


4. Focus on Security

In today's evolving risk landscape – with digital threats, increasing weather risks, etc. – ensuring tenant safety should be a paramount concern for property managers. In turn, tenants are more likely to stay in a property where they feel safe and secure. 


By installing high-quality security systems, surveillance cameras, weather safety plans, or generators, and by regularly updating and maintaining these systems, property managers can provide an environment where residents feel their well-being is prioritized. 


It's not just about the physical infrastructure either. Identity theft has surpassed home burglary in the level of threat to renters. At Second Nature, we provide $1 million identity protection as part of our RBP. That ensures that residents feel safe – and that their financial stability is protected. That, of course, protects their ability to pay rent. 

A steadfast commitment to safety fosters trust and is a clear indication to tenants that their welfare is taken seriously, thus making them more inclined to renew their leases.


5. Offer Incentives

We all like a nice incentive now and then!

Incentives play a pivotal role in tenant retention, acting as a value proposition that goes beyond just the living space itself. 

For example: By incorporating a credit reporting program, property managers can incentivize on-time rent payments, helping tenants build a positive credit history in the process. This not only promotes financial responsibility but also offers a tangible benefit to the tenant. 

Lease renewal incentives, such as discounted rent for the first month of renewal or free amenity usage, further encourage tenants to stay longer. 

Incentives create win-win solutions where tenants feel they're receiving added value while the property manager and owners benefit through consistent occupancy. 



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6. Implement a Rewards System

Building a robust tenant relationship goes beyond addressing their needs; it also involves rewarding their loyalty. Programs in other industries maximize this type of value – think of Starbucks Rewards or Delta SkyMiles. 

A Resident Rewards program is similarly a strategic approach to foster customer satisfaction and long-term loyalty. Unlike direct incentives, these rewards programs offer points or credits for consistent on-time payments, renewing leases, or even care for the property. Over time, these points can be redeemed for tangible benefits or perks like gift cards, discounts on amenities, or special privileges within the property. 

By providing a continuous system of recognition, property managers can cultivate a positive tenant culture, making residents feel appreciated and thereby more inclined to renew their leases. Such a system also nudges tenants to adopt behaviors beneficial to both them and the property management, leading to a harmonious rental ecosystem.


7. Conduct Regular Inspections

Regular inspections are a cornerstone of proactive property management and are essential for maintaining tenant satisfaction. 

By periodically assessing the condition of a rental property, managers can identify and rectify potential issues before they escalate. Whether it's a minor leak or wear and tear, addressing them early on reduces long-term maintenance costs and demonstrates a commitment to providing tenants with a well-maintained living space. 

Furthermore, these inspections offer an opportunity for open communication with tenants, understanding their concerns, and building trust. While it's crucial to respect a tenant's privacy by giving proper notice and scheduling at convenient times, these inspections emphasize the property manager's dedication to preserving the property's value and ensuring resident comfort.


8. Update and Renovate

In the competitive world of rental real estate, properties that remain stagnant quickly lose appeal. By making periodic updates and renovations, property managers can significantly enhance the rental's desirability and rental rates and keep it aligned with current housing trends. 

Whether it's a modern kitchen makeover, a bathroom upgrade, or simply a fresh coat of paint, these changes can breathe new life into a space. Not only do renovations increase property value, but they also communicate to tenants that their living experience is valued and considered. 

Tenants are more likely to renew their leases when they see active efforts being made to improve their living environment, ensuring they always feel they're getting the best value for their money.


9. Offer On-Demand Pest Control

One of the fastest ways to sour a tenant's experience? Leaving them to deal with unwanted pests. It also might put you or the owner at risk of legal action, depending on the state.

Whether it's ants in the summer or mice in the winter, pest issues can quickly escalate if not addressed immediately. By offering on-demand pest control as part of the tenant package, property managers demonstrate a proactive approach to potential issues and ensure that tenants feel their well-being is a top priority. This service minimizes the likelihood of recurring pest problems and showcases a commitment to maintaining a clean and habitable environment. 

It’s also a better ROI than preventive sprays that don’t necessarily address real issues. On-demand services ensure that actual issues are addressed as soon as they pop up (or crawl out!). 

Tenants will appreciate the quick response and effort to ensure their comfort, further solidifying their decision to stay long-term.


10. Include Valuable Services like Filter Delivery

Property managers know that it’s often the small touches that leave a lasting impression – and nip bigger problems in the bud. 

One such valuable service is offering filter delivery. Regularly changing air filters not only ensures a healthier living environment by improving air quality but also boosts the efficiency of heating and cooling systems, saving significantly on energy bills. In fact, a study by the National Rental Home Council (NRHC) found that filter delivery could reduce costs by up to nearly 80%.

By offering filter delivery, property managers remove a common chore from the tenant's list, demonstrating attention to detail and a commitment to their comfort. This proactive approach to maintenance, coupled with the convenience of direct-to-door delivery, can enhance the overall resident experience, making them more inclined to extend their lease.


11. Offer a Move-in Concierge

The moving process can be one of the most stressful experiences for new tenants, filled with a myriad of tasks and uncertainties. In fact, most renters have already made their decision to renew or not within the first 30-60 days. 

By offering a Move-In Concierge service, property managers can significantly ease this transition. This service assists new residents with tasks like utility setups, mail forwarding, local service recommendations, and even scheduling movers or rental equipment. 

Beyond just the practical help, a Move-In Concierge communicates to the tenant that their comfort and smooth transition are a priority. This initial positive experience can set the tone for the entire duration of the lease, making tenants feel valued and well cared for from the outset.


12. Use Digital Solutions

It’s just the reality of 2023 and beyond: Tenants expect digital convenience. 

Whether it's online rent payments, a tenant portal for logging maintenance requests, or virtual property tours, embracing digital solutions can greatly enhance the tenant experience. 

These platforms not only streamline administrative tasks, reducing the possibility of human error but also provide a more responsive and efficient service to residents. For younger generations especially, the ability to manage their tenancy online can be a significant deciding factor in choosing a rental property. 

Property managers who keep pace with technological advancements in the industry not only improve tenant retention but also position their properties as modern and forward-thinking.


13. Vet Tenants Thoroughly

The process of tenant retention begins even before a lease is signed. 

By thoroughly vetting potential tenants, property managers can ensure they're selecting responsible individuals who are more likely to be great tenants – tenants who will respect the property, adhere to lease terms, and foster a positive community environment. 

This involves conducting comprehensive background checks, verifying employment and income, and checking references from previous landlords. 

By choosing good tenants who have a track record of timely payments and good behavior, you set the stage for a longer, more harmonious rental relationship. It's an investment in time upfront that can save countless hours and resources in the long run.


14. Seek Feedback and Act on it

Among the best tenant retention tips: Tenant feedback is an invaluable tool for understanding what you're doing right and where there might be room for improvement. 

Actively seeking out tenant opinions through surveys, feedback forms, or simply open-door policies can shed light on aspects of property management that might otherwise go unnoticed. 

Of course, collecting feedback isn't enough on its own; the crucial step is to genuinely act upon the insights gathered. Whether it's a minor repair, upgrades, or better communication methods, implementing changes based on tenant feedback not only improves the living experience but also shows residents that their voices matter, fostering trust and encouraging longer tenancies.


15. Foster a Strong Property Manager-Tenant Relationship

The foundation of tenant retention often rests on the relationship built between the property manager and the tenant. 

This bond goes beyond mere transactions and lease renewals. It's about understanding, respect, and open communication. By being approachable, responsive, and genuinely caring about tenants' well-being and comfort, property managers can foster a sense of community and belonging. 

Regular check-ins, prompt responses to concerns, birthday or anniversary gifts, and occasional gestures of appreciation can make tenants feel valued. 

A strong relationship not only reduces the chances of tenants seeking a new place but also encourages positive word-of-mouth recommendations, benefiting the property's reputation and bottom line.


Tips for Successful Tenant Retention Program

At the heart of tenant retention is a simple yet profound realization: tenants, much like any consumers, are looking for value, ease, and assurance in their choices. 

When it comes to exploring the topic of tenant retention meaning, for us, it’s all about the resident experience. The key question for tenant retention is simply: “How do we create an experience so good that residents never want to leave?” Answering this question helps property managers identify exactly what residents are willing to pay for and stay for. 

Here are a few tips for approaching the resident experience. Get a much more in-depth look at it through our 2023 State of Resident Experience Report

  • Focus on convenience: Today's residents value convenience more than ever. Be it quick maintenance solutions, easy-to-access amenities, or streamlined communication, the easier you make life for your tenants, the more likely they are to stay. A resident benefits package or on-demand services are ways to weave in this convenience.
  • Embrace digital transformation: The digital age has transformed tenant expectations. Online rent payments, digital lease signings, AI-powered helpdesks, and smart home integrations are just a few avenues where digitalization can significantly enhance the resident experience.
  • Aim for the Triple Win: True success in tenant retention is realized when all parties involved – the residents, property managers, and owners – feel they're gaining value. Implement strategies where each party stands to benefit, ensuring harmonious, long-lasting relationships.

By grounding your tenant retention program in these principles, you not only meet resident expectations but often surpass them.


How Second Nature Helps with Tenant Retention 

Navigating the world of tenant retention can be intricate, but Second Nature simplifies the journey. Our comprehensive Resident Benefits Package (RBP) is meticulously designed to cater to modern tenant needs, offering unparalleled convenience and value. 

By focusing on strategies that drive resident satisfaction, Second Nature ensures both property managers and owners achieve higher tenant retention rates. Embrace the RBP, and witness the transformative impact it brings to your property management endeavors.

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10 Best Property Management Maintenance Software

In the property management world, tech solutions abound. There are so many different players on the market, but sometimes, that wealth can be tough to navigate. When it comes to property management maintenance software, single-family property managers have to identify, first, how they approach maintenance and, second, what tech solution will best support their team, workflows, and operational structure. It’s a daunting task! That’s why Second Nature builds integrated solutions to support residents in preventing issues from ever developing. These solutions reduce maintenance needs through preventive maintenance strategies and take work off the property manager’s plate. But no matter how much prevention you build in with tools like our Resident Benefits Package, you’re always going to need some maintenance management. So, today, we’re going to look at some of the best approaches you can take and the best software available to you for property management maintenance. Property management maintenance software solutions come in two basic categories: Platform Solutions: Property management operations platforms or accounting software that include maintenance support, among other full-service property management solutions. Dedicated Point Solutions: Property management software designed to tackle one specific problem – in this case, maintenance. We’ll explore solutions that fit into both of these categories and how to weigh the pros and cons of each. 1. Property Meld Property Meld is a leader in the small to medium-sized property management business space. It’s a maintenance point solution to optimize work order management, response time tracking, vendor and resident communication, scheduling, and analytics. Its built-in “Owner Hub” helps provide the right amount of transparency to your clients. Perhaps the best feature is the Insights Tool, which helps you track metrics like the median speed of repair, average resident satisfaction, vendor health score, total spend per unit, and more. Pros: The user interface is intuitive for PMs and residents Opening repair tickets takes just minutes Tracking repairs and resident satisfaction is easy and transparent Powerful analytics help you see your success at a glance Cons: If you’re looking for a full-service operations platform, Meld won’t be the solution for you. 2. Lula Lula is another dedicated point solution focused on property maintenance technology. They leverage a network of vetted contractors to make finding the best technicians easy. Lula’s team becomes an outsourced extension of your property management company, troubleshooting, coordinating, and managing maintenance tasks. They operate in over 30 markets in the US and boast results like 80% one-trip resolutions and a net promoter score of 80. Pros: They do the work to vet and provide the vendors You can bring your own vendors in if you want to Integrates with any software Customizable plans for self-service or full-service Cons: May not yet be available in your market Only focuses on maintenance 3. Buildium Buildium is a popular all-in-one solutions platform and property accounting software with excellent management features. The web-based solution and app provide support in accounting and invoicing, communications, leasing, and maintenance activities. Their portals provide tenant support, maintenance management, and templates to make every part of property management easier. Pros: A near-complete solution for property management Excellent tenant and owner portals and communication hubs Analytics and tracking to streamline operations and results A 14-day trial helps you evaluate if it’s a fit Customizable packages Cons: Lack of transparency for owners The listing process isn’t as comprehensive as some users want Can be pricey 4. Mezo Mezo is an AI-driven, cloud-based property maintenance management software. The aim of the app is to take work off your plate by automating maintenance ticket responses, resolutions, and insights. Mezo takes requests directly from residents and uses conversational AI to ask questions in real-time, identify problems, and diagnose the issue. It will support residents in resolving the issue on their own or integrate with your management system to get work orders quickly sent. Pros: Residents can get help immediately when they have issues and potentially resolve themselves with Mezo’s chatbot support Technicians arrive with Mezo’s analysis and diagnosis, allowing them to come prepared and resolve issues quicker Integrates with most PMS options Cons: Doesn’t integrate with all other PM tech solutions As a newer technology, still has some bugs and gaps 5. Lessen Lessen, formerly SMS Assist, is an enterprise-level solution providing tech-powered renovations and maintenance at scale. It’s an end-to-end platform for maintenance operations with a vetted vendor network and provides everything you need for maintenance or turning projects. PMs simply use the app to request projects, deploy Lessen network pros, track progress and checklists, check for quality control remotely, and process payments – all in one slick tech solution. Pros: Excellent, seamless tech that’s easy to use and deploy A fully vetted vendor network takes that work off your plate An established brand that has worked out the “kinks” in service Cons: More ideal for more enterprise companies who need scale (rather than smaller SFR PMs) 6. AppFolio AppFolio is a full-service rental property management platform solution that is very popular with single-family property management companies. The web-based app streamlines and automates every stage of real estate management, including management, training, marketing and leasing, maintenance, accounting, reporting, and communications. For maintenance, AppFolio includes workflow automation, work order managemen toolst, online maintenance request, mobile inspections, and more. Pros: Easy-to-use technology with great UX Fully mobile and automated Customizable dashboards and advanced reporting Cons: An expensive platform if all you need is a maintenance point solution Customer service is not always available for maintenance line 7. Rentvine Rentvine is a full-service property management platform that focuses on communication support between PMCs, residents, and clients. The platform streamlines application and tenant screening, inventory management, accounting with a manager’s ledger and client money tracked separately, marketing, leasing, and – of course – maintenance. The app tracks all your work orders from start to finish and supports communication between residents, property managers, and vendors throughout. Pros: Easy to use with excellent customer support Owner and tenant portals work seamlessly Excellent accounting process Cons: Has fewer features than some competitors but is continuously improving 8. DoorLoop DoorLoop is another full-service property management software that provides all the features a property manager needs to manage their portfolio. You can handle accounting, maintenance, listings, marketing, client success, and more, all from the app. For property management maintenance, their software helps manage work orders, handle vendor payments, and track the process from start to finish. Pros: Intuitive, streamlined UX that’s user-friendly Great customer service Excellent integrations Cons: Expensive if all you need is a maintenance point solution rather than a full platform Some functionalities are still being developed 9. FTMaintenance FTMaintenance is a computerized maintenance management system (CMMS) point solution platform designed for maintenance managers, executives, and technicians. While it’s not specifically designed for property management, the software streamlines work order management, vendor payments, tracking, and more. For some PMs, this could be the added solution they need to focus simply on complex maintenance jobs. Pros: Robust work order tracking Excellent mobile app for vendors and maintenance managers Analytics and organization Cons: Not designed specifically for property managers, focused more on commercial properties Complex if you are not tech-savvy 10. UpKeep UpKeep is another CMMS point solution focused entirely on managing maintenance. It’s not designed specifically for property managers but may have the features you need if you’re looking for a maintenance-specific app. Explain key features, pricing, and why it should be considered. Their web and mobile app helps manage day-to-day maintenance life cycles, work orders, payments, and more. Pros: Great work order tracking with in-depth reports and financial analysis Easy to use for maintenance scheduling and organizing work orders Cons: Not specific to residential property management Difficult to learn how to use How Second Nature Helps with Property Management Maintenance When it comes to maintenance, at Second Nature, we’re always looking to empower the resident. Our Resident Benefits Package provides solutions that minimize maintenance needs and costs in the first place. From HVAC/air filter delivery to on-demand pest control to rental rewards, we aim to incentivize residents to care for their property and take work off the property manager’s plate. We also work closely with other property management software providers to ensure you have everything you need for success in your SFR property management business. Learn more about the Second Nature RBP and how it can bring ease to your work.

Calendar icon November 17, 2023

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Preventive Maintenance Checklist for Property Management

A big part of property management is prevention. Property managers anticipate issues, plan for problems, and execute solutions. For some, a key part of this prevention is to develop a property management preventive maintenance checklist. For multi-family property managers, a regular preventive maintenance check is standard–and easy. Their properties are often all contained to one apartment building or community, and it’s easy to do a walkthrough to ensure everything is as it should be. For single-family property managers, it gets a lot more complicated. With scattered-site properties, regular inspections are impractical and expensive. In fact, one of the best ways to approach prevention is to help equip residents to take preventive measures themselves. At Second Nature, that’s our approach: “How do we make it easy for residents to handle preventive care of the property?” In this article, we’ll explore both approaches to preventive maintenance: Doing inspections as a property manager – or finding solutions where residents support the process. Let’s dive in. What is Preventive Maintenance? Preventive maintenance is a proactive approach to keeping a property in good condition with the purpose of preventing unexpected failures and maximizing longevity. This type of maintenance encompasses a broad range of activities, from routine inspections (more common in multifamily) to air filter delivery services that keep HVAC systems running smoothly. By implementing preventive maintenance tactics, property managers aim to prolong the lifespan of property components, maintain property value, and provide a safe, functional, and appealing living environment for residents. What is a Preventive Maintenance Inspection – and Who Conducts It? A preventive maintenance inspection is a regularly scheduled, systematic evaluation of a property designed to identify and rectify any emerging issues before they escalate into serious problems. In other words, a preventive maintenance inspection is like a health check-up for a property. A well-documented inspection also provides a record of maintenance that can be valuable for insurance claims, move-outs, etc. Generally, SFR property managers find themselves in three different camps when it comes to property inspections: Those who visit sites only when an issue arises. Those who conduct scheduled annual preventive inspections, whether there are issues or not. Those who conduct biannual or seasonal preventive inspections, whether there are issues or not. But there’s also a fourth option: Those who rely on a partner who helps manage prevention for them. There is so much residents can do themselves to prevent larger issues from ever developing – they just need a little support. For example, if a resident is changing their air filter on time, the property manager is going to get fewer HVAC tickets, and the HVAC system is going to last longer. If you can provide scheduled air filter delivery, residents can stay on top of their filter changes. Whichever of the camps you fall into, we want to provide you with resources in this article to make preventive maintenance easier. If you’re the type of property manager who prioritizes regular preventive maintenance inspections, we have a checklist template for you below. If you’re the type of property manager who prefers to react when issues arise (often more cost-effective), we have some suggestions for how to help residents manage preventive measures on their own. What to Include in a Preventive Maintenance Checklist Let’s say you do prioritize regular inspections. Crafting a preventive maintenance checklist for property management is all about anticipating needs and averting potential issues before they arise. Building your checklist begins with a thorough assessment of the property's unique features and vulnerabilities. By understanding the life cycle of various components of a property across the seasons – from HVAC systems to appliances – you can prioritize tasks and schedule maintenance in a way that minimizes wear and tear. Your checklist will likely include the following categories: Structural Maintenance Electrical Systems Plumbing & Water Systems HVAC Systems (Heating, Ventilation, and Air Conditioning) Appliances (if provided) Lawn & Outdoor Areas Pest Control Safety & Security Systems Interior Checks Miscellaneous (Garage, waste disposal, etc.) Sample Preventive Maintenance Checklist for Property Management Companies With input from OnSightPROS, we’ve built a preventive maintenance checklist template for single-family rental property management companies. Use this template as-is or tweak it to fit your property needs! If you want a downloadable and more in-depth template for all types of rental inspections, check out our original post on rental inspection checklists and Get the download here. Structural Maintenance Roofing: Inspect for leaks, damaged tiles, or shingles. Check gutters and downspouts. Foundation: Check for cracks, water damage, or shifting. Walls and ceilings: Look for cracks, dampness, and signs of mold. Electrical Systems Safety checks: Ensure that outlets, switches, and wiring are in good condition. Lighting: Regularly test all indoor and outdoor lighting fixtures. Inspect circuit breakers and panels. Plumbing & Water Systems Drains and pipes: Check for leaks or buildup. Water heater: Test hot water temperature and pressure relief valves and inspect for signs of wear. Faucets and fixtures: Ensure proper flow and check for leaks. HVAC Systems (Heating, Ventilation, and Air Conditioning) Filters: Ensure they are up to date. With Second Nature’s Air Filter Delivery, you’ll have the date stamped right on the filter itself. Ductwork: Check for mold or leaks. Seasonal checks: Ensure the heating system is ready for winter and cooling for summer. Appliances (if provided) Oven, range, microwave: Check for cleanliness and ensure they are working efficiently. Refrigerator: Check coils and inspect seals. Washer and dryer: Inspect hoses and ensure the resident is keeping lint and drainage clean. Lawn & Outdoor Areas Landscaping: Ensure that the landscaping is tidy and up to HOA standards, if applicable. Paths and driveways: Check for cracks or tripping hazards. Pools: Ensure safety measures are in place. Pest Control Notice any signs of pests With Second Nature’s On-Demand Pest Control, you can be sure residents can call a professional immediately if they ever have issues. We handle it for you. Safety & Security Systems Smoke and carbon monoxide detectors: Ensure residents have kept up to date and they are installed properly. Fire extinguishers: Check expiration dates and ensure they're easily accessible. Emergency exits and paths: Ensure they're clear and well-marked. Interior Checks Floors: Look for damaged tiles, caulk problems, carpet wear, or wood floor issues. Windows and doors: Ensure they open and close smoothly, and check seals. Miscellaneous Garage and parking areas: Check for proper lighting, security, and cleanliness. Waste disposal: Ensure trash bins are clean and in good condition. The Importance of Preventive Maintenance Did you know that something as simple as getting air filters delivered on time can reduce HVAC costs by hundreds of dollars annually? More on that in a minute, but it’s clear that for property managers, preventive maintenance isn’t just about keeping the property in good shape—it's a strategic approach that yields all kinds of benefits. By prioritizing prevention, you can: Minimize costly repairs: Regular maintenance can prevent small maintenance issues from escalating into expensive emergencies. Extend asset longevity: Helping residents proactively care for components like HVAC systems extends their lifespan, saving money in the long run. Enhance resident satisfaction: Supporting a resident in maintaining their property means fewer complaints and issues, leading to higher retention rates. Ensure safety: Regular checks keep safety hazards at bay, reducing the risk of accidents and liability. Improve property value: Consistent upkeep maintains or even increases the property's market value. Stay compliant: Keeping up with building codes and safety regulations is non-negotiable, and preventive maintenance ensures compliance. By incorporating a preventive maintenance strategy, property managers not only safeguard the property's physical health but also its financial viability and desirability in the market. It's a proactive measure that resonates well with residents and investors alike. Best Tools to Support Preventive Maintenance Here’s the big question: How can property managers for single-family homes make preventive maintenance easier? Scattered-site properties don’t lend themselves to regular inspections. So, the best solution, as we mentioned above, is to help your residents do it themselves. Here are three of our favorite products to get that done. Second Nature We’ve built a Resident Benefits Package with proactive property management in mind. Each feature – from renter’s insurance to on-demand pest control to air filter delivery – aims to address ongoing needs and prevent common issues from escalating. Let’s take air filter delivery as an example. In the largest HVAC data study of its kind, filter delivery service reduced HVAC ticket requests by 38% Just by including a filter subscription for your residents, you can help them cut energy costs and ensure your HVAC system lasts for the long term. Learn more about all of the features of our Resident Benefits Package and how it delivers results for residents, property investors, and property management companies. RentCheck RentCheck is a property inspection app built to help residents do inspections on their own. The property manager can request and track routine inspections from the resident. You can set up any cadence you want and customize the self-guided inspection requirements. RentCheck will fully automate reminders and support residents in completing a video inspection that then gets sent to you as a shareable report. zInspector zInspector is another very popular rental inspection app in the SFR property management space. Like RentCheck, property managers use zInspector to schedule, customize, and receive inspections conducted by residents themselves. The app also includes a toolkit with an evolving set of property and task management tools. You can get 360 photos and virtual tours with a compatible 360 camera and printable, customizable inspection reports. FAQs Q: What are the benefits of preventive maintenance? Preventive maintenance offers a multitude of benefits, including: Cost Savings: It reduces the likelihood of incurring expensive emergency repairs and extends the life expectancy of property assets. Efficiency: Regular maintenance ensures that all systems and appliances are running at optimal performance, which can lower energy costs. Tenant Retention: A well-maintained property leads to higher tenant satisfaction, which can decrease turnover rates. Safety: It helps identify potential safety issues before they become hazardous, promoting a safer living environment. Value Preservation: Ongoing care maintains and can enhance the property's value over time. Compliance: Ensures that the property remains in compliance with the latest building codes and safety regulations. Overall, preventive maintenance is essential for maintaining a property's integrity, ensuring tenant satisfaction, and optimizing operational budgets. Q: What is included in basic preventive maintenance? Basic preventive maintenance for property management typically encompasses: Routine Inspections: Regularly checking the structural integrity of the property, including roofs, walls, and foundations. HVAC Maintenance: Ensuring heating, ventilation, and air conditioning systems are clean and functioning properly. Plumbing Checks: Looking for leaks, clogs, or wear in pipes and fixtures. Electrical System Audits: Inspecting electrical panels, wires, and safety systems to prevent malfunctions. Groundskeeping: Checking outdoor areas, including landscaping, gutters, and drainage systems. Appliance Upkeep: Servicing provided appliances to prevent breakdowns and extend their lifespan. Safety Inspections: Verifying that all safety equipment, like fire extinguishers and smoke detectors, is in working order. These tasks are designed to identify and address issues before they develop into more significant problems, helping to ensure the property remains safe, functional, and appealing to tenants. Q: What’s the ideal schedule for preventive maintenance? The ideal schedule for preventive maintenance can vary depending on the specific needs of a property, but a general guideline is as follows: Weekly/Monthly/Quarterly: Regular checks on a weekly to quarterly basis are more common for multifamily properties and apartment buildings, with quick checks on high-usage areas and equipment, such as communal spaces and gardening upkeep. Quarterly maintenance inspections could include more in-depth inspections of HVAC systems, plumbing and electrical systems, and seasonal preparations. Annually/Seasonally: A small number of SFR property managers will conduct seasonal or semi-annual inspections. A few more conduct annual inspections (unrelated to move-in or move-out, which always includes inspections). These are more in-depth inspections to keep an eye on potential issues.

Calendar icon November 15, 2023

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