If you’ve never hired a property management company before, you may be wondering what property management repairs and maintenance tasks fall on their list of responsibilities — and rightfully so! You have a lot on your plate and figuring out how to properly delegate some of the to-dos on your task list can free up time for you to focus on growing your commercial portfolio. If you hire a property manager, they are responsible for a wide range of repairs and maintenance that may be necessary to maintain a property in good condition and ensure the safety and comfort of your tenants.
Some Common Repairs That Property Managers May be Responsible for Include
- Plumbing and electrical repairs – The repair and replacement of plumbing and electrical systems, such as leaks, clogs, faulty wiring, and malfunctioning appliances may fall under the responsibility of a property manager.
- Heating and cooling repairs – A property manager may be responsible for maintaining HVAC systems and ensuring that heating and cooling units are working properly.
- Structural repairs – A property manager may be responsible for fixing issues with the property’s foundation, roof, walls, and other structural components.
- Interior repairs – The repair or replacement of flooring, walls, fixtures, and other interior components that are damaged or in need of maintenance may fall under the responsibility of a property manager.
- Exterior repairs – Property managers may be responsible for repairing or replacing siding, windows, doors, and other exterior components that are damaged or in need of maintenance.
- Safety repairs – Property managers may be responsible for addressing safety hazards such as broken stair treads, loose handrails, or faulty locks.
While these are a few examples of repairs and maintenance that the property management company may be responsible for, the specifics will depend on the terms of the management agreement between the property owner and the property manager. Follow along as Price Commercial Management explains the typical property manager and property owner relationship, outlining who is responsible for the cost and handling of property repairs and maintenance.
Who Covers the Cost of Repairs & Maintenance?
Although hiring a property management company to run the day-to-day helps you spend your time elsewhere, the property owner is still on the hook for the costs of property maintenance. Property managers are responsible for overseeing the maintenance and repair of the properties they manage, but they do not pay for these expenses out of their own pockets. Instead, they use funds from the commercial property owner’s budget or reserve account to cover these costs.
Ultimately, the goal of a property manager is to keep the property in good condition and ensure that it is safe and habitable for tenants. This may involve coordinating repairs and maintenance, hiring contractors or service providers, and budgeting for these expenses responsibly and transparently.
A Proactive Approach to Repairs & Maintenance
To ensure everything is operating smoothly at the commercial property, the property manager often uses a proactive approach to get ahead of small issues before they become a larger cost for the property owner. No one likes a hefty repair bill — and proactively handling maintenance can prevent just that! But what services do property managers provide to assist with property repairs and maintenance?
You Can Expect Your Property Manager to
- Inspect the property – Property managers begin by inspecting the property to identify any repairs or maintenance that may be needed. They may conduct routine inspections or respond to tenant reports of issues.
- Determine the scope of work – Once repairs or maintenance needs are identified, property managers determine the scope of work required to address the issues. They may work with contractors or service providers to obtain estimates for the cost of repairs or maintenance.
- Obtain approval – Property managers obtain approval from the property owner before proceeding with any repairs or maintenance that exceed a certain dollar amount or that are outside the scope of routine maintenance.
- Hire contractors – Property managers may hire contractors or service providers to perform repairs or maintenance on the property. They may obtain multiple bids to ensure competitive pricing and quality work.
- Coordinate repairs – Property managers coordinate repairs with tenants and contractors to ensure that repairs are performed in a timely and efficient manner. They may also oversee the work to ensure that it is performed to a high standard and that it meets all legal and safety requirements.
- Budget for expenses – Property managers are responsible for budgeting for repairs and maintenance expenses, which may include setting aside funds in a reserve account or working with the property owner to develop a budget that allows for necessary property management repairs and maintenance.
Property managers handle repairs and maintenance by taking a proactive approach to identifying and addressing issues in a timely and efficient manner. By working closely with contractors, tenants, and property owners, property managers can ensure that repairs and maintenance are performed to a high standard and that the property remains in good condition for the benefit of all involved.
How Price Commercial Management Can Assist
Utilizing a property management team can streamline all of your processes at your commercial properties and give you a completely hands-off role with your property. A Price Commercial Management property manager will help you ensure your property and your tenants are well taken care of resulting in long-term, happy tenants and a strong cash flow. The Price team provides investors the opportunity to take a hands-off approach to their properties while confidently knowing that their properties and tenants are in good hands. Overall, have more free time while we focus on ensuring that your properties continue to be a source of future income.
Price Commercial Management crafts customizable property management plans based on client needs, including:
- Rent Collection
- Lease Enforcement
- Monthly Property Reporting
- Expense Management
- Revenue Enrichment
- Property Assessments Scheduling
- Routine and Preventative Maintenance
- Relationships with Licensed and Insured Contractors
- Aesthetic Maintenance
Free yourself from the hassle and burden of managing your own property or that other sub-par property management companies have added and let our trusted and proven record go to work for you. Contact Price Commercial Management to learn more about our team’s proven track record or to hire a property manager for handling repairs and maintenance.