Rental properties go through a lot more wear and tear than owner-occupied properties, making maintenance extra important.
If you're a Denver rental property owner, you've probably cringed at repair costs in the past. To avoid extremely costly repairs, whatever they may be, you need to perform regular rental property maintenance. Hiring a property manager is a great way to take maintenance coordination off of your plate.
But, who pays for rental maintenance? In today's post, we'll answer that question and help you understand what exactly is included in property management fees. Keep reading and understand how to look after your property and what doing so will cost you.
Who Pays for Rental Property Maintenance?
When you hire a property manager to look after your rental, it takes a lot off of your plate, from performing maintenance to tenant management. While a property manager can reduce your property maintenance costs through various means, they do not cover out-of-pocket maintenance costs.
Similarly, you never charge your tenants for routine maintenance. In some situations, where damage caused by a tenant falls outside of normal wear and tear, you'll take the cost of repairs out of a tenant's damage deposit. Outside of this, it's up to the landlord to pay for maintenance and repairs.
What Do Property Management Fees Include?
You may be wondering what property management fees cover. A property manager can perform some types of maintenance on their own.
When this happens, you won't pay extra for their services, but you will pay for the replacement parts. Preventative maintenance done by your property manager can save you money. They can also save you money on maintenance with proper accounting and tenant screening.
Most often, property managers handle maintenance coordination. They'll call a local vendor to deal with maintenance or repairs, then the bill is passed on to the landlord.
Property Maintenance Schedule
Preventative maintenance is key to maintaining your property's profit margins. If you fall behind on maintenance, good tenants will leave and you'll have rental vacancies. Poorly maintained rentals are also more likely to need large-scale, expensive repairs.
One of the biggest perks of a property manager is that they keep a close eye on your property. Whenever maintenance is needed, they'll either do it themselves or call a vendor to do it.
The best thing a landlord can do is set aside a portion of the profits to pay for maintenance. Keeping an emergency fund will ensure that you're never blindsided by maintenance or repairs.
Get Maintenance Coordination from the Best Property Manager
Maintenance coordination is one of the most important roles of a property manager. When this task is done well, you'll find yourself spending less even though maintenance is coming out of your pocket. To get good maintenance coordination, you need a good property manager.
PMI Foothills is Denver's top property management service. We can handle everything from maintenance to tenant screening and evictions on your behalf. The result is a more profitable rental property, so contact us today to learn how we can help.
