San Diego isn't known as America's Finest City for nothing. It's a thriving metropolis with a promising economy, a laid-back atmosphere, and excellent property investment prospects.
Owning an investment property involves more than finding a promising place to buy a home. Landlords have many responsibilities when they rent their home to a tenant.
Property maintenance and repairs are among the most important tasks associated with owning investment properties.
Hiring a rental property management firm relieves a property owner of most of the work related to rental properties, but do property managers pay for repairs? Read on for answers to your rental property repair questions.
What Do Rental Property Management Fees Cover?
When you hire a property management firm, you pay them a monthly fee to take care of your rental unit. This helps ensure you comply with the provisions of the California Civil Code in terms of maintaining the unit in a safe, habitable condition.
In this relationship, the property manager's responsibilities include the following:
- Tenant screening
- Rent collection
- Maintenance coordination
- Handling tenant repairs
- Property inspections
Property maintenance fees do not include the actual cost of the repairs or maintenance.
Who Pays for Rental Property Repairs?
When you hire a San Diego property management company, three parties are involved in managing your rental unit, i.e., the landlord, tenant, and property manager.
The landlord is ultimately responsible for all costs related to their asset, as it's in their best interest to maintain their property in the best possible condition.
Tenants are responsible for small repairs and maintenance related to wear and tear. It's important to stipulate these expectations clearly in your lease agreement.
Do Property Managers Pay for Repairs on Your Behalf?
There are a few ways you can manage repair costs in property management. You could set up a fund to pay for the necessary repairs and give your property manager access to these funds up to a certain limit.
Sometimes, your property manager will pay repair costs on your behalf and deduct them from your rental income. These options, when combined with an online tenant portal, help expedite repairs so that you comply with your legal obligation to carry out repairs promptly.
You could also pay each repair invoice on receipt.
You must discuss these options with your property manager when you sign your management contract. Misunderstandings can result in problems for you and your tenants.
Hire a San Diego Property Management Firm for Efficient Repairs
Now that you have more clarity about the question, 'Do property managers pay for repairs?', it's clear that while property managers don't pay for repairs, they can enhance your ability to carry out repairs promptly. In this way, a property management firm keeps your tenants happy, encourages lease renewals, and saves you money.
Penny Realty, Inc. Property Management has been servicing the San Diego area since 1965. Our rental property management team's knowledge, experience, and commitment to customer service ensure your rental business thrives in this beautiful city.
Relieve your worries about rental property maintenance and repairs today.
