Property Management, Different Types of Maintenance Looked After by Property Managers
One of the questions that will boggle you while referring to real estate is whether to hire property managers or do it yourself. Just like most things around, this topic has got positives and negatives too. However, knowing what all property managers do and if it’s really required for your property, you can take your decision easily. So, let’s run through the brief information which can be a great help for both landlords and the property investors.
Here are the top five things that the property managers keep on top of their maintenance list.
1. Regular maintenance – If you do it on your own, it’s very tough to maintain it in a routine. On the other hand, property managers have the professionals taking care of this aspect. They divide the work to be undertaken among the potential workers; like daily, alternatively, weekly or monthly as per the given requirement. This may include vacuuming, cleaning, dusting, etc.
2. Preventive Maintenance – it is one of the major responsibilities that gives the property managers an identity. A normal landlord may not think about this prospective to take care of as these people do. Under this maintenance comes the regular check of the heaters, air conditioners, changing or inspecting the air purifiers, etc. In due course this factor is looked over deeply before it gets complicated or the problem become bigger.
3. Corrective Maintenance – Most of the property managers spend their time addressing issues, taking calls and coordinating with the people to fix the problems. Do you think someone can spend that much time in talking to people over the phone or guiding them? It will definitely be a waste of time and you may not be able to carry on with other important tasks. So, property managers can easily look after this prospect as it’s their obligatory duty to perform these tasks.
4. Cosmetic Maintenance – Cosmetic maintenance is another thing that the real estate managers look after. It is taken care of during the make-ready process or when the property is being furnished. It includes carpeting, paint, light fixtures, etc.
5. Deferred Maintenance – The landlords who having low funds or simply no ready money, hire the deferred maintenance services. It is recommended for the ones who want to get the needed and urgent repairs done.
So we can see that property maintenance includes a lot more services which require thorough professionals. It is their management process which makes the property stay in a perfect condition. If looked by the landlords themselves, there are chances that the same may not be maintained properly manner. And the real estate managers are experts in their niche and perform the tasks which seem like none would want to take them up. Vancouver1 is also one of the leading players in property maintenance and we take pride in living up to the expectations of our clients.
Over the years we have seen properties go through a big transition and maintaining them is certainly a skill that need as lot of honing.
No doubt, hiring a property management company has many advantages, but it’s not for everyone. It takes a quite a bit of money to get their services. Apart from the cost, there are a lot of things that you need to consider before hiring one. Basically first find out if you really need to hire a management companies. So, now how to find out whether you require it or not?
You should hire a property management company if
You have multiple properties to look after
The more the number of owned rental properties, the more will be the benefit of these management companies. And the reason is clear enough, as they are professionals in management, they know the art of organizing it better and most of all you get economies of scale right there.
You reside away from your rental property
In case you are living far away from the rental property, it’s wise to hire a management company. They can easily look after the issues faced by the tenants, which may not be possible for you, sitting at a distance.
You lack time or knack of managing your rental property
When you know that you do not have enough time to handle your rental property or you also lack the knowledge to do so, it’s better to ask the professionals to help. They will get you the good tenants, will keep your property in safe hands and will manage associated things at the same time.
The cost is Affordable for you
Budget plays a great role while taking this decision. Check out if you can afford to pay such companies. Additionally, compare the quotes of different management companies properly. The cost must not come out to be relatively close to the amount that you are getting from your tenants. In fact, it should be between 5% to 10% of the rental revenue you are getting.
You need a substantial help to manage the growing business
In case you find that your business is growing and you need someone to support you in its management, there’s definitely a need to hire the real estate management company. While they will be managing the properties, you can pay attention to duly expanding your business.
Check out your tolerance for dealing with the tenants
Its not easy to tackle the complaints and the demands of the tenants. So, if you think, you are patient enough to deal with them all, deal on your own. On the contrary, if you cannot deal with the stress, it’s a better to hand over the task to the professional managers. They have sufficient knowledge of the landlord-tenant laws and thus, they are also qualified in handling any conflicts that arise.
Additionally, when the tenants know that they are dealing with some third party, they act more maturely and keen. Bottomline is to ensure that everything is checked in detail, discussions are done and only after things look positive, a decision is taken.