What does a property manager do? The role of the property manager varies by company, but in general it can be divided into three categories – financial management, marketing and maintenance. Most tenants are more concerned with the maintenance aspect – after all, they have to live in the rental unit! This article focuses on the relationship between property management and maintenance when it comes to rental property maintenance.
Why rental property maintenance is so important
Before talking about why rental property maintenance is so important, let’s talk first about why property management is important. We have a whole article devoted to that topic, but here are a few reasons. Property management is beneficial to you as a landlord because it allows you to focus on other aspects of your business. By outsourcing property management, you can save time and money. Property managers also act as caretakers, ensuring that tenants are happy and that all repairs are taken care of in a timely manner.
The most important role of a property manager is to maintain your rental property and keep it in good condition so that you can maximize its value and maintain long-term tenants. Quality rental property maintenance increases tenant retention, provides you with a safe environment for your tenants, and minimizes costly repairs. It will also help you get more out of your investment with less of your personal time! When done correctly, rental property maintenance ensures that you have a sound investment for years to come.
How property management and maintenance can save you time and money
If you own a rental property, one of your main goals should be to reduce repairs. The more repairs you can avoid, the more money you will keep in your profit column. But how do you keep these repair costs low? One way is by choosing to hire a professional property manager or maintenance service to take care of all maintenance tasks for you. Doing so ensures that any maintenance issues are handled right away and that regular maintenance isn’t overlooked. According to a National Apartment Association report, repairs and maintenance can be up to 8% of the operating expenses per rental unit.
Here are five financial consequences of poor property maintenance.
1. Poor maintenance will drive away tenants causing loss of revenue.
2. High repair costs. Even if you are doing a good job with regular maintenance, repairs are unavoidable. When maintenance is poor, however, additional repairs are likely to occur more often.
3. Poor maintenance can get you sued by your tenant.
4. Poorly maintained properties have less value than well-maintained ones.
5. Poor rental property maintenance may reduce the amount of rent you can charge.
Tips on hiring your own property management company
Hiring a property management company is key to maintaining your rental property. The cost of hiring your own team (even family members) outweighs paying a fee for professional property management, especially if you plan on owning multiple properties. It’s important to find someone who has experience and training in managing properties like yours. Before choosing a management team, get references and contact previous clients directly to see how satisfied they were with their service, and take note of things they did well and things that could be improved. Read this article for questions to ask before hiring a property manager.
In Conclusion
One of a property manager’s most important roles is handling rental property maintenance. Once a tenant moves in, it’s important to maintain and fix any problems. This way, you can take care of any problems that may arise quickly and efficiently. If you manage your own properties, then maintenance is still an important part of your job. You need to keep up with regular inspections and ensure that you’re taking care of your tenants’ concerns in a timely manner.
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