There are many reasons a landlord should use a professional property management company to manage an investment property. A big reason is repairs. Let’s face it - repairs can be a hassle. They will often happen at inconvenient times. You have the nightmare of having to schedule with tenants, manage access issues, and then deal with neighbors and the repair people. A professional can make the process smoother and save you money.
Professional Property Maintenance: Documentation
When you’re managing repairs, you need a system for documentation. You have to document when a problem is reported, and when it was fixed or attempted to be fixed. You need to follow up, too. A tenant who is behind in rent or about to be behind in rent might use inhabitability as an excuse. If you can show where you tried to repair the issue, the judge will understand. If someone gets hurt on your property and tries to sue you, you can show that when a problem was reported, you were on top of it. This system of documentation is something that small private landlords might overlook.
Professional Property Maintenance: Timely Repairs
Another reason to use a professional property management company is that repairs need to be handled quickly. This isn’t just good customer service, it also stops a small repair from becoming a big one. It can make a vacant unit rent-ready that much faster. It also helps you meet your 21-day requirement to get the security deposit returned to your former tenant. Time is money, and you want to get those repairs handled quickly.
Professional Property Maintenance: Vendor Relationships
One of the tools a professional property manager has is a vendor list. These are vendors we have worked with over and over. We check their insurance and ensure they have worker’s compensation. When we need a repair done quickly, we have more clout and influence. We can make arguments and negotiate because we represent more work than a small landlord on their own. We also monitor their work. Sometimes their work quality falls off. Contractors get busy or have personal issues. But, we can monitor their quality and stay on top of how they’re doing.
Professional Property Maintenance: In-House Maintenance
Another tool we have is an in-house maintenance department. This is important when small repairs happen. If you have a broken toilet seat or a small issue, you don’t want to send an expensive general contractor to fix it. This saves you money and gives us more control over the repair. We can prioritize how our maintenance staff does things. We provide worker’s compensation insurance, which protects you. Cutting corners can be dangerous. If you hire someone to do work at your property and they get hurt but don’t have insurance – you’re at risk. We take care of small fixes and don’t charge you for things like breakers and adjustments. We have more flexibility than if an outside vendor went there.
Repairs are a good reason to hire a professional property management company. You don’t know when they’ll happen, but you do know that they will happen. It’s an expense, a liability, and a hassle that a property manager can help you with.