Cash flow might not be something you think about often as a landlord. But you should, as it's critical for your business.
Cash flow refers to the money coming in and out of your business. Thus, it includes your rental income and expenses.
But are you responsible for paying for the maintenance coordination, services, and repairs your units need? Or do your property management fees cover these things?
Continue reading to learn more about how this works in Teaneck, NJ.
What Is Maintenance Coordination?
Maintenance coordination involves planning and executing the maintenance that rental properties need. It begins with a property maintenance schedule that lists all the tasks needed.
For example, your list might include some of the following steps:
- Lawn care services
- Snow removal
- Tree trimming
- Painting
- HVAC cleanings and updates
- Smoke alarm inspections
Additionally, your schedule should state the frequency of the maintenance. When you hire a property management company, they will coordinate the maintenance.
Rental property services also handle executing the work. In other words, they plan the work and complete it.
Why Is It Important?
Landlords have responsibilities. One of these is to care for the units, ensuring they are habitable for those living there. The best way to do this is by performing routine maintenance and repairs as needed.
Routine maintenance on rental properties is like an oil change for a vehicle. The vehicle doesn't need the oil change because the car is broken. It needs it to operate efficiently and protect the engine.
Rental property maintenance is similar. It keeps the units in good condition and helps you avoid problems.
You may still encounter repair requests from your tenants. However, performing routine maintenance may reduce the repairs you encounter.
Who Pays for It?
When someone moves into a unit and signs a rental lease, they expect you to manage the unit. You can do this alone or hire it out. When you hire it out, you'll pay property management fees.
The property management fees cover the firm's services, and you choose what they do. For example, you can hire them to perform tenant screenings. You'll pay the property manager for this service.
You can hire them to handle the maintenance and repairs. Your fee covers the property manager's scheduling and handling of the maintenance. However, your fees do not cover the rental property maintenance costs.
These are expenses you must pay for, even though the property management firm handles them. Of course, every contract is different. Read your contract to determine what services it covers.
Learn More About Property Management Fees
Maintenance coordination is a vital part of your rental property business. After all, it keeps your properties in top-notch condition. However, it's not free.
Hiring a property management business is helpful. You can choose the services they provide, but you'll likely have to pay for the maintenance and repairs.
PMI North Jersey is a full-service property management firm in Teaneck, NJ. We use state-of-the-art technology to help our clients stay informed and up-to-date on their property statuses. We also specialize in quality services.
Get in touch with us to learn about our services and costs.
