How To Cut Maintenance Costs For Your Property
With property management constantly being updated and modernized, it has become more common for managers to have direct interactions with the routine maintenance of each property they manage. This means that costs can quickly rise if steps aren’t taken to regulate expenses. Here’s what you can do to fight the rising maintenance costs for property managers:
Keep a regular maintenance cycle for your buildings
Whether it’s regularly maintaining your building’s laundry machines or having regular checkups on your HVAC system to keep it properly maintained, it’s crucial to ensure that the little things are inspected in order to avoid large repair bills.
Listing and prioritizing urgent maintenance requests
Something that’s very urgent to one tenant might not be as important as another repair elsewhere. Making sure that you have a system that ranks the order of tasks to be done is important. If you let some repair issues persist for too long, you might be stuck with an outrageous repair bill. One popular example is when a small pipe leak could eventually lead to an entire unit being flooded!
Keeping records and making sure everything in your building is “up to code”
One big issue you could face is going against city hall when it comes to building code. To avoid any possible challenges, it’s always good to keep your own records of any and all work done on your site so when the worst case scenario happens, you can come up with proof.
Decrease turnover and unit downtime
If you keep tenants happy and promptly address maintenance requests, more often than not they’ll treat your units with better care. When all the previous steps are followed, lease turnovers are much quicker and you’ll spend far less when it’s time prepare the unit for the next tenant. Less downtime means less costs and more money left in your budget!