Navigating The Biggest Owner Complaint - Maintenance of the Property
Find peace of mind in property ownership with our comprehensive guide to effective property maintenance. In this series, we delve into the crucial aspect of maintaining your property, addressing the biggest owner complaint. Discover the pivotal role of property maintenance in enhancing tenant satisfaction and maximizing property value. From understanding the importance of timely repairs to implementing proactive maintenance strategies, we equip you with the knowledge to elevate your property management game. Join us as we navigate through the intricacies of property maintenance, providing you with invaluable insights and actionable tips to ensure your investment thrives.
Top 5 Common maintenance issues
We have identified the most common maintenance issues most property management companies will have to deal with. Whether you manage single-family homes or multi-family units, you are likely to experience at least some of these common maintenance issues.
1. Conditioning: Half of all HVAC service requests happen in the three months when summer arrives. Temperatures rise, and air conditioning units must work harder to keep units cool. Establishing a process to schedule HVAC repairs is essential to keeping staff from getting burnt out, leading to service delays and angry residents. As I'm sure we all know, there is nothing worse than sitting in a sweltering building without air conditioning.
2. Doors: As a property management company, having a locksmith or a maintenance tech available after hours is essential to resident satisfaction. Often residents may lock themselves out, but sometimes they have their key, and there is an issue with the deadlock. Imagine how frustrating it would be as a resident not to be able to get into your own home.
3. Toilets: Clogs and other toilet issues may seem like an easy fix, and they often are. But toilet issues left unattended can lead to much more significant problems. Unaddressed leaks or clogs can lead to flooding and water damage. This can be especially catastrophic in an apartment unit as flooding or leaks may damage the unit below.
4. Sinks: A leaky sink may not seem like a big deal, but sink problems can be challenging to identify. This means a plumber may take multiple visits to a residence to locate and fix the problem. This means you'll be paying for numerous trip charges and scheduling multiple visits between the vendor and the resident. By implementing maintenance troubleshooting, you can get more information from a resident beforehand, making it easier for the vendor to diagnose and fix the problem.
5. Refrigerators: Refrigerator failures are costly because, most times, they require a specialist, or worse case scenario, buying a new fridge altogether. Diagnosing and fixing refrigerator problems quickly is imperative to maintain a good relationship with residents. Residents will not be pleased if they have to toss out a week's worth of groceries because a repair took too long.
For a complete list of common maintenance problems, check out this article.
By understanding the most common work orders, teams can plan ahead and develop a system to track servicing and the predictions of a unit's appliances. In addition, having a system to track a repair job from start to finish can help keep residents happy and provide more insight the next time a similar issue arises.
Property maintenance best practices
There are many phases and aspects of the property maintenance process, and adopting best practices into your maintenance process can help a maintenance team run more efficiently and eliminate unnecessary costs. An efficient process keeps costs low, creates a better experience for residents, and keeps property owners satisfied.
Touch base with the vendor to confirm scheduled repair
Whether manually or with software, take a few moments to confirm with your vendor that the repair has been scheduled on the correct date. It can be as simple as drafting a text or email and plugging in the appointment time.
We recommend you do not wait any longer than 24 hours after a vendor accepts a job before confirming the scheduled appointment. Waiting too long may result in maintenance tasks falling through the cracks.
Communicate with residents promptly
In addition to touching base with the vendor or technician, a brief check-in with the resident can greatly increase customer satisfaction. Confirming the repair appointment will make them feel taken care of. We understand it might not feel important, but that 3-minute check-in will go a long way.
• Request confirmation of completion from the vendor
Too many property managers rely on an invoice to verify that a work order is complete.
Why is that an issue? Sometimes, receiving an invoice can take weeks. Suppose you fail to confirm with a vendor that a job was complete. Ultimately, you're setting yourself up for failure, negative reviews, headaches, and lost revenue.
Ask your vendors to follow up with you once they've completed the work order. Verbal confirmation is acceptable, but written communication is the best option. Why? Because conversations can be easily forgotten and challenging to track.
• Follow-up on resident satisfaction
Once a repair is complete, you have the green light to ask the resident about the quality of the work. It's essential to catch complaints early before an unhappy resident leaves you a negative online review. Reputation is everything!
You can't afford negative feedback. In fact, 78% of prospective residents say a property management company's online reviews were the number one factor in choosing where to live.
An all-in-one maintenance system can provide streamlined communication throughout the process, so you don't miss a beat.
Understanding Management Rates In Colorado
When considering property management rates in Colorado, it's important to understand the average fees and charges associated with this service. In Denver, property management rates typically range from 8% to 12% of the monthly rental income. However, it's essential to note that these rates can vary based on the specific services offered by the property management company.
In Colorado, the average property management fee for full-service management can range from 8% to 12% of the monthly rental income. This fee typically covers services such as tenant screening, rent collection, property maintenance, and financial reporting. Additionally, there may be additional charges for leasing, lease renewal, and eviction services.
For property owners in the Sunshine Coast area, property management fees can vary based on the specific services offered and the size and location of the property. On average, property managers charge between 7% and 10% of the monthly rental income for their services.
Understanding the average property management rates in Colorado and the specific services included in these fees is crucial for property owners looking to engage a property management company. It's essential to carefully review the fee structure and service offerings of different property management companies to ensure that they align with your needs and expectations.
Choosing the Right Property Management Company
When it comes to managing your property, finding the right property management company is crucial. A reputable property management company can make a significant difference in the success of your investment. Here are some key considerations when choosing the right property management company:
Property management companies: Look for property management companies with a proven track record of success and a strong reputation in the industry. Research their experience, client testimonials, and online reviews to gauge their reliability and professionalism.
What are basic management fees?: Property management fees typically cover the cost of services such as tenant screening, rent collection, property maintenance, financial reporting, and legal compliance. Understanding the basic management fees and what services are included can help you make an informed decision.
What is the price range for management fees? The price range for management fees can vary based on factors such as the type of property, its location, and the range of services offered. It's important to compare fee structures and understand the value provided by different property management companies.
Choosing the right property management company is a critical decision that can impact the success of your investment. By carefully evaluating their services, fees, and reputation, you can find a partner that aligns with your property management needs and goals.
Wrap-up
In conclusion, property maintenance plays a pivotal role in addressing owner concerns and ensuring the longevity of their investments. By partnering with a reputable property management company, owners can benefit from effective maintenance solutions, timely repairs, and proactive property care. This not only alleviates the burden of day-to-day maintenance tasks but also safeguards the property's value and enhances tenant satisfaction. Choosing a reliable property management company with a proven track record in property maintenance can provide owners with peace of mind and a hands-off approach to managing their properties. With the right maintenance strategies in place, owners can maximize their returns and cultivate a positive rental experience for both themselves and their tenants.
