Virginia is an excellent state for property investment, boasting low rental vacancy rates and a growing economy. This positive outlook is a promising prospect for Hampton Roads landlords, but it doesn't mean you can neglect your responsibilities.
To retain your tenants and avoid costly vacancies, you must carry out several tasks associated with your rental properties. Maintenance coordination is one of the most important and time-consuming of these.
Hiring a property manager can help reduce some of the work involved in maintaining your investment properties, but do their fees cover the costs associated with it?
What Do Property Management Fees Include?
Property management companies charge a fee to oversee and undertake some of a landlord's duties. These tasks include:
- Property marketing
- Tenant screening
- Rental valuations
- Property inspections
- Rent collection
- Tenant communications
- Bookkeeping and record-keeping
Some property management firms can also assist you with guidance should you need to evict a tenant. Property management fees don't cover property management expenses like maintenance and repairs.
They do include maintenance coordination services.
What Is Maintenance Coordination?
Maintenance is vital to ensuring your property retains its value and appeal. It's also a legal requirement in Virginia.
As part of their maintenance coordination service, a property manager sets up a schedule for routine and preventive maintenance tasks, like:
- Roof inspections
- Safety equipment inspections
- HVAC servicing
- Landscaping and lawn care
They oversee aspects of maintenance planning, like sourcing dependable contractors, negotiating the best prices, and managing the maintenance workflow.
A property manager responds promptly to any maintenance and repair requests to avoid tenant inconvenience. They attend to small maintenance issues before they escalate into costly repairs and replacements.
Property inspections are vital for effective property maintenance. These visits help your property manager detect any issues and repair them quickly.
They may also carry out small maintenance tasks during these visits, e.g., changing smoke detector batteries or HVAC filters.
These maintenance strategies help save you money, encourage lease renewals, and ensure legal compliance.
Who Pays for Property Repairs and Maintenance?
You can request that your tenant carry out some maintenance tasks on your behalf, such as lawn care, as long as they agree to it and you state these conditions clearly in the lease. They are also responsible for any maintenance costs beyond normal wear and tear.
Apart from these two instances, you pay all the maintenance and repair costs for your property. You can arrange for your property manager to deduct these amounts from your owner disbursements.
You can also set up a fund for maintenance expenses and give your property manager access to these funds.
Reduce Your Property Maintenance Concerns
Taking care of routine property maintenance and emergency repairs can prove costly, time-consuming, and stressful, especially for landlords from out of town. That's why many landlords prefer to hire an experienced property manager to take care of these aspects.
Renters Warehouse is an excellent choice if you're searching for a full-service property management partner in Hampton Roads. Our experienced team can assist you with a range of services, including maintenance coordination, rent collection, and property inspections.
Explore an easier way to oversee your property management responsibilities today.
