Let A Property Management Company Help You Save On Maintenance Costs
If you own a rental condo property, you know firsthand that maintenance costs can quickly get out of control. Whether it's a careless tenant or an unforeseen problem, you can spend a considerable amount of money repairing a problem. A property management firm can help. In addition to screening applicants and collecting payments, these professionals can also aid you with keeping your maintenance costs lower.
With professional and personal obligations, there is often little time left over for anything else, including inspecting your rental property. A property management firm will take over this task for you. Many companies perform routine inspections or preventive maintenance reviews as part of your contract.
These processes are so important since many maintenance issues are easier and less expensive to take care of in their early stages, as the longer a problem festers, the greater it becomes. Simply by staying on top of maintenance needs, a management firm can help you save money.
On-Board Maintenance Team
When it comes to maintenance concerns, a major reason for higher costs are labor rates. It's not unheard of to pay a technician upwards of $50 an hour to perform repairs. For a job that takes several hours, costs can quickly skyrocket. Property management firms often have maintenance technicians on staff or, at the very least, contracts with local service companies.
In the end these partnerships save you money. Particularly with a large management company with several condo properties, these on-board technicians and contracted service companies often extend discounts to the management company, which enables you to fulfill your service request at a lower rate.
As previously mentioned, careless tenants are sometimes to blame for maintenance issues. However, when this is the case, it can be quite complicated to get the money for repairs returned from the tenant since it is not a part of the normal rent. With your lack of knowledge on collection methods and limited time in your schedule, it could take a while to get your money if you have an uncooperative tenant.
Management firms understand the law and have in-house collection teams that can work aggressively to get your money returned to you, even if this means legal action.
With the money you save on your condo's maintenance expenses by partnering with a property management firm, you can increase your savings, put it back into the property, or even go on vacation – the choice is yours. Let a management company help you save money.