Why Deferred Maintenance of Multifamily Properties Ultimately Costs You

Traditionally, buying and sitting on properties in a flush real estate market is an assured path to revenue growth. In places where markets are always soaring, it doesn’t take much to see your property value take flight and never dip.

But most multifamily properties are susceptible to market fluctuations and don’t have the economic safeguards of being on the ocean or nestled beside Central Park. These properties require continual maintenance to retain their value. Property owners focused on the long-term understand that routine maintenance like roof repair, painting, electrical upgrades, caulking, repairing exterior cracks, and HVAC servicing are all essential for preventing minor repairs from turning into major (and costly) catastrophes. 

Being strategic about maintenance is the best way to safeguard your properties. Deferring your maintenance until emergencies strike will lead to negligence that, overtime, will become costly to reverse. Deferred property maintenance is detrimental for your multifamily property because it will:

Lower property value. Properties sell when they sail through the inspection period.If your multifamily property looks neglected, requires a laundry list of repairs, or needs major work to mitigate structural damage, mold and pest infestation, a damaged roof or worse, the property may be worth less than what you originally paid.

Drive out good residents. Renters don’t typically resign leases to properties that are in worse shape than when they first moved in. If multifamily repair issues are not addressed, they will seek other places to live, which should be easy in a competitive rental market. Frequent turnover is costly, creates uncertainty, and puts your property’s growth at risk.

Increase safety risks. Imagine the liability if your multifamily property caught on fire and your smoke detectors weren’t working or a wall collapsed because you failed to respond to warning signs over time? The health and safety of your residents depends on routine maintenance – that’s not only the smart thing to do, but it’s also the right thing, too.

Send costs skyrocketing. Pretending issues don’t exist is not a long-term solution. Because, like a snowball that rolls down a hill, small issues turn into big ones, fast. You’ll feel the rising costs of supplies and labor more when you’re forced to tackle major projects; routine property maintenance is your best guarantee to keep all projects small and affordable.

Create compliance risk. Regulations are always changing. Failing to address critical issues like water mitigation in your exterior landscaping or installing lighting for visibility can put your multifamily property at risk of being out of compliance. Being out of compliance leads to costly fines.

Contact Lessen

The longer maintenance is deferred over time, multifamily property maintenance becomes more difficult and costly. Lessen offers a full suite of multifamily repair and maintenance solutions that will handle every aspect of your property needs. Our asset management capabilities track every asset of your property to prevent breakdowns before they happen, and our extensive vendor network gives you access to the right specialists for whatever job you need immediately.

Contact us today to learn how we can handle the full scope of your maintenance so your properties will never experience risk.

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