The Colorado Residential Tenants Health and Safety Act states that landlords have to provide tenants with a habitable dwelling. An uninhabitable dwelling interferes with the safety, life, and health of the tenant.
Not keeping up with maintenance and repairs can cause these problems. Hiring a rental property management company can help, but do they pay for maintenance and repairs?
Keep reading to find out who is responsible for these funds.
Do Property Managers Pay for Repairs?
Hiring a rental property management company can help landlords who don't want to run day-to-day operations. Even so, the property owner is still responsible for the cost of maintenance and repairs.
Property managers coordinate maintenance and are responsible for overseeing the repairs. They will use funds from the commercial property owner's budget or a reserve fund to cover the costs.
The goal of a property manager is to keep the property in good condition and make sure units are habitable for tenants. In addition to coordinating repairs, they are responsible for hiring contractors and budgeting expenses.
Tenants might have to pay for repairs if they have been negligent and purposely damaged the property. For example, you can make tenants pay if they damaged an appliance from improper use or willfully removed safety features.
Repairs Property Managers Make
Rental property maintenance and rental property repairs are the responsibility of property managers. These are the common repairs they will coordinate:
- Plumbing and electrical repairs
- Heating and cooling repairs
- Structural repairs
- Interior repairs
- Exterior repairs
- Safety repairs
The specifics of what a property manager is responsible for will depend on the terms of the management agreement. The agreement should outline who is responsible for the cost and handling of maintenance and repairs.
The amount you put in your reserve fund will depend on the agreement between you and the property manager as well. A smaller property won't need to have as much money in the reserve as a larger property will.
Who Finds the Contractors for Repair Work?
A property manager will use the owner's rental property repair funds to hire contractors. They could have a list of contractors they have worked with in the past or will look for a contractor on an as-needed basis.
If you have a good experience with a contractor as a property owner, you can tell your property manager about them.
Additionally, you can request that the property manager not hire certain contractors you have had a bad experience with in the past.
Let Rental Property Management Help You
Property managers can handle maintenance coordination, the hiring of contractors, and overseeing the repair process. However, property owners are responsible for paying for maintenance and repairs.
At Laureate, Ltd., we are known for delivering exceptional service and expertise in managing rental properties. With the funds you provide, we will handle the maintenance and repair process from start to finish.
With more than 40 years of experience, we are equipped to handle your property management needs. Contact us today to learn more about the services we offer landlords like you.
