Most property investors would do well to hire a property management service. You likely don’t have the time or skill to look after every aspect of the property yourself, and a professional multi-family property manager can see your existing properties while you focus on managing your portfolio. One major advantage a management company has is their access to and knowledge of the best vendors in the area to service your property. Some management firms, such as On Q Property Management, utilize a single go-to maintenance vendor for their clients’ properties. Having a single contractor for general maintenance has a few significant advantages.
Having the same maintenance contractor work on all of your properties ensures all work is done in a similar fashion. One property will not receive work that is of lesser quality than another. Using a single company will also lessen confusion. Neither you, your manager or any other employee at the management firm will be unsure what vendor was sent out to a property to perform maintenance work or whom to contact. Having a single maintenance vendor significantly simplifies the process of performing maintenance on your investment properties. It will also be easier to keep track of work being done on your properties because instead of trying to track work different companies have done, you will only need to be concerned with one.
They Will Be Familiar With Your Property
A primary maintenance contractor is in the perfect position to learn all there is about each of your unique individual properties to best serve them. For example, your tenants may want work done in certain ways and at certain times. This extra care and knowledge will increase satisfaction. A go-to maintenance company will become entirely familiar with any special rules that may exist for the property, such as noise ordinances or requirements in the governing documents if the property is in an association.
Familiarity With Tenants
A primary maintenance vendor will aid in establishing a positive relationship with your tenants. Your tenants will get to know the contractor’s employees and connect with them on a personal level. This can prevent unauthorized persons gaining access to your property because newcomers who are not maintenance employees will be recognized rather than assumed to be part of the maintenance staff. But most importantly, your tenants will be left with a positive impression of the maintenance workers, and by extension, you and the management company.
No On-Site Maintenance Team Is Required
Having your management company hire and manage the vendors means you do not need to have on-site maintenance staff at your properties. This is desirable because it is considerably cheaper. You will not have to pay a salary and benefits, or the equivalent of such in your management fees, to a maintenance staff. If you own multiple investment properties, that cost gets very high very quickly. Having your management company use an outside vendor is much cheaper and can be just as effective. This is especially true when a vendor provides 24/7 service, which often falls outside the hours of on-site maintenance staff.
It Eliminates The Need To Get Bids
While getting bids for each individual project can save money, it is very time-consuming and doesn’t allow you to form a solid relationship with a single maintenance vendor. Both you and your apartment property manager likely have better things you could be doing than researching companies, sending out requests for bids and then badgering vendors to get those bids in. There is no reason to get bids for non-major work that needs to be done at your properties. Simply rely on a trusted maintenance vendor to take care of these issues.
There Is No Confusion About Invoice Payments
When you need to pay more than one company for doing work at your multi-family investment properties, the number of invoices can be confusing. Anyone could accidentally record a payment incorrectly. For example, Company A may have done work on Property 1 with Company B doing work on Property 2. However, payments in your computer system could be recorded incorrectly – so Property 2 may get charged for both invoices. Mistakes like this can undermine faith in either you, the investor, or your condo property manager. This is not going to happen when working with a single vendor.
As you can see, there are plenty of advantages to having a single go-to maintenance company for your investment properties. On Q Property Management uses a preferred vendor to do most of the required maintenance work on your multi-family investment properties. They are available at all times for your peace of mind and are always on-call for emergencies. Our vendor is fully licensed, bonded and insured. On top of that, they are pleasant to work with and completely guarantee their work. Both you and your tenants will be pleased by the simplicity of the process and the quality of the work.