October 26, 2018
Once a tenant signs a lease and moves into a property, it’s easy to picture the property owner relaxing and letting the rent money from their real estate investment roll in. But property management doesn’t end when every property has been filled with responsible tenants. Even if tenants have been screened thoroughly to make sure they’re a good fit for the property they’ve been settling into, it still takes hard work month-to-month to maintain a property. Property managers essentially work as caretakers to monitor the building and make sure any damage is prevented or fixed. When a property is expertly cared for and maintained, not only is the building preserved but the property’s value is optimized as it becomes more desirable real estate within its price range.
The best property managers not only know how to market rental properties and fill them with responsible tenants who will honor their leases, but they’re also experts in keeping rental properties in prime condition without breaking the bank. The best managers know that proactive property maintenance pays off. A well-maintained property commands higher rent, keeps tenants happy which means they stay longer and take better care of the home, and sells at a higher cost when it comes time for a new owner.
The best property managers know their clients are most satisfied when they provide maintenance services that are responsive, transparent, and include accurate reporting.
1. Responsive Service for Maintenance Requests
The best property managers know that providing responsive service begins with an efficient maintenance request system. One of the most common reasons tenants move out of a rental property is slow maintenance response time, and because tenant turnover is a high cost to property owners, it is important for a property manager to prioritize responsiveness in order to make the most money for clients.
While smaller property management companies may be able to stay on top of emails and phone calls, the chance that maintenance requests fall through the cracks grows as the amount of managed properties increases. Using a property maintenance software support system allows tenants to report maintenance issues at any time and helps managers initiate a plan to resolve the problem. Emergencies like a flooded bathroom, gas leak, or broken furnace frequently occur during non-business hours so providing a 24/7 emergency phone line for tenants is essential to responsiveness in critical situations. Maintenance experts understand that follow up communication is with the tenant after they submit a maintenance request is essential so that they know their problem is being taken care of.
2. Transparent Communication with Owners and Tenants
The logistics of approving and scheduling repairs while keeping contractors, owners, and tenants in the loop on the status of work orders are quite complicated and another potential communication breakdown area if not managed effectively. Managing projects efficiently is essential in keeping costs down, and property owners want to be updated on progress and expenses along the way. In order to provide the most transparent communication to owners and tenants, the best property managers use maintenance software that automates communication between all parties, schedules repairs, tracks progress, and documents the process to completion. Using an automation system allows maintenance issues to be resolved quickly saves money for owners and keeps tenants happy.
3. Accurate Reporting For Property Owners
The last step of the maintenance process is providing accurate reports of the repairs and costs to the property owner. Property owners want to see how their money was spent and see that they are paying competitive rates for needed repairs. Before a repair can be placed in a resolved status, completed work needs to be approved, and vendors need to be paid. The best property managers have built a network of trusted vendors that are licensed and insured to protect the property owner. Itemizing repairs in the owner’s monthly statements provides owners with detailed records of the work that has been accomplished and the associated costs, helping them understand the bottom line of their real estate investment. Owners need these reports to help them file their taxes as accurately as possible.
Property Maintenance Professionals Give Owners Peace of Mind
Property managers are hired to make real estate investments pay off for owners by optimizing the income that is produced through rent collection and protecting value with proactive care and maintenance. In addition to responding to maintenance requests, the best property managers perform scheduled preventative maintenance to prevent costly damage.
Find out how to get you the most money from your rental property by calling a PMI property manager in your area today.