TIP OF THE MONTH - September 2011
Source: Essential Facts of Real Estate Management
Maintenance is the
repair, replacement and provision of services necessary to
preserve the property, within budget guidelines that satisfy
the building’s needs and the Owner’s goals.
Maintenance is one to the most important and
visible functions a Landlord manages. A sound
maintenance program accomplishes a number of goals.
Improves Tenant relations. Maintenance
speaks volumes about the quality of communication between the
Landlord and the building’s Tenants. Tenants view
maintenance and management as one entity-when a Tenant is
asked whether the property is well managed, he or she will
likely give a reply based on impressions of maintenance.
Since retaining Tenants is the best method for keeping
vacancies low and turnover at a minimum, a good, responsive
maintenance program is imperative.
Promises compliance with lease terms. All
residential leases contain an implied warranty of
habitability-a guarantee that the Landlord will maintain the
premises in a livable condition. Under most leases,
property owners are responsible for supervising the upkeep of
common areas. An efficient and responsive maintenance
program ensures compliance with these obligations.
Promotes compliance with environmental
laws. Many jurisdictions impose strict rules on energy
efficiency and environmental soundness. An effective
maintenance program can help ensure compliance with these
PRESERVES THE VALUE OF THE PROPERTY PROMOTES SAFETY.
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This web page was updated on 09/02/2011.