If there's one thing that puts fear into any property manager, it's finding an electrical fault. Aside from the fact that these are potentially increasingly dangerous situations that can cause fires, damage, and, in the worst case scenarios, injury or death to your tenants, they tend to be massively expensive to fix. Moreover, you risk falling foul of any regulations in place from whatever jurisdiction you're operating in and potentially looking down the barrel of a drawn-out lawsuit by your tenants (not probable, but certainly possible). All of this can only mean one thing: getting your electrical systems up to code and nipping any conceivable issues you find in the bud before it turns into something more damaging.
Improving Energy Efficiency Helps To Reduce Bills
Although you might not be directly responsible for paying utility bills, it's always a good idea to improve energy efficiency. Not only will this help out your tenants with their expenses, which will massively endear you with them (which we'll cover later), but you will also be paying off the utilities when your properties are vacant and waiting to be leased. This electrician in Brisbane's northside notes various electrical services that you might find helpful in this regard. For example, it might be that you're servicing the air conditioning units to ensure maximum efficiency and longevity or installing solar cells that generate free electricity and might even bring you an additional income if your country has some kind of net metering scheme that pays you when you put your excess energy back into the local grid.
Enriching Tenant Satisfaction With Reliability
Your tenants are your primary source of income, so you'd do well to treat them right. While landlords can often get short thrift when it comes to the business, the fact is that just like any other business, if you're overpriced or not offering value, you will lose your customers to your competition, who does. Updating electrical systems is but one approach you can take towards tenant satisfaction, but because electricity is often the most critical utility for most people, having a setup that works and isn't likely to electrocute them every time they plug in an appliance is something that you really need to invest in. Another thing to consider is that the very fact that you're actively doing things to make the lives of your tenants better can often go a long way in creating a level of trust between you and those occupying your homes, making it easier to communicate and deal with other issues that might arise.
Preventing Costly Electrical Outages
Electrical outages are not something that you want to deal with. They cause a tremendous amount of stress and disrupt the lives of your tenants. If you have stipulations in the leasing agreements, this could mean that you have to compensate your tenants for every unit of time you've agreed on that the power is out. You can avoid this by simply ensuring your electrical systems are up-to-date and regularly maintained. In most cases, all this involves is adding an annual inspection to your calendar or property management software and booking an appointment with a local electrical company. If you're utilizing the services of a leasing agent, then you need to ensure that they have this as part of the agreement and that you know the dates in advance so you're prepared when they invoice you.
Ensuring Safety Through Regular Maintenance
This point lightly follows on from the previous one but is aimed more at the safety aspect. When you prioritize regular electrical maintenance, you're doing something to ensure the safety of those living in your buildings. You have a responsibility, not just legally, which we'll get to in the next point, but also morally, to make sure that everything is as safe as possible to the best of your knowledge so that those who are renting are free from the potential of serious harm.
Complying With Local Electrical Regulations
You'd be hard-pressed to find a nation that doesn't have incredibly stringent regulations surrounding the use of residential electricity. While some nations will be more lackadaisical than others, almost all countries will have laws that state how electrical systems are installed and operated. By enlisting the help of professional electricians to give your properties a once over and confirm that they adhere to all relevant laws and are compliant to receive tenants, you will keep yourself legally covered in the case of anti-white that might occur.
Reducing The Need For Emergency Repair Call-Outs
Anyone who has ever had to call out a tradesperson for an emergency call will tell you that they don't come cheap. They tend to cost so much because it's sarin on the electrician who might already have work they have booed in or because of unsociable hours. Whatever the reason, the point is that you really want to avoid this prospect as much as possible. Fortunately, as long as your systems have been set up correctly, are regularly checked, and comply with all local and national laws surrounding how they work, you should be able to avoid this fate and keep more of your money in your own pocket rather than having to transfer it over to a sparky who came up with a figure by sticking his finger in the air!
Enhancing Property Value Through Upgrades
While you make money predominantly from the rental lease, the primary wealth creator is the property itself. And by ensuring everything is in working order and functioning flawlessly, you will protect its value over time. Moreover, if you have invested in various electrical upgrades, you may see it rise faster in price than if you left it as-is.
Minimizing Liability Risks
Any landlord who has been through the trenches will be more than happy to let you know that if you want to keep your sanity intact, you ought to do everything within your power to avoid litigation brought about by your tenants. Although maintaining your electrics is just one thing out of many you need to keep in good condition, it's something (along with gas) that, when it goes wrong, could result in serious lawsuits that you really don't want in your life.
Being a landlord isn't all big money and passive income; you have to work to please your tenants and make sure that your properties are in great condition and as advertised. Keeping your electrical systems in tip-top shape is but one way to achieve this, but it can mean the difference between a happy tenant or a lawsuit for breaching health and safety guidelines.
