As the leading Bridgeport property management firm, it is our job to help clients maximize the earning potential of their rental real estate investments. Building up an adequate cash flow reserve is vital to preserving, and ideally increasing, the value of your rental property. However, many landlords do not net a monthly cash flow on a rental property because of mismanagement and inadequate planning. Keeping a reserve for unexpected repairs and/or extended vacancy periods is crucial to your success and financial safety.
The Waiting Game
When it comes to needed maintenance for your rental property, putting off repairs or doing shoddy work can be dangerous and costly. Choosing the cheapest fixes for a problem can actually cost you more in the long run. By not performing adequate repairs, you will end up paying more for repeat maintenance issues and even put yourself at risk for a lawsuit. Not to mention the accelerated depreciation value of the property.
You may be tempted to rely on your property’s home warranty to cover the repairs, but owner beware. Home warranties, though appear to be a good idea at the time of purchase, often do not provide enough coverage to justify having a policy. When maintenance requests are submitted, often times the request is delayed while approval is sought. This delay could cost the homeowner more in lost revenue from upset tenants.
Remember, the tenant is your customer and denying repairs or failing to address maintenance concerns in a timely manner will only lead to an unpleasant experience for the tenant. This negligence will also lead to high tenant turnover, increased vacancy days, and increased make-ready costs. As they age, rental properties require ongoing maintenance. It is good practice to set aside approximately three months worth of rent to use on maintenance costs.
Advice from the Pros
Whether you own one or ten rental properties, managing maintenance requests, work order statuses and accounting records can be a challenging reality of real estate management. Bridgeport, CT, landlords need to have a transparent system for seeing how their money is being spent on maintenance and other overhead costs as well as an established protocol for addressing tenant requests. A competent property manager accomplishes all of this with the assistance of both internal staff and their network of qualified, licensed vendors whom they have vetted for excellent cost effective service. Here are a few questions you should ask your prospective property management firm:
- How are after hours maintenance requests and emergencies handled and who handles them?
- What system do they have in place to practice preventative maintenance?
- What rules do they have in place regarding contractors entering occupied properties?
- Do they have their own maintenance crew? If not, What contractors do they work with?
By working with an established, professional property manager, you can save yourself the headache and risk of high liability situations. When considering companies for your property management, many investors have come to rely on the services of Real Property Management. As a licensed property management firm, we adhere to all Connecticut property tenant/landlord laws and regulations, providing tenants with advance notice of repairs and preventative maintenance. We also ensure that tenants have access to our 24/7 emergency maintenance services. We also work with a variety of preferred vendors to save you more money on all your maintenance needs. By working with us, you can rest easy knowing that your property will be managed efficiently and that your risk of liability is minimized.
Get Those Maintenance Expenses Back on Track!
Although you are now aware of the benefits of enlisting the services of a professional property manager, you may still find your cash flow in disrepair due to the cost of poorly managed maintenance. You may be wondering if there is any hope of getting things back on track? As the leader in Bridgeport property management, we say YES! Here are five quick tips for getting your expenses under control moving forward:
- Plan ahead for maintenance that may arise by setting aside three months worth of rent per year. If the home is older, set aside closer to six months worth of rent to keep the home up to codes.
- Conduct inspections and seasonal maintenance to discover any problems before they escalate to bigger issues. Being proactive could save hundreds of dollars in maintenance costs alone. You can read more about how you can perform seasonal maintenance here.
- Respond promptly to maintenance issues. Not only does this cut costs on issues that could damage the home further, it also reduces your liability and keeps tenants happy.
- Rely on the leading Bridgeport property management company to save you even more on services, appliances, materials, repairs, and remodeling through our preferred vendor discount programs.
- Always prepare the property between tenants to ensure it meets all safety and health codes and is visually appealing to anyone just driving by to see the home. A well maintained home will rent faster, saving you expensive vacancy days.
By following these recommendations, you can reduce the heartache of skyrocketing maintenance costs and be financially prepared when issues do arise.
How Our Bridgeport Property Management Team Can Help You
Entrusting the continued maintenance of your property to of one of the most reputable real estate management Bridgeport, CT, has to offer is not only an incredible investment, but it demonstrates to your commitment to providing the best rental experience for your tenants. When tenants know that providing a safe and well-maintained home is a priority to you, they are more likely to stay as long-term renters.
For over 25 years, Real Property Management of Southern Connecticut has been committed to helping you create positive client relations. Real Property Management can help you protect your valuable investment and create an inviting rental experience for your tenants. You can rest easy knowing that you have the support you need to tackle maintenance mayhem year-round. Put our experienced team to the test, and allow us to revive your management experience!