One of the biggest tasks (and expenses) of a property manager is handling repairs and maintenance of the properties. This can be time consuming and costly, ultimately impacting the bottom line of your organization if you’re not careful. The good news is there are some things you can do to reduce the costs associated with keeping your properties running smoothly.
Be proactive
There are a lot of things that you can do before you rent a property to prevent the need for costly repairs and delay maintenance needs. Do a thorough background check on your prospective tenants to make sure there aren’t any red flags and use materials in the property that are designed to last longer, like Berber carpet instead of tile or hardwoods.
Get your free copy of The Property Manager’s Guide to Proactive Management — And make the time necessary to plan for an extraordinary future.
Take advantage of warranties
When purchasing large appliances, such as refrigerators or water heaters, be sure to spend the extra money to purchase warranties. The cost of expensive repairs or replacements will far outweigh the small expense you’ll pay upfront.
Be present
People tend to behave better when they know they’re being watched, and while we’re not suggesting you spy on your tenants, making your presence known by visiting the properties on a regular basis can help keep your renters in line. As an added bonus, by coming around frequently you and your tenants can establish a relationship, which can reduce turnover.
Work with professionals
It may be tempting to have your tenant make repairs, or to just do them yourself, and for some minor things this is fine. For larger projects, however, it’s better to call in the help of a professional. That way you’ll know it’ll be done right the first time and you won’t be in the same boat again anytime soon.
Related Post: 6 Property Maintenance Tips to Save You Money
Stay on top of things
Schedule ongoing preventative maintenance requests right into your property management software so nothing slips through the cracks. When a tenant calls to complain about a small repair, don’t put it off. If you do, that miniscule problem can end up becoming a much larger and more expensive headache down the road.
There’s no way to completely eliminate the costs associated with repairs and maintenance, but these five simple strategies can help reduce the expenses you’ll incur over time. What tips and tricks do you employ to keep property maintenance costs down? Please share in the comments below!
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Get your free copy of The Property Manager’s Guide to Proactive Management — And make the time necessary to plan for an extraordinary future.
