Property managers have many responsibilities across the board, and one of the duties includes property maintenance. Property maintenance seems pretty straightforward, but property managers have a lot to consider when executing property maintenance in actuality. This is because there are many types of property maintenance. The different property maintenance types range from routine maintenance to corrective maintenance, and each has its benefits. Property managers have to choose suitable property maintenance types and hire the right resources and contractors to deliver on this job.
We’ll take a deeper dive into the different property maintenance types and highlight the benefits of property maintenance in this guide.
Types of Property Maintenance
Routine maintenance is done daily, weekly, monthly, or even annually.
Property managers who invest in this type of maintenance understand just how important the practice is to protect the asset against depreciation. Routine maintenance is a subset of preventative maintenance. Remember this because we’ll also be talking about preventive maintenance in a second or two.
Contractors hired to perform routine maintenance will be responsible for cleaning the vacant units after tenants have moved in or out, replacing air filters and parts of an HVAC system, among other things.
Sometimes referred to as preventative maintenance, it’s the type of care you’d carry out to increase your property’s value or prevent an untimely breakdown. When looking into preventive maintenance, it’s essential to remember properties are different and have different needs. The type of preventative maintenance changes from property to property. Cleaning services, air filter replacements, and heating system maintenance are all examples of preventive maintenance.
Cleaning the entire property at least once a week and replacing faulty parts of your heating system is how you save yourself from spending more money on expensive repairs.
Corrective maintenance is carried out to reactivate broken-down property systems. But it’s different from the other types because it’s not planned. Let’s say you’ve been working on a roofing repair, but then you notice the gutter needs replacement. Since a gutter issue was discovered during a different work order, it will fall under corrective maintenance.
Or maybe you called a technician to work on your HVAC system, and they noticed dirty filters. That right there is a sign you’re due for corrective maintenance. And those filters have to be cleaned to increase efficiency.
Benefits of Property Maintenance
The benefits of property maintenance can not be overstated. Periodic maintenance helps property managers and landowners save on costs and ensures that properties are safe and habitable.
A regular check will only cost you a few dollars, but holding off can prove to be costly. A minor repair can grow into a problem that can cost hundreds or even thousands if delayed. Leave it unchecked, and it can snowball into something worse.
Another benefit to property maintenance is the increase in property value. Reach out to a reputable appraiser, and ask them what they think your property can fetch on the current market. They’ll give you a ballpark figure, minus the repairs. Okay, now ask them what the property’s value will be once you’ve done maintenance.
We’re almost sure you’ll be shocked to learn how big of a difference a simple property maintenance task can make. A well-maintained property speaks volumes, as it will remind everybody how professional you are as a manager. Businesswise, this positive outlook is great if you’re looking to turn a profit.
Hiring a Property Maintenance Professional
“Should property managers hire contractors to take care of the buildings’ maintenance work?”
Reaching out to a professional property maintenance contractor can ensure quality in maintenance.
Contracting a professional will save you a lot of time and effort. Also, if there’s one thing that we’ve learned over the years, it’s the fact that tenants prefer renting properties that have a maintenance crew on-site or on standby.
Also, hiring contractors for maintenance can prove to be the most cost-effective. A contractor will save you a substantial amount of money, seeing as they usually work on a fixed monthly fee and use the latest tools and equipment. To top that off, you’ll always be at peace knowing a professional is overseeing the crew maintaining the property.
The typical timeline for property maintenance projects with contractors depends on two things: The type of maintenance, and the level of maintenance. A routine check will obviously consume less of your time. But if it’s deferred maintenance like a foundation issue, it might even take a whole month to complete.
If you want to save time, money and gain access to top contractors in the industry for your property maintenance, bidding software like Ventract will help you expand your search and find the best contractors for the different types of property maintenance.
Cost of Property Maintenance
It’s almost impossible to be specific on the average cost for different types of property maintenance because every property has different needs. Fortunately, though, you can quickly estimate if you know which factors typically influence the costs.
The three factors that we always take into account are:
- The age of the property
- Cost of living
- The availability of skilled labor
An older property will cost more because you’ll be dealing with all sorts of repairs. And if the cost of living is high, contractors will have to raise their rates.
As you can see, a lot goes into property maintenance. Property managers should always be prepared and take the necessary steps when it comes to maintenance. This will ensure the best possible experience for people and ultimately stabilize the value of their properties.