The need to perform maintenance and repairs on rental properties is inevitable, but there is a right way to handle both.
Develop a Vendor List
The first thing you need to do is put together a vendor list, which includes the professionals you use for each type of repair. At a minimum, you’ll need a plumber, an electrician, someone to take care of any heating problems, and an HVAC technician. You also want an in-house maintenance professional who can go in and do small repairs, often at a discount. This is something to look for in a Groton property management company.
Your list of vendors should also include back-up vendors in case you can’t reach your go-to electrician or plumber. Relationships are important – you want to work well with your vendors, and you also want to monitor how they are performing in the field. Follow up when the work is completed, and get feedback from your tenants on whether the vendor left the place clean, they were polite and knowledgeable.
Maintenance Coordination Fees
In many cases, property management companies will charge a coordination fee for maintenance work, and it is not usually included in the on-going monthly management fee. You could see a mark up of 10, 15, or even 20 percent of the invoiced amount. There is often a cap on this fee to reflect the amount of time that it takes to coordinate the work.
It takes many steps to coordinate getting a repair fixed, and it can be an asset when it’s done right: the property manager and staff have to take the repair call, write up the work order, contact the tenant, gather more details, contact and dispatch the vendor, and provide an appropriate scope of work. There’s also a follow-up with the tenant and final invoicing and billing.