There are five primary duties a rental owner must face. One of them is maintenance and repair responsibilities. Appliances, flooring, plumbing - all of these components must stay in good shape to attract renters.
However, sometimes things go wrong. An old tenant may have launched a ball through the window, or the roof needs repair. But who's paying for these damages?
Rental property management is a complicated job with various parts. Keep reading to find out who's responsible for what regarding rental property maintenance.
Rental Property Management: What Do They Do?
A rental property management company is a go-between for the property owner and the tenants. Their job is to oversee day-to-day workings like:
- Setting and collecting rent
- Setting the property budget
- Finding tenants and filling vacant units
- Handling routine repair and maintenance requests
Property managers often take care of far-off properties or places the owner doesn't wish to oversee personally. What a rental property management team doesn't do is pay for repairs.
So, Who's Paying for Repairs?
Who pays for repairs depends on what the maintenance entails. The property owner is responsible for routine work, such as inspections and preventative measures.
The rental owner must create a budget for repair work calculated by the property management company for expected maintenance fees. It's also advised to make an emergency budget for unexpected repairs.
If the tenant causes the damage, they're responsible for paying for repair work. However, there are guidelines for how much you can charge and what a renter can pay.
Who Oversees Rental Property Maintenance Funds?
The rental management company is responsible for carrying out maintenance tasks. Property owners or tenants pay for them depending on the type of repair, but who oversees the maintenance money?
Typically, the management team will ask if you want to limit how much gets spent per repair. For example, you can give them the freedom to make repairs under a $1,000 limit.
This flexibility makes the repair process a little easier because the management team doesn't have to always ask for your approval. Speedy repairs keep tenants happy and help mitigate future issues.
If a job requires funds beyond your set budget, you can ask the rental company to speak with you first. They'll discuss options with you.
Sometimes repairs cost more than your assigned limit, and you must top off your funds. Of course, there are times when the rental property management company will pay for repairs out of pocket.
These situations only occur when repairs need to happen quickly. The property owner is responsible for repaying the management company after.
PMI Keeps Property Management Simple
Rental property management can be complicated. It's not easy to manage multiple locations at once. Routine repair and maintenance can be challenging and time-consuming.
PMI can help you market and manage your various properties amongst the competition. We offer property management services to help you revitalize and maintain your rentals.
Contact us at PMI Daytona Flagler today. We're only a call or email away, ready to offer valuable assistance at your disposal.
