06 May 2024
Property Maintenance: 8 Tips On How To Reduce Property Maintenance Costs
Property maintenance is one of the greatest sources of anxiety for many property managers and owners. Property maintenance costs can get out of hand if not managed carefully and in many cases, are not predictable. But with proper planning and smart practices, these costs can be contained, and the anxiety can be abated.
By taking control of the property maintenance of the property, a property manager can keep the residents happy, keep the owners happy by controlling costs and can spend more time to focus on growing the company portfolio.
Here are a few tips on how to effectively lower property maintenance costs:
Schedule regular inspections
Regular scheduling of maintenance tasks ensures that all the assets in the property are well taken care of, and this ultimately reduces the need for emergency repairs, which normally occur when assets like the plumbing and HVAC system are not well managed, and develop unexpected problems.
Outline a maintenance plan
A well thought out comprehensive property maintenance plan is necessary to ensure that maintenance on the property is carried out efficiently and effectively. Setting dates to work on various property assets at appropriate intervals using readily available property management software, will ensure asset longevity and save on unnecessary repairs.
Use energy efficient solutions
Investing in energy efficient appliances, HVAC systems, smart technology and lighting can significantly reduce long-term energy costs. Other benefits include lower maintenance requirements and a longer lifespan of the appliances and systems.
When possible, do basic maintenance in house
Certain tasks can be done by an in-house property maintenance team. This saves time and money and allows a property manager to schedule repairs and maintenance more promptly. However, this can be costly as it requires a budget that can accommodate the additional salaries.
Use technology for better efficiency
Technology can be used to maintain records, manage work orders, and automate reminders. Off the shelf property maintenance software can be implemented to reduce manual administrative work which can be prone to errors. The software can also be used by tenants to report problems in a timely fashion.
Prioritize preventive maintenance
This is important, as it can prevent untimely breakdowns on the assets and equipment in the property. By scheduling regular preventative maintenance checks, there will be a noticeable reduction in the frequency of emergency repairs and the life of the property’s assets will be extended.
Negotiate contracts with vendors
Having a successful working relationship with vendors is a very important way of handling the overall maintenance of the property. Many vendors will offer other value-added services just to maintain the business, and by discovering and leveraging them can be beneficial to the business.
Respond to problems in a timely manner
While it is not possible to ascertain when a repair is required or predict equipment failure, successful property managers should have systems in place to handle any repair request at any time of day or night. To keep tenants happy and limit further damage, all maintenance requests should be handled as swiftly and as efficiently as possible.
A well-maintained property attracts more applicants, frees up time for management to concentrate on other matters and increases the value of the property.
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