Are your rental property maintenance costs getting out of hand? Creating and having a budget simply won't suffice anymore.
You need new strategies to save money on maintenance and repairs. Landlords can hire property managers to help implement the tips laid out in this guide.
The ways to save on maintenance prices in the Denver Metro area are tenant maintenance requests, rental inspections, and contractor negotiations.
Keep reading to learn the details.
Allow Tenants to Make Maintenance Requests
Owning properties in the Denver Metro area can get hectic, especially when multiple maintenance problems pop up at once. Instead of relying solely on inspections to find and eradicate these issues, tell your tenants to notify you.
Renters should feel comfortable reaching out to the landlord or property manager about maintenance needs. Successful landlords know that prompt responses to maintenance issues can mitigate costs.
When you hire a rental property management company, they will implement a tenant portal. This portal allows tenants to make maintenance requests, among other great benefits.
Keep Up With Regular Rental Inspections
Landlords have maintenance responsibilities that tenants don't always notice. While maintenance requests can help a lot, you also need to complete regular rental inspections. A property manager can complete them for you.
During this time, you can check the interior and exterior of your property for potential maintenance issues. You may also find a breach of a lease during this time.
Create a checklist with your property manager so that they know what to look for. They may be able to catch a problem that a tenant is unaware of. Fixing an issue early on has huge potential cost savings.
Don't go overboard with inspecting the property. Tenants have a right to quiet enjoyment. Overchecking their unit could limit this right. You also must notify tenants in advance if you plan on entering the unit for an inspection.
Negotiate With Maintenance Contractors
It's unlikely that you or the property manager handle maintenance and repairs yourselves. Hiring independent maintenance contractors is common in the industry.
To save on costs, don't be afraid to negotiate rates. Once you find a trustworthy and quality contractor, you can build a relationship with them. These good graces may get you a discount.
Additionally, a property management company usually has relations with top contractors in the area. With their networking, they can help negotiate a price that saves you money in the long run.
Property managers handle maintenance coordination. However, the price of maintenance and repairs are not included in the fees.
How Can Property Managers Help Landlords?
The key to saving money on maintenance costs is hiring property managers. It may seem counterintuitive, but landlords can greatly benefit from this partnership.
Laureate, Ltd., is a full-service property management company that can implement tenant portals, complete regular inspections, and negotiate prices with independent contractors.
Since 1982, Denver Metro area landlords have gained increased income with our help. Our resources and experience ensure you get the property management services you deserve. Contact us today to get started.
