Without question, one of the biggest expenses in property management is the cost of maintenance. While it’s never a good idea to cut corners or skimp on these requests, there are certain things you can do on the up-and-up that will keep these costs to a minimum. If your business could stand to save a few bucks in the area of property maintenance, give the following four expert tips a try.
Set up a routine maintenance schedule
Whether it’s keeping the HVAC system in good working order or maintaining your building’s laundry machines, staying a step ahead of breakdowns is a smart way to save. When all of the equipment throughout your properties is running well and properly maintained, you’ll keep significant repairs and replacements at bay, which means more money in your pocket and fewer big ticket expenses.
Stay in constant contact with your residents
When your tenants are constantly kept in the loop on property maintenance and repairs, they’ll be happier and more satisfied, which means there will be less hassle when it comes to collecting rent in full each month. Additionally, when you make it easy and convenient for residents to report a problem or send a request, you’ll be better able to stay on top of the health of your properties, which means fewer large maintenance headaches or major costly repairs.
Itemize and prioritize requests
Not all property maintenance requests are created equal. What may seem like an emergency at first glance may not have the same urgency as another big repair you’ve got going on at another building, and vice versa. The key to optimizing property maintenance is to prioritize and address each issue based on the amount of risk associated with it. This ensures that the biggest problems – i.e. those that have the potential to be the costliest – are handled in the appropriate order.
Keep detailed records
The last thing you want to run into during a property maintenance, repair or renovation is a roadblock due to missing paperwork. Not being able to quickly produce accurate documentation, such as inspection records or permits, can lead to costly delays. And not only will this result in more money out of your pocket, but it could also lead to resident dissatisfaction, another costly risk.
As an added bonus, when you employ all the above property maintenance tactics, you’ll end up with properties that are well maintained and your tenants will experience minimal unit downtime. Happier tenants are much more likely to stay on for the long haul, which means lower turnover and more long-term profits for your business.