Vantage Property Management
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How a Maryland Property Manager Saves you Money on Maintenance and repairs
Today we want to take some time to discuss how maintenance and repair items should be handled by a professional property management company.
One of the greatest concerns for the new landlord, especially for one who will be residing out of the area, is that," I turn my property over to a management company and they will simply blow through money like crazy, satisfying every whim of the tenant". I can absolutely assure that this is not the case when dealing with a reputable property management company. Let's talk about it.
In most cases, the property management company will always make the arrangements for the routine, handyman" type maintenance items as they arise. These are the items such as commodes that don't flush right, leaky sink faucets, etc.
The property manager usually keeps the owner advised of these routine type repairs on a monthly basis and advises the property owner of any expense associated these routine maintenance items.
Any time that something out of the ordinary comes up, such as a major repair item, or something that may result in an unusual expense, the property manager should immediately contact the property owner, in order to discuss as to the best way to proceed.
When interviewing a new property manager, there are some other very important questions that the property owner should ask when discussing maintenance and repairs.
One very most important question to ask when considering hiring a property manager is, "Does the property manager make money on overseeing maintenance and repair items?" If the answer to this question is "yes", then you will want to ask a lot more questions about this practice.
Some property managers charge the owner as much as an additional 10% for overseeing routine maintenance items. Other managers have "in house" repair staff, which puts the management company in the position of turning a profit on every maintenance or repair item which will come up in the course of a typical lease term.
At Vantage Property Management, we find that the practice on charging the property owner an additional fee for overseeing routine maintenance and repairs is simply wrong for a couple of reasons.
Reason #1. Is that we are already charging the property owner a percentage of the monthly rent for overseeing the management of the property. Why then, should an additional fee for simply doing our job?
Reason #2. The practice of charging an additional fee for overseeing routine maintenance and repairs, is that the property manager could be sometimes be tempted to come up with a repair item which may not be really necessary, in order to turn an additional profit.
At Vantage Property Management, the process is very straight forward. When we pay a contractor for performing a service at a property, the property owner will be provided with a copy of the work order and the actual invoice from the contractor. No "mark ups", no "add ons". You'll only be paying the actual cost of the parts and labor charged by the contractor, no "extras" to the property manager.
Another area where Vantage Property Management can save the property owner a lot of money is that "We know what stuff costs".
Because we oversee the management of over 300 rental homes and address these items on a routine basis, we have vast experience in knowing what one should expect to pay for these items.
This also puts us in a strong position when it comes to dealing with contractors, be it a routine handyman item, or a painter, plumber, electrician, HVAC, etc. Our job is to assure that the property owner is being charged a fair price and not being taken advantage of by an unscrupulous contractor.
All of this assures our owners of good, reliable and fast service, at reasonable prices. The best contractors are always willing to work with us because we are in the position of being able to provide these contractors with a steady stream of work throughout the year.
Sometimes a property owner has a particular contractor that they have used previously and is familiar with the home. If that contractor demonstrates that they are reliable, punctual and are property licensed and insured, we will be happy to add that person to our list of approved contractors.
Should you have additional questions, or you need more information on maintenance and how a property manager can save you money, please contact us at Vantage Property Management.
How a good property manager can save
you money on maintenance and repairs.
Vantage Property Management
410.729.2770
1120 Benfield Blvd.
Millersville, MD 21108