How in tune with your rental property expenses are you? No, really. When was the last time you sat down with your accounts payable, contractor agreements, and expenses to take an examined look at how much maintenance is costing you?
The truth is most rental property investors are too busy and sometimes too overwhelmed to devote time to reviewing spreadsheets and analyzing bills. Unfortunately, if you’re not checking and verifying every dollar that goes out, you could fall victim to overcharging. And not catching it now means you could overpay hundreds or thousands of dollars in property maintenance.
Today, we’ll share insights for building great relationships with the best maintenance vendors, so you can stay ahead of overcharging and overpaying risks.
1. Develop Strong Working Relationships
Look at your roster of current partners for property maintenance, including contractors you call for plumbing, electrical work, HVAC, and home inspections. With that list of contacts, now go through and ask yourself how reliable are those current partnerships. Do you like the contractors? Additionally, do they perform a quality service in a timely manner? Are they communicating with you as you’d expect?
If you answered negatively for any of those, it’s time to find better maintenance partners. Consider interviewing new contractors through the lens of long-term relationships. And talk with them about long-term goals whereby you can be a routine client for them, and they can be a reliable contractor for your properties. Find contractors who come highly recommended and those who have an established reputation for quality work. And it’s a bonus if they’re already accustomed to taking care of rental properties.
2. Check Your Maintenance Invoices
If you believe your contractors are all top-notch and operating above board, it’s still a good idea to check your invoices. In fact, you should be checking your rental property maintenance invoices regularly. Look to spot any suspicious charges or fees. Your contractors are well within their rights to increase their rates. But not knowing about those price hikes or added fees can eat away at your profits quickly. And since it’s impossible to remember everyone’s rates ongoing, compare today’s invoices with last month’s or last spring’s invoices. Look for anomalies and inquire about any charges that look unfamiliar.
3. Negotiate Annually with Maintenance Contractors
As part of your effort to forge strategic relationships with your rental property maintenance partners, don’t forget to negotiate. When contractors have an opportunity to work with you ongoing, with routine seasonal calls, there might be room for discount pricing. Ask about long-term commitments and corresponding savings. And renegotiating annually will allow you to stay on top of your maintenance costs.
4. Hire the Property Management Partner
If you’re still dissatisfied with your current maintenance contractor partnerships, with growing concerns that you might be overpaying for mediocre services, it might be time to consider a rental property manager. This partnership, unlike the others, is designed to save you both time and money in the short and long term. Working with our professional team at PMI JCM Realty Group, you’ll know precisely what you’re paying for rental property maintenance. And we’ll handle the vetting and contracting of reliable pros.
Contact us today, and let us find ways to help you save on property maintenance costs!
At PMI JCM Realty Group in Tampa, we’re always sharing the absolute latest in rental property investment tips, including emerging trends and insights in Tampa’s real estate market. If you’re hoping to drastically improve your landlord-tenant experience and bottom line, sign up now for our free webinar. It’s there you can uncover relevant strategies for rental investment success. It’s a must-watch webinar, too, with real-world tidbits for How to Streamline Your Rental Portfolio for Maximum Growth! Local property investors, both in Tampa and beyond, who are just like you, will always find something useful to apply.
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