Maintenance is inevitable for landlords and investors. If you own rental property, you will have maintenance costs. This could be the routine day to day maintenance that is required, capital improvements that are planned and budgeted, suite turns between tenants, or even violations that are assessed by the city, or a government subsidy program. Handling maintenance expertly and efficiently will keep your costs low and ensure you have a good rental experience.
Create a List of Great Contractors
To handle maintenance effectively at your rental property, you need access to a good contractor, and a reliable maintenance team. You’re looking for someone who will get the job done in a timely manner, provide high quality work, and get along with your tenants. You also want your contractors and vendors to be cost effective. If you’re self-managing, there are lots of sources to find exceptional contractors. Just be careful about what you’re paying, because without a large volume of work that you can offer these professionals, you will likely need to pay retail prices.
In-House Maintenance Teams vs. Outside Contractors
Professional property management companies take two different approaches to maintenance. Some companies maintain an in-house team that takes care of any repairs or maintenance. Others use outside vendors for specific projects. At Re/Max Haven Realty, we take a hybrid approach because we believe it best serves our owners and investors. We have some talented in-house maintenance personnel who can handle a lot of the day to day repairs quickly and affordably. They know our tenants and they do excellent work. Depending on the project, we may contact outside vendors. This allows us to take care of larger repairs that require a professional license, insurance, and experience. They might cost a little more, but when you work with a management company, they usually have pre-negotiated rates at a discount, and those savings are passed along to you.
If you’d like to talk more about maintenance and what you need to do, please contact us at Re/Max Haven Realty. Happy investing.