Leaky faucets. Broken windows. Busted refrigerators. Landlords are no strangers to spending money on repairs, whether those issues are costly or inexpensive. But when a property management company is handling your rental spaces, who pays for the repairs? And who exactly carries out those repairs? We’ll answer those questions, as well as look at some common home repairs and the benefits to addressing them ASAP.
Paying for Repairs
If you’re thinking about hiring a property management company to take care of your properties, your money will cover repairs. More specifically, you’ll likely need to add some money to a reserve fund. Then, as maintenance issues arise, the property management company can use the reserve funds to hire someone to make repairs.
The amount a company asks you to put in the fund will vary depending on the terms of your agreement. Several hundred dollars might be reasonable. As money is spent, the reserve can be restored through future rent payments.
In addition, a limit to the amount of money spent per repair can be established between you and the company. If a repair seems like it’s going to cost more than that amount, the company will need to ask your permission.
Who Makes the Repairs?
Finding reliable repair contractors isn’t always easy. Sometimes you have to try out multiple services before you find an ideal one. The search can be expensive in terms of both time and money. Fortunately, most property management companies have an existing contact list of contractors they’ve hired in the past. Some management companies might even have their own crew that handles repairs.
You can weigh in with your preferences as well. If there are certain contractors you’d prefer the property management company to use, add that to your contract. Similarly, if you’ve had bad experiences with certain repair services, ask the property management company to avoid those contractors.
Benefits of Making Quick Repairs
There are many reasons why landlords and property managers have to stay on top of routine maintenance as well as correct small issues. Firstly, scheduling fast repairs will raise the odds that your tenants will renew the lease. Another reason to make quick repairs? If left unaddressed, minor issues can quickly evolve into more expensive problems. Some of the most common repairs include the following:
Water leaks. Obvious leaks can occur in near faucets and certain appliances. However, leaky pipes may go undetected until they result in complications such as water damage. Old weather stripping or roofing materials may also allow water to leak into a home after heavy rain.
HVAC troubles. HVAC systems work to keep a living space at a comfortable temperature. So, when something goes wrong with a system, the problem is often impossible to ignore. HVAC systems require regular inspections and, due to their many moving parts, they may break down for various reasons.
Broken toilet. Toilets also have many moving parts, and when these break down, quick repairs are crucial. It may be fairly easy to replace certain mechanisms, but problems with the plumbing system may require expert help.
Want to feel more secure about the state of your properties? Our Centennial property management service can help. Through routine property inspections, we’ll identify problems and keep you updated on what needs to be repaired. We can even schedule quick repairs to keep tenants satisfied.