All rental property owners know that rentals go through a lot more wear and tear than owner-occupied properties.
This is down to the simple fact that having multiple tenants over the years has a major impact on a property. To combat this, you need to perform regular maintenance on the property, which can keep it in good shape. When you hire a great property manager, they can tackle this responsibility for you.
A lot of homeowners think that property managers pay for maintenance, but this isn't necessarily true. In today's post, we'll explain the importance of maintenance coordination and property management vs. maintenance. Keep reading and you'll know exactly what your property management fees cover.
Property Management vs Maintenance
Let's get this out of the way - your property manager does not have to pay for maintenance costs. You pay them to handle some aspects of property maintenance, as well as maintenance coordination.
Whatever your property manager can handle themselves is included in your management fees. If the maintenance requires your property manager to replace components, you'll be billed for those. When it comes to maintenance coordination, your property manager will contract local vendors, but you'll pay them.
Some property owners think they can get away with charging tenants for maintenance. The only way you can do this is if the tenant caused damage beyond normal wear and tear.
If this happens, you reimburse yourself for the repairs from their damage deposit. You can't expect them to pay for routine maintenance, however.
What's Included in Property Management Fees?
This may leave you wondering what exactly is included in property management fees. Although your property manager doesn't cover maintenance costs, they can help you lower them significantly.
They do this by inspecting your property and scheduling preventative maintenance. From there, they can tackle regular maintenance to ensure your property is in good shape.
A property manager also helps maintain your property in more indirect ways. For instance, they perform thorough tenant screening. When you have good tenants in your property, it decreases the amount of wear and tear the unit goes through.
Budgeting for Property Maintenance Costs
It's in your best interest to set aside some of your earnings to create a maintenance fund. This will ensure that you're never going out of pocket to pay for maintenance or repairs. Some maintenance is routine, while others are performed as needed.
For example, you'll replace your HVAC filter every few months and it won't cost much money. If you start to see wear on your roof, however, it's going to cost a bit more. By having an emergency fund prepared, you can mitigate the impact of these unforeseen costs.
Get Property Management for Maintenance Coordination
Now that you understand a bit more about the role property managers play in maintenance coordination, it's time to tell you how to get the best services in New Brunswick. At PMI Central New Jersey, we're the Garden State's top property management service.
Whether it's coordinating maintenance or screening tenants, we can help you maximize your real estate investment. Contact us today to learn how we do it.
