\n<\/p>\n
As our Nexus team has mentioned for months, maybe going on years, the price of rentals is not going to decrease<\/a>. Perhaps there\u2019s some semblance of a plateau in the future but it\u2019s much more likely that rental prices remain elevated going forward and continue to increase by as much as 10% a year until the sales market returns to something closer to normal. As long as supply is low, demand for rentals will be high, as will prices. We\u2019re not looking to dive into any of that prognostication but instead aim to establish this context where more and more rental properties are bringing in historically high income. It\u2019s those conditions that lead us to the following topic: Do landlords have an obligation to agree to more costly maintenance requests just because the tenants are paying more in rent?<\/strong><\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n As a landlord, you want your tenants to be happy. Happy tenants are paying tenants and paying tenants are at the heart of your financial strategy. However, that strategy also includes maximizing profits and saying yes to big ticket items or early requests can set a precedent where tenants have unrealistic expectations<\/strong>. Their paying more in rent doesn\u2019t mean there\u2019s more money in your pocket because the cost of insurance, utilities, mortgages, maintenance itself, and the other expenses that shadow an investment property have also gone up.<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Many of the higher end rentals Nexus manages were owner occupied before coming onto the rental market. Be it condos or single family homes, market trends over the last couple years have brought more and more property owners into the rental sphere, where just 5 years ago they likely would\u2019ve sold their homes instead.\u00a0<\/p>\n In most cases, they\u2019ve moved on to something that better meets their needs and now that they\u2019re renting to someone else they\u2019re coming into the experience with one or more biases. The most common is the feeling that the home was good enough for them as it is, so why should they fix something up for this new person? Or similarly, \u201cit was fine for us, they must\u2019ve broken something themselves\u2026we\u2019re not paying for it\u201d. The sentiment makes sense\u2026but it\u2019s not an effective strategy. It\u2019s not a sound business approach. Often, property owners with these higher priced rentals aren\u2019t getting into it as typical investors, but they need to make that jump to ensure they\u2019re making the right decisions as often as possible.<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n As a landlord, your ultimate goal is hassle-free long-term tenancy.<\/strong> That means having the ability to trade in some short term discomfort and expense in exchange for an increase in the odds of smooth sailing later on. Perhaps there\u2019s a fear that a precedent could be set but you always have the ability to say no\u2026there\u2019s no momentum that will make it harder for you to do so. You can still say no at any time, so that\u2019s not a great reason.<\/p>\n The reality is that new tenants inevitably trip across several items that could be improved upon in the first 6 weeks of tenancy. In fact, if your new tenants don\u2019t reach out to you with a request or two in the first month and half, that\u2019s likely more reason to be concerned<\/strong>. Keep in mind, tenants are an integral part of the property management wheel: it is essential that tenants feel valued so they do their best to take care of your property. You want them to treat it as a home. This decreases expenses at the end of tenancy and increases the amount of time they stay with you. You want to create a relationship where tenants are encouraged to let landlords (or their property managers) know whenever there is a maintenance need. That\u2019s the only way to ensure the property is in the best shape possible for the long haul.<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Nexus Property Management\u00ae has been partnering with rental property owners for over 11 years and now has franchise offices in four states. We are committed to the principles that helped our Rhode Island office grow rapidly and the most essential is the focus on long term results.\u00a0 Our clients come to us with varying degrees of experience and the vast majority become effective investors in no time. Reach out to the Nexus team closest to you<\/a>.<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Mick Lefort is the General Manager of Nexus’ New Haven County Franchise Office and the Vice President of Operations for Nexus Property Management\u00ae, a National Property Management Franchise<\/a>\u00a0that manages all types of rental property from single family homes or condos\u00a0to large apartment buildings and complexes.<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Your Property,\u00a0MANAGED<\/strong>\u00ae<\/p>\n The Real Estate Investing Authority\u00ae<\/p>\n Connecting You To Better Living\u00ae<\/p>\n \u00a0<\/p>\n You Could Own A Nexus Property Management\u00ae Office For Less Than You Think!\u00a0<\/strong><\/p>\n <\/p>\n \n\tLEARN MORE: <\/em>THE TRUE COST AND VALUE OF REAL ESTATE INVESTMENT<\/em><\/a><\/h4>\n
THE REASON THE ANSWER <\/strong>COULD BE NO<\/strong><\/em>:<\/strong><\/h3>\n
LEARN MORE: <\/em>CHANGE THE WAY YOU LOOK AT MAINTENANCE AS A LANDLORD<\/em><\/a><\/h4>\n
THE REASON THE INITIAL ANSWER <\/strong>IS OFTEN NO<\/strong><\/em>:<\/strong><\/h3>\n
LEARN MORE: <\/em>HOW MUCH INVOLVEMENT SHOULD YOU HAVE WITH YOUR RENTAL PROPERTY?<\/em><\/a><\/h4>\n
THE REASON THE ANSWER <\/strong>SHOULD BE YES<\/strong><\/em>:<\/strong><\/h3>\n
LEARN MORE: <\/em>YOU ARE NOT GIVE UP CONTROL WHEN YOU HIRE A PROPERTY MANAGER, YOU\u2019RE GAINING A TEAMMATE<\/em><\/a><\/h4>\n
CONCLUSION AND NEXT STEPS:<\/strong><\/h3>\n
MOST POPULAR NEXUS ARTICLES THIS WEEK:<\/strong><\/h3>\n
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TENANTS ARE BOTH YOUR CUSTOMER AND YOUR BOSS<\/a><\/h4>\n<\/li>\n
THE 3 PROS AND CONS OR HIRING A PROPERTY MANAGEMENT COMPANY<\/a><\/h4>\n<\/li>\n
THERE ARE THREE DIFFERENT KINDS OF PROPERTY MANAGEMENT COMPANIES TO CHOOSE FROM<\/a><\/h4>\n<\/li>\n<\/ol>\n
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