5-P’s of Maintenance

Maintenance: It has the potential to break the profitability of your rental portfolio.

Over-runs in maintenance expenses are a serious problem for real estate investors. You purchased your rental properties with an estimate of what your annual maintenance spend would be. If reality differs from this estimate, then your investment can turn into a real dog.

Your maintenance spend might include deferred maintenance and other items over which we have little control. But when the maintenance ticket comes in, how we handle it can make all the difference.

Here are HomeProp’s 5-P’s of Maintenance:

Every maintenance ticket must come with photos so we can see the seriousness of the problem, so we can get a general idea of the materials needed for the repair, and so we can correctly inventory your unit’s assets.

  • Photos allow to clearly understand the nature of the problem and give us a vehicle through which we can communicate the problem to the Vendor, if necessary
  • A comprehensive Unit Asset Inventory allows us to keep track of the major mechanical elements that comprise your real estate investment. Not only is this a terrific report for you, but it allows us to determine whether repair or replace is the most reasonable strategy for the asset in question

Every time a work order comes in, your property manager contacts your tenant and works with them to troubleshoot the problem.

  • Many problems can be fixed by a knowledgeable PM over the phone. Our Property Managers will work with your tenant to address the most common fixes for the item in question.
  • Perhaps the tenant can’t repair the problem on their own, but the Property Manager can. We think that’s part of the job of the Property Manager, and we will gladly fix the problem ourselves if we can!
  • Some problems are the responsibility of the tenant, like simple plumbing blockages, and burned-out light bulbs. Our Property Managers will always refer back to the lease to advise your renter of their realm of responsibility.

If maintenance is required, our Property Managers will always work to find the best Professional for the job.

All trade-professionals are not created equal – some jobs require specialists, while others are content with handymen.

We will determine the most appropriate trade-professional for the job, to save you money and maximize the cost-quality equation.

We follow up with your tenant and with the trade-professional for proof that the job is complete.

If any doubt exists, we visit your home in person to confirm completion status.

We require completion-photos for every job, and the tenant (who initially submitted the work order) must acknowledge completion of the repair item to their satisfaction before we will pay a vendor.

Upon completion of the work to our satisfaction – and to the satisfaction of your renter – we update your Asset Inventory with warranty information and asset-specific, we close out your work order, and we bill your account for the repair.

  • Your property manager now has a record of this repair and detail on the assets contained in your home, so any future repairs for the same item may be covered by parts of labor warranties.
5-Ps of Maintenance