Hiring a rental property management company in Colorado Springs makes the day-to-day tasks of landlording easier. They'll help with rental collection, tenant placement, and rental repairs.
Property managers are familiar with bent railings, broken windows, and dirty, ripped carpeting, but do they pay for the repairs? How far do property managers' responsibilities go regarding maintenance and repairs?
Property managers have various property upkeep obligations. Read on and we'll explain their duties and whether these people pay to fix things around your property.
Do Rental Property Management Companies Pay for Repairs?
Rental property managers technically pay for repairs, but not in the way you may think. Property maintenance is the property manager's job.
They ensure everything is in good shape via inspections and take tenant requests for repairs. The property manager also contacts contractors to fix things.
Despite all that, it's better to think of property managers as having the authority to pay for repairs. They don't pay for the work out of pocket.
Setting a Budget for Property Upkeep
You must set a budget for the manager to use. It should account for garbage disposal, recycling, outdoor and interior cleaning, and landscaping.
The company will help you calculate the money you need for property maintenance costs. You'll need a reserve budget for unexpected repairs.
How much your reserve fund is depends on factors like property conditions and location. Money to fix a burst pipe would come from this fund. Again, your property manager will help determine the reserve budget.
How Property Managers Spend Your Money
Your budget, or landlord maintenance fees, come from your money. Sensibly, you'd want to know how your funds are used. Your manager will ask if you want to limit how much is spent per repair.
You can let them go ahead with repairs at or below $600. The property manager doesn't need to ask you about anything in that price range and repairs can move faster.
You can ask them to speak to you about repairs beyond your set budget. They'll call you so you can weigh your options. From there, you can decide whether to go ahead and eventually replace the spent money.
Sometimes a property management company will pay for the repairs themselves. They only do this when a repair needs fixing quickly and you'll pay them back later.
Other Associated Costs
You'll pay the property management company a fee for their services. The contract will specify a flat fee or percentage of your monthly rent. The fee is separate from the repair costs.
Taking Care of Rental Property Management
The best way you can help your rental property management company is by compiling and budgeting for all your landlord maintenance fees. Your property manager won't pay for the repairs out of pocket.
But they will stick to your budget and ensure you know where the money goes. Team Colorado Casa PMI handles maintenance, accounting, and tenant screening.
You can trust that our Colorado Springs property managers will care for your property as if it's theirs. Contact us for help with your property today!
