In Memphis, Tennessee, landlords are responsible for keeping their rental properties in a fit and habitable condition. This means complying with housing and building codes and making reasonable repairs.
Keeping your property safe and clean is the law. However, you might not have experience with maintenance and repairs.
A rental property management company that handles maintenance coordination can help, but do they pay for repairs?
Who Pays for Rental Property Maintenance?
Maintenance coordination is an essential part of owning a rental property.
While a property management company will handle maintenance coordination as part of the property management fees you pay, they are not responsible for paying for the repairs.
Landlords in Memphis will pay for routine, preventive, emergency, and seasonal maintenance. Make sure to always budget for maintenance and repairs in your rental property accounting system.
Some landlords prefer full-service property management services that include maintenance coordination. Others choose to outsource property management for maintenance only. Either way, you free up some time as a landlord.
How to Pay for Repairs
Rental property maintenance and repairs are always paid for by the landlord. How you pay for them depends on your property management company.
It's common for a property manager to ask you to set aside a reserve fund for the repairs. You can continue building and replenishing the reserve fund as you receive rental property income from tenants.
Some companies will pay for maintenance and repairs themselves. You'll have to refund these rental property maintenance costs, generally at the end of the month.
Importance of Maintenance Coordination
Preventive maintenance is the best way to avoid costly repairs. A manager can set up a property maintenance schedule to inspect units and buildings. This way, they can catch problems before they become major repair issues.
A property manager who also coordinates maintenance will complete regular inspections and address tenant concerns. They can implement a tenant portal where renters submit maintenance requests.
A property manager will check the requests and schedule the necessary repairs. Depending on the extent of the problem, they may involve the owner.
For example, if you set a price limit to how much you'll pay for a repair, a property manager will notify you if they believe a repair will go over that limit.
Otherwise, you don't have to be involved in the maintenance coordination process.
Most importantly, property managers can handle emergency repairs ASAP. They will have a system for 24/7 maintenance issues that cannot wait.
Hiring a Memphis Property Management Company
Although a property management company doesn't pay for maintenance repairs, their services are worth the fees. They provide maintenance coordination so landlords don't have to find and hire contractors alone.
At PMI of Memphis, our property management team has a responsive 24/7 maintenance support service for tenants and owners. We have a network of repair professionals who provide quality services at fair rates.
In addition to property maintenance, we provide a variety of helpful services for Memphis landlords. Collectively, we have more than 100 years of property management experience. Partner with us today to get started.
