According to the Economic Research Institute (ERI), Livermore, California's labor costs are higher than the U.S. average. Indeed, they're the second highest among 400 major American cities. Its living costs, including housing, are also around 47% more expensive.
As a landlord in Livermore, you must know those figures, as they can affect your income, especially if you forget to include maintenance and repairs in your rental property management plan.
But what if you're considering hiring a property manager? Will you still have to pay for repairs? Won't your manager cover these expenses as part of their property management fees and Livermore rental services?
Keep reading, as our team here at PMI Alameda County has the answers you're looking for.
Do Rental Property Management Firms Pay for Repairs?
No, they don't pay for their client's property maintenance and repairs out of pocket. Landlords or property owners are usually responsible for these costs.
So, as a landlord/owner, you must account for property repair costs in Livermore. To do this, set aside a portion of your rental income. Investopedia recommends allotting at least 1% of a property's value for such expenses.
What Maintenance and Repair Roles Do Property Managers Play, Then?
One of the primary roles of a property management firm is to oversee your property's overall maintenance. They will:
- Work with thoroughly vetted contractors and vendors
- Schedule regular property inspections and maintenance
- Oversee contractors' repair and maintenance work
- Manage rental maintenance expenses
Your manager will also ensure contractors and vendors get paid on time. However, the funds they'll use to cover these payments will come from your rental income.
How Else Do Property Managers Assist With Maintenance and Repairs?
Your manager can help prevent disputes about tenant vs. landlord repairs and maintenance duties. They'll create an easy-to-understand rental contract and explain its contents thoroughly to renters. The inspections your manager will regularly schedule and coordinate will also help them determine that your tenants adhere to the lease agreement terms.
Moreover, your manager will help ensure your renters live in a safe, healthy, and habitable rental. They'll act as your tenants' point of contact, listen to and promptly address their concerns. For example, your manager will immediately schedule emergency repairs for:
- Roof leaks
- Burst pipes
- HVAC malfunctions
Remedying all those problems ASAP allows your manager to help your rental stay compliant. They can also help prevent more expensive structural issues that could lower your property's value.
Let PMI Alameda Professionally Manage Your Rentals
Rental property management companies don't pay for property maintenance and repairs out of pocket. However, they'll ensure your Livermore properties undergo these essential services on time and as needed. They'll also help manage your expenses and ensure that only highly experienced, vetted, licensed contractors work on your property.
Our full-service property management firm, PMI Alameda County, can do all that (and more!) on your behalf. From overseeing property maintenance to marketing, lease enforcement, and rent collection, our team of highly experienced managers has your back. Our owner, Naomi Grebe, and head broker, Kevin Crawford, are both respected licensed California real estate professionals.
Call us today to learn more about our services and request your free property consultation!
