What is property management and maintenance? How does one differ from another? Landlords, especially recent ones might be confused with these terms as both words are nearly synonymous with each other. Being a landlord is a tough job as there are many things to consider. Sometimes you just can’t do it all by yourself.
This where property management and property maintenance comes in. These two things will help landlords by decreasing landlord anxiety and increasing revenue.
Property Management
Property management is about managing the overall operations of the property. From regular repairs to property security. Property managers are the ones generally responsible for the oversight of the day-to-day function of the property. It is also their job to market the property if there are vacancies available.
It is either done by the landlords themselves or by professional property managers hired by the landlords. Managing your property properly will provide a definite boon to your income by reducing stress and increasing tenant satisfaction.
Aside from overall management and property marketing, here are some of the jobs property managers do;
Budgeting Property Maintenance
Property managers set budgets to efficiently monitor spend on maintenance.
Screening Potential Tenants
Property managers check each tenant’s background and credit history to recommend tenants.
Property Repairs
When there is a need for repairs in the property, It is the property manager’s job to contact professionals as soon as possible to avoid unnecessary injuries.
Renewing, Signing, Drafting Lease Agreement
When tenants renew their lease agreement, it is also the property manager’s job to make sure that there is no loophole in the agreement and the tenant understands the rules of the lease.
Maintaining Landscapes
Properties need to be aesthetic because it is the first thing prospective tenants see. If the property is clean and well-maintained then tenants would be drawn to it. It is the property manager’s job to make it so.
Rent Collection
Property managers when hired are also responsible for the rent collection.
Why Hire A Property Manager?
Property managers are perfect for landlords who have multiple properties in different areas. They also fit foe landlords who work in affordable housing programs
. They are a perfect fit for absentee landlords who prefer to rent their vacation homes or investment properties.
Property Management companies in NY must have a real estate license. Property managers most often charge on a percentage of rent collected. Others charge on a per-unit basis.
Property Maintenance
Property maintenance is the regular supervision of the common areas, roadways, infrastructure and building equipment, exterior elements, and landscapes. By inspecting these areas regularly, property maintenance avoids tenant injuries, diseases, floods, and fire. Landlords can also avoid lawsuits by keeping their properties safe from any kind of mishap.
Aside from avoiding damages to the properties here are also some more benefits of property maintenance;
- Less Stress From Better Control Of Assets
- Save Emergency Repair Funds
- Equipment At The Property Have Longer Working Life
- Increase in Property Value
Property Maintenance Services
If you’re a landlord then you need to know the services property maintenance will provide. Even if you hire a property manager to do the property maintenance, it is advisable to know what they are doing to your property. Here are some maintenance jobs they do for your property;
- Pest extermination, General Cleaning & Disinfection
- Plumbing & Electrical regular checking
- Lawn and Landscape maintenance
- Graffiti Removal ( If any )
- Painting and Sanding Prepping
- Update or Change of Signs
- Hot Tub & Swimming Pool Maintenance
- External Repairs & Power Washing
- Alarm Testings & Fire Extinguisher Inspection
- Floors, Doors. & Cabinets Repairs
- Appliances Maintenances
Property Maintenance Strategy
These are aspects of property maintenance strategies that landlords can use to properly decide what they should do.
1. Reactive Maintenance
This strategy is used when landlords wait for complications and failures to happen for them to respond to emergency procedures.
2. Preventive Maintenance
This strategy is used when landlords make regular inspections of the property to observe if there is a need for another maintenance.
3. Predictive Maintenance
This strategy is used when landlords put sensors or alarms to know that it’s time for them to do regular property maintenance.
Conclusion
The difference between property management and property maintenance is that property management encompasses all the operations of the property while maintenance is more focused on the integrity of the property. Both services are valuable and helpful for landlords as they increase the property value.
What landlords especially those with multiple properties in their portfolios should understand is that there is no need to do everything by yourself. Often landlords that attempt to make every repair themselves end up spending more on repairs than if they hired professionals to do the job. It is all about making the right choices for your property that matters at the end of the day. Teso Management services are here to help.
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