Real-estate is a good investment, but one of the realities of owning real-estate is the need for maintenance and repair work. Any building will begin to show wear and tear over time, and you will inevitably run up against the need to get some things fixed up around your properties. You may be pretty handy, but eventually, you’ll run into a problem that’s a little bit too big for you to handle.
“Do-it-yourself” may sound great in theory, but it can cost you more in the long run than getting things done right the first time. Hiring a professional property manager can allow you to reap the benefits of full-time maintenance staff. What are some the biggest reasons to make this choice?
Reason #1: Keeping Your Tenants Happy
Your tenants are your business partners. Rental property with no one living in it is a money pit, not an asset. Keeping your tenants satisfied and feeling safe in their home will keep them renewing their lease and save you the hassle of having to list and fill your property. When a tenant runs into an issue that’s big enough to warrant a formal maintenance request, they will expect a pretty fast turn around. Take care of emergencies in under 24 hours, and it’s a good idea to get non-emergency problems addressed within 48.
If a problem goes unresolved long enough, many state and local laws will allow tenants to take many actions that can cost you money and time. Some of those options include: withholding rent until you make repairs, deducting the cost of a third party repair from their next rent check, contacting housing authorities, or simply terminating the lease agreement early. All of these choices will affect the money you bring in and how easily you can rent the property down the road.
Reason #2: There’s a Lot to Think About
When you make many types of repairs or perform significant modifications to your property, you’re going to be bound by housing codes and regulations. These laws will be different from city to city. When you hire a professional or contractor to perform that work, you free yourself up from the burden of making sure that everything complies with housing codes. It’s important to get it right the first time.
Performing a repair that isn’t up to code can force you to do the work twice and affect how quickly or easily you can sell your property when it comes time to do so. Code issues can affect the habitability of the property as well and can have legal consequences down the road should you ever end up in court. Hire a professional and get it done right.
Reason #3: It’s Your Legal Duty
The bottom line is that it’s your legal duty to keep your properties in a habitable condition. You need to do this regardless of how challenging or expensive it turns out to be. You need to make sure that your property has functional plumbing and electrical systems. You need to make sure to keep the heat on in colder weather. You need to maintain a clean building that’s free of any underlying structural issues.
It is almost inevitable that you’ll need to deal with an emergency problem at some point, and issues with plumbing or electrical wiring can quickly cause a lot of damage if you don't deal with them correctly. Make sure that you are covered by a professional.
Reason #4: Baked-in Expertise—On Call 24/7
Unfortunately, a lot of the most common repair requests are the most complex. Electrical problems, major appliance breakdowns, and plumbing or HVAC issues top the list of many rental property maintenance concerns. Unfortunately, they also make terrible candidates for do-it-yourself projects (unless you are a professional yourself).
Hiring a professional property manager will get you easy access to a professional for almost any problem. What’s more, you’ll have access to that expertise 24/7, and you won’t need to be the one to take that early morning phone call.
Reason #5: Negotiating Power
A property management company can save you money in a big way. You’ll find that they can often get better deals that you’ll be able to manage for a couple of reasons. A professional property manager will have a lot of experience negotiating with contractors and can avoid bad faith negotiators. Additionally, they will often have well-established business relationships, and by having a higher volume of work they can often negotiate better rates.
What Can Property Manager Do for You?
Whether you want to deal with some simple upkeep in between tenants or you need a rapid fix on a problem that’s about to cost you thousands of dollars, a professional property manager can help you. They bring a few critical skills to your corner and can help you keep your tenants happy and your property in great shape.
A property management company will take on many of the tasks that come with keeping your properties in great shape. They will hustle to address maintenance issues and tenant complaints. By ensuring that all of the maintenance work on your rentals is up to code, they can keep you out of legal hot water.
At Raintree Property Management, we pride ourselves on offering the experience and know-how that property owners need to successfully maintain their investment. Download our free guide to selecting the best San Diego area property management company and put a professional to work for you. Just enter your name and an email address you’ll be ready to go.
