Have your fellow property investors told you that you need to hire a rental property management company? If so, they are right!
There are many benefits to working with a professional property manager. They can keep you compliant with Punta Gorda, Florida rental laws, set up an accounting system, and handle tenant relations.
Most importantly, they coordinate maintenance and complete regular property inspections. The property management fees you pay cover a lot, but do property managers pay for repairs? Keep reading to find out.
Do Property Managers Pay for Repairs?
It might seem reasonable that a property manager pays for repairs since you pay them for their services. However, your fees don't usually cover the cost of repairs and maintenance.
This is because repair prices can vary greatly. Under state law, landlords are responsible for keeping their investments habitable, so repairs are necessary. Plus, quick maintenance can keep tenants happy.
Instead, your property management fees cover maintenance coordination and other day-to-day tasks. You pay for repairs, but a property manager will handle the rest.
Coordination for Maintenance and Repairs
Outsourcing maintenance is common in the real estate industry. Property managers will answer a tenant's request for maintenance and schedule a job.
These professionals likely have a network of licensed and insured tradesmen they can rely on for requests. They can ensure reasonably priced repairs and keep owners in the loop.
Depending on your agreement with a rental property management company, how you pay for the repairs varies. They might ask that you set aside a reserve fund for maintenance tasks only.
Other property management companies take on the repair costs and ask for reimbursement at the end of the month. They can use real-time updates and invoices to ensure correct charges.
Additionally, a property manager can complete regular rental property inspections. This is one way to find the different types of damages that tenants might not be aware of.
The faster a repair or maintenance issue is spotted, the less money you'll have to spend on the repair costs.
Importance of Effective Maintenance Coordination
Allowing tenants to make maintenance requests and completing them quickly and efficiently can keep them happy. In the lease agreement, state what maintenance tasks fall under tenant responsibility.
When something occurs that you are responsible for, tenants can request repairs through a tenant portal. These are systems often implemented by property managers to streamline certain tasks.
With the details of the repair, a property manager can schedule a job. A vendor will arrive to complete the repair. The property manager will follow up with the tenant.
Hire a Rental Property Management Team Today
A rental property management company can do a lot of things, but they don't pay for repairs. This responsibility falls on the shoulders of the landlord.
At PMI Stingray Homes, we help Punta Gorda, Florida landlords maintain their properties. We offer maintenance coordination services for emergency and non-emergency requests. Tenants and owners can reach out 24/7.
For over 20 years, we've assisted landlords with maintenance and other real estate services. Contact us today to learn how a partnership with us can benefit your investment.
