According to a recent Gallop poll, almost twice as many Americans say that real estate is a better long-term investment than stocks or mutual funds. Rental properties are more than just investment, but provide a potential source of passive income.
They require a lot of work though, including frequent repairs. That is why many property owners turn to management companies for help. In these arrangements, you may wonder if property managers pay for repairs.
This article explains what responsibilities property managers typically do (and do not) have. It will let you know what to expect going forward.
Do Property Managers Pay for Repairs?
The short answer to this question is "no," property managers generally do not cover the costs of repairs. That is because these are a way of adding value to your property. You can think of them as a literal investment and one that makes the unit more attractive to prospective renters.
How Property Managers Do Help With Repairs
While they do not pay for repairs, here are other ways that property managers can be an asset. Here are the main ones to consider.
"Repairs" generally fall outside of the scope of regular maintenance. Property managers are usually responsible for the latter.
Landscaping, replacing air filters, cleaning gutters, and changing lightbulbs are all typical tasks the property managers can handle. Which regular responsibilities they take on will depend on the company you hire and the scope of the contract.
Most property managers will take care of minor repairs themselves. This includes tightening light fixtures, patching walls, and painting. While the cost of the materials may come out of the landowner's pocket, you can expect most property managers to carry out the task.
If the repair requires the expertise of contractors, the property manager can help out here as well. They can solicit estimates from reputable repair companies in the Boise area and present them to you.
Of course, you will make the final decision about who to hire. However, the property manager can do the rest, including scheduling the work and ensuring it is completed satisfactorily.
Finally, most property managers are responsible for managing permanent or semi-permanent staff. For instance, they can schedule pest control, community pool maintenance, cleaning, or regular HVAC inspections (if they do not already perform these tasks themselves).
You also can expect them to stay on top of scheduling rental property repairs related to these regular maintenance chores. For instance, if you need pest control for an infestation, pool repair, a deep clean of a unit, or HVAC unit servicing, you can count on your property manager to handle this.
Find Rental Property Maintenance Services Near You
Now that you understand how paying for repairs in rental properties works, you can plan accordingly. Good property managers will be upfront with you about the scope of their responsibilities so that there will be no surprises down the road.
At 1st Rate Property Management, we genuinely love the fast-paced world of real estate. We recognize that is not the case for everyone, which is why we offer a range of services to our clients, including maintenance and repairs. Reach out to us today to see how we can help.