In the bustling rental market, standing out requires more than a fresh coat of paint. It’s about providing value, ensuring safety, and keeping tenants happy.
Here’s the truth. Upgrading your property’s electrical system is not just a necessity; it’s a strategic move. In this blog, we want to walk you through cost-effective electrical upgrade strategies that:
- keep your budget intact, and
- your tenants impressed.
Prioritising upgrades
Facing an array of potential upgrades can feel like standing at a buffet with a plate that’s too small. Where do you even start?
It’s all about prioritising what electrical work you need to have done, based on:
- Safety: This is a non-negotiable. Ensuring your property meets (and preferably exceeds) safety standards is the number one priority.
- Legal requirements. Staying ahead of regulations keeps you out of hot water.
- Tenant demands. While we’re sure some unreasonable demands pop up, you shouldn’t ignore the reasonable demands. Happy tenants are more likely to be long-term tenants.
Property Manager’s electrical checklist
Here are some key items to include in your property manager’s electrical checklist:
General electrical safety
- Smoke alarms. Ensure that smoke alarms are installed and functioning correctly in all required areas
- Safety switches. Check that safety switches (also called Residual Current Devices – RCDs) are installed on all circuits. This is to protect against electrical shocks
- Circuit breakers. Verify that circuit breakers are present and properly labeled in the switchboard
- Electrical outlets and switches. Inspect all power outlets and light switches for damage, cracks, or signs of wear and ensure they’re securely fastened
- Light fixtures. Confirm that all light fixtures are in good working order and securely attached
- Electrical appliances. Check that all provided electrical appliances are in safe working condition
Compliance with regulations
- Electrical safety inspections. Ensure that electrical safety inspections are done every two years by a licensed electrician
- Compliance certificates. Obtain and keep on file all necessary compliance certificates and reports from licensed electricians
- Wiring and electrical systems. Confirm that the property’s wiring and electrical systems are up-to-date. And make sure they meet current Australian Standards
Tenant safety and information
- Tenant reporting. Encourage tenants to report any electrical issues promptly and provide clear instructions on how to do so.
- Information on electrical safety. Provide tenants with information on electrical safety. This includes how to test safety switches and the importance of not overloading power points.
Emergencies and repairs
- Emergency procedures. Establish clear procedures for tenants to follow in case of an electrical emergency. These are things such as power outages or electrical fires
- Urgent repairs. Have a process in place for addressing urgent electrical repairs. This includes a list of qualified electricians who you can use
Property-specific checks
- Swimming pools and spas. If applicable, check that pool and spa barriers meet safety standards and that pool pumps and lighting are safe.
- Air conditioning and heating systems. Inspect air conditioning and heating systems for proper operation and safety.
- Ventilation systems. Check that exhaust fans and range hoods are clean and functioning properly
Record keeping and documentation
- Maintenance records. Keep detailed records of all inspections, maintenance and repairs carried out on the property’s electrical systems
- Property condition reports. Update property condition reports to include the status of electrical systems and any changes made
Leveraging lighting for aesthetics and efficiency
Decent lighting can transform a space which, in turn can help get your property leased. Here’s how to do it without breaking the bank balance:
- LED Lighting: Long-lasting and energy-efficient, LEDs can slash bills and brighten rooms
- Motion Sensor Lighting: Ideal for communal areas, they cut energy use and boost security.
Upgrading for energy efficiency and sustainability
There’s now more interest in being energy efficient and more and more people expect it. Here’s how you can upgrade your tenanted property to improve its energy efficiency:
- Solar Panels for Communal Areas. They might have an upfront cost, but the savings over time can be substantial. Plus, they’re a green badge of honour for your property.
- Energy-Efficient Heating and Cooling: Swap old, energy-guzzling systems for newer, efficient models. Your tenants (and the planet) will thank you.
Tech upgrades for the modern tenant
Today’s tenant lives online. Ensuring your property can keep them connected is crucial. Here’s how:
- Enhanced Wi-Fi Infrastructure. Strong, reliable internet is non-negotiable. Consider upgrades or mesh networks for seamless coverage.
- Smart Meters. Offer tenants control over their energy use, and watch as your property’s appeal climbs.
Conclusion
By targeting your electrical upgrades, you’re not just fixing wires. You’re:
- boosting tenant satisfaction
- raising property values, and
- shining in a competitive market.
It’s a win-win for you, the landlord and the tenant. Each upgrade, no matter how small, is a step towards a property that stands out for all the right reasons.
Start planning your electrical upgrade journey today. And create a space where tenants feel at home and landlords don’t feel broke. Let’s light up the rental market, one smart upgrade at a time!