We recently posted about why the cost of repairs is on the rise. Everything from shipping delays to inflated prices is having an impact on investment property owners.
If you hire a rental property management company, you can rest assured that maintenance and repairs happen in a timely fashion. Will your property manager also cover the cost of maintenance and repairs?
The short answer is no, and we're here to explain why. Read on to learn what all landlords should know about covering the cost of maintenance.
Rental Property Management and Repairs
If property managers don't cover maintenance costs, how do they assist with repairs? This is a great question to ask before you hire property management. The answer should include:
- Taking and responding to tenant maintenance requests
- Regularly inspecting rental units
- Scheduling preventative and emergency maintenance
- Overseeing repairs and assessing contracted work
- Partnering with affordable and reliable contractors
- Maintenance budgeting and accounting assistance
Depending on the level and scope of property management services you pay for, you may not need to be involved in maintenance at all. You can rest assured that tenants are taken care of and properties get regular upkeep.
Covering Repair Costs Out of Pocket
Most of the time, you will need to cover the cost of maintenance yourself. A great property manager can also help you create a realistic maintenance budget using your rental income.
If property managers perform regular inspections and take a preventative approach to maintenance, you may be able to avoid the most expensive home repairs.
However, you never know when plumbing, gas, or electrical emergencies may occur. To avoid unexpected financial strain, always keep emergency maintenance reserves.
Using Security Deposits to Pay for Repairs
Property managers don't pay for the cost of repairs, though they do oversee repairs and can help cut costs. Are tenants ever responsible for the cost of repairs?
Ideally, you should be collecting security deposits from tenants when they sign your lease. Security deposits are designed to protect landlords from undue financial burdens. However, Virginia state law mandates that you can only use security deposits to cover:
- Unpaid rent and resulting late fees
- Damage caused by tenants beyond reasonable wear and tear
- Damage resulting from a breach of the lease agreement
Within 45 days of the tenant's move-out date or lease termination, you must send back their security deposit. If you use any or all of their security deposit to cover the costs listed above, you have 45 days to send an itemized list of expenses.
Call Chambers Theory for Hassle-Free Property Management
Hiring rental property management can lead to a more cost-effective approach to maintenance and less landlord stress. Experienced property managers can also help you prepare a budget and emergency fund to cover maintenance costs.
Tommy Chambers founded Chambers Theory in 2018 after 17 years in real estate and property management. Our team takes a unique approach to property management, working in small departments to ensure quality at every level. Contact us today to learn more about our services.
