Preventative Maintenance: How SYZO Keeps Tenants Happy and Properties Pristine
In the latest episode of the Rethinking Rentals podcast, Gurman Bains, Sales Team Lead at Reposit, welcomes Dominic Munson, founder and CEO of SYZO, to delve into the topic of preventive and proactive maintenance in the HMO market, it’s importance, and the unique formula SYZO have introduced to reap the benefits of it’s cashflow management and happier tenants.
You can find our more about SYZO’s maintenance formula here
Podcast Overview
The Genesis of SYZO
Dominic explains that SYZO was born out of the need to take control of their properties and optimise their performance, which traditional letting agents failed to achieve. Since its inception, SYZO has grown its portfolio from 11 to around 20 HMOs, along with a few flats. This dual role as both agent and landlord has given Dominic and his team a unique perspective on the challenges and opportunities in property management.
Importance of Preventive Maintenance
The podcast then delves into the heart of the discussion: the importance of preventive maintenance in the HMO market. Dominic shares valuable insights from his experience refurbishing several large HMOs, emphasising the complexity and intensity of maintaining properties with dense occupancy and numerous en-suite bathrooms. He highlights that preventive maintenance is essential to keep properties in top condition, ensuring tenant satisfaction and minimising unexpected costs.
Introducing SYZO’s Maintenance Formula
Dominic introduces SYZO’s maintenance formula, a rating system designed to categorise properties based on their maintenance needs. This system allows landlords to forecast maintenance costs more accurately, thereby improving cash flow management. He explains that properties are rated from A to C, with A-rated properties requiring minimal upkeep and C-rated properties demanding more intensive maintenance.
Broader Benefits of Preventive Maintenance
The discussion also touches on the broader benefits of preventive maintenance, including reduced emergency callouts and improved tenant relationships. Dominic emphasises that regular maintenance visits not only keep properties in good condition but also foster positive interactions with tenants, who appreciate the consistent care and attention to their living environment.
Correlation Between Maintenance and Tenant Retention
Gurman and Dominic explore the correlation between proactive maintenance and tenant retention. Dominic notes that SYZO’s approach has led to an average tenancy length of 14 months, with an upward trend. The podcast also highlights the operational benefits for letting agents, who can save time and resources by partnering with a maintenance-focused company like SYZO.
Future Plans for SYZO
Looking to the future, Dominic shares SYZO’s plans to expand their maintenance services across the Southwest, aiming to build a network of like-minded landlords and agents. He underscores the importance of demonstrating value through maintenance to attract and retain clients, ultimately driving growth in their property management business.
