Maintenance is one of the biggest responsibilities for a property manager, and while a lot of it can be pretty routine, there are plenty of ways landlords make mistakes. Here are five of the most common errors and how you can avoid them:
1. Putting it off
Procrastinating your repairs is never a good idea. If you discover a problem in one of your properties, take care of it right away. The longer you wait, the worst and more expensive it can become.
2. Not performing regular inspections
In the same vein of not putting things off, it’s important to regularly check up on your properties so you can take care of small problems before they become too big to handle. Waiting until tenants move out to look for damages can result in costly repairs and deter new tenants from moving in.
3. Hiring the wrong contractors
There are plenty of contractors out there who will overcharge you for poor quality work. Before settling on a contractor for the job, be sure to shop around and get quotes and recommendations. You shouldn’t settle for a sub-par contractor just to save costs. Down the road, this could mean even more repair expenses for you. Look for a contractor with fair (not cheap) prices and a reputation for good work.
4. Not creating a realistic budget
Every property manager should have a budget each month for maintenance, but these budgets don’t always account for the bigger, more unexpected repairs. To make sure you don’t have to pay for these expenses out-of-pocket, create two separate monthly budgets: one for maintenance, and the other for repairs. With both of these allocated funds, you can’t be surprised by anything that comes your way.
5. Not checking back on or monitoring a repair
If something breaks or fails in one of your properties, you should be there to assess the damage, regardless of whether or not you’ll be the one fixing it. With this insight, you might be able to tell what caused the damage in the first place. If it’s something the tenants are doing, you’ll be able to tell them to prevent future problems. For the same reason, you should check back on the repair to make sure it’s holding up, and that your tenants are complying with the rules to keep it that way. Keeping a record of the damage and subsequent repair can also come in handy, especially if you manage several properties.
If you have questions about this topic or would like to explore hiring a professional property management company, please contact Access Group LLC.