Generally, there are cost savings associated with completing home repair projects yourself versus hiring a contractor. Of course, this is only true if you have the necessary skills and time to do the job.
So what do you do if you’re a landlord with a rental property—or a homeowner who doesn’t have the time (or the desire!) to tackle property maintenance tasks? If you fall into this second category, you might want to consider hiring a professional property manager. A professional property manager can save you time and money on repairs and general property maintenance. Keep reading to find out four ways you could save money by working with an experienced property manager.
Capitalize on a Trusted Network of Vendors
Every experienced property management company relies on a varied network of trusted and insured vendors. The ones on our list have consistently proven themselves over time to meet, and even exceed, our standards for quality and customer experience.
A good property manager will find competitively priced vendors for every facet of maintenance. One of the main benefits of working with a property manager is that they can often negotiate fair pricing on your behalf to keep costs to a minimum. This goes hand-in-hand with maintaining a healthy cash flow and ensuring your investment is profitable.
Swiftly Deal with any Issues
If you’re working with an experienced property manager who aims to keep costs low, they may be able to save you money on common property maintenance issues. For example, a property manager can aim to walk tenants through minor issues before sourcing a vendor to assess or repair them. In fact, a knowledgeable property manager is a great asset for both landlords and tenants.
Taking the time to ask relevant questions and troubleshoot can sometimes resolve minor issues quickly — without the expense of paying a professional service call at short notice.
Proactive Property Maintenance
Property management can be a money-saving endeavor, but it requires a certain amount of spending to be done correctly. Many investors rely on cash flow as a metric for determining whether or not something needs to be addressed — especially if it’s not broken. However, often this strategy is not feasible long-term. As the old adage goes, “an ounce of prevention is worth a pound of cure.” Put simply; landlords should be proactive in their property maintenance if they want to avoid higher costs down the line.
Regular maintenance on big-ticket items, such as the AC unit, can save money in the long term and even prolong their lifespan — sometimes for up to 5 years longer!
Other inexpensive preventative maintenance tasks can include
- Testing smoke and carbon monoxide detectors
- Checking for roof leaks
- Cleaning gutters
- Flushing the water heater
- Trimming overgrown trees and greenery
- Re-caulking and waterproofing showers and tubs
- Addressing minor leaks immediately
Although many of these tasks are small, they could lead to expensive projects if not maintained properly.
Save Time and Save Money
Many landlords make the mistake of thinking that they have enough time to handle everything. Unfortunately, if you are tied up in your rental property, it’s easy to lose sight of other essential responsibilities. Hiring an experienced property manager can help you more effectively manage your time and protect your rental property. A professional Brevard County property management company will handle the day-to-day affairs of renting and managing your rental property while offering peace of mind, such as taking care of rent collection, maintenance issues, and repairs — ensuring nothing falls through the cracks. Contact us today to learn more about our property management services.