Did you know that the average landlord pays about $3,000 per year for property maintenance?
Property maintenance isn't an option. It keeps your tenants happy and protects your investment. The last thing you want is for accumulated damage to result in a costly renovation further down the line.
That said, maintenance costs aren't cheap. Property taxes and other financial obligations mean this could take a significant chunk out of your budget. The solution, therefore, may be to outsource your property management.
Keep reading as we discuss just a few of the benefits of outsourcing property maintenance.
1. Outsourced Property Maintenance Can Be More Cost-Effective
When you outsource, you put the onus of cutting costs on someone else. It's a lot easier to do this for a company that specializes in maintenance-type jobs, rather than a landlord buying their own equipment. You can rely on professional expertise, rather than trusting yourself with difficult jobs.
Competition means you can shop around for the right company. If you're not happy with prices or service, you can always move on to the next maintenance company down the street. You can point to competitor prices and perhaps get a better deal in the process.
2. It Frees Up Your Time from Tedious Tasks
Maintenance takes up a lot more time than you would think. It's not just fixing whatever needs fixing. It's finding parts at the store, gathering equipment, and scheduling a time to do maintenance.
As a landlord, you want to be hands-free. You want to enjoy the fruits of property management, namely that you don't have set hours and can work at your own pace.
Delegation means you focus your energies on things that really matter. Higher-level issues require your attention and expertise, and you can't attend to them promptly if you're busy with maintenance headaches.
3. It Gives You Freedom from Liability in the Event Something Goes Wrong
Suppose you're replacing your tenant's water heater. A lot can go wrong with that sort of job. You could accidentally take out the surrounding drywall, or cause serious water damage while draining the tank.
Messing up a job could make a simple repair into a nightmare. This could cost hundreds, potentially thousands, of dollars to resolve.
With a contractor, you get the guarantee that the job will be done right. Contractors are professionals and therefore aren't prone to rookie mistakes. But in the rare instance that they do get something wrong, they have to take responsibility for damages.
Find Property Management in Your Area
Property maintenance is part and parcel of being a landlord, and unfortunately, can add a significant amount to your expenditures. However, outsourcing property maintenance can cut down costs and free up your schedule. It can be a shield against damages, saving you from repairs gone wrong.
Home River Group wants to help you manage your Sumter properties. Get in contact today and see how property management can make all the difference.