As supply chain shortages ricochet across the country, property owners face appliance shortages and price increases on parts and repairs for the essential systems in their rental units. Demands surged for all types of appliances in the early days of the pandemic as folks hunkered down at home and tackled home improvement projects. Unfortunately, this heightened demand clashed with a dip in supply as manufacturers shrank their workforce in those early days of the lockdown. To further complicate matters, price hikes and shortages in the required raw materials and electronic components have increased wait times even more.
These challenging times beckon property owners to reach beyond the channels that always worked in the past. If landlords want to attract new tenants, keep current renters happy, and protect their investment by continuing with regular maintenance, it’s time to engage some “outside of the box” thinking. That may be a struggle, especially for long-time property owners who’ve established a well-oiled machine, if you will, to manage their rental properties. Now’s the time to consider these tactics that will counter the we’ve-always-done-it-this-way mindset.
1. “But I always buy 123 Brand appliances from XYZ Appliance Store.”
Brand and store loyalty can indeed be significant assets, and the arrangement with XYZ worked well in the past, but if they can’t service your needs now, look elsewhere. Some brands may be having more supply chain issues than other brands. Some stores may have a shorter wait time than others. Don’t let past tactics keep you from checking out all options.
2. “I only purchase new appliances, never used, and my tenants appreciate that.”
While that’s a wise and understandable policy, isn’t a used washer better than no washer? It’s frustrating for both landlord and renter that a simple call to Bob at XYZ can’t get the ball rolling on a new washer to be delivered on Friday. But that’s the current situation. The reality is that a stash of good, used appliances may actually be the best purchase you can make as we collectively navigate our way through this appliance shortage. Tenants will understand that the used replacement is only temporary until you can secure a new appliance. And they will appreciate your efforts to provide for their needs in the interim.
3. “It’s a good thing I’m all set with appliances for right now.”
While it’s great not to be stressing about appliances on backorder, it’s essential to look ahead. The chances are that something will need to be replaced in six months (or less). So, now’s the time to assess future needs and place an order for those appliances likely to be up for replacement next. A proactive approach now can prevent a major headache down the road.
Remember, the parts and repairs bottleneck situation is frustrating on both sides of the rental equation. So, again, think outside of the box. Consider a new twist on temporary fixes, such as rebuilt parts. Temporarily switch out broken-down appliances with used ones. Above all, keep in close communication with your tenants. They will believe that “we are in this together” if you make every effort to keep them in the loop about replacement appliances and repairs.
About Rentals America
Rentals America provides full-service property management for residential rental properties. Our team is completely dedicated to property management and we’re here to help landlords navigate the rental market.
