Our maintenance limit was created to most effectively handle maintenance concerns while allowing our clients to remain out of the day-to-day tasks associated with owning a rental property. For those that are new to owning a rental, it may not be clear what a maintenance limit is, or why we have a maintenance limit in place. Below we detail some of the key things you should know about our maintenance limit.
What is a maintenance limit?
A maintenance limit allows an owner to provide a predetermined amount of money to allow us to handle smaller maintenance concerns directly, without additional authorization. We ask for a $500 maintenance limit, meaning that maintenance concerns that fall under the $500 threshold can be handled without further involving the owner. This money is only spent on valid maintenance concerns.
Maintenance issues above the $500 threshold are discussed with the owner prior to work being completed.
How will I know when maintenance is being done on my property?
We require owner approval on any maintenance concerns that go beyond the maintenance limit. In these cases, we will call and review the issue and the options with the owner directly.
If the issue falls within the maintenance limit and is not a serious issue, we will notify the owner with a receipt detailing the repairs. We are also available during business hours to answer any questions regarding maintenance issues, or use of the maintenance limit.
Why is a maintenance limit in my best interest, rather than paying as issues arise?
The majority of the maintenance concerns we see are not large issues and can be handled quickly. Small issues that sit for a long period of time can, however, grow into a larger issue. This limit allows us to address the most common concerns promptly, and reduce the likelihood of something preventable growing into a larger issue down the road.
Additionally, we value our vendors and want to ensure they are able to do their jobs thoroughly, and without any roadblocks. Receiving approval on every concern can cost the owner more money in the long run, as many vendors do not provide free estimates. With the maintenance limit, the vendor can assess and fix the problem in one trip, or without a delay on our end.
Ultimately, we have found it is in the owner’s best interest because it keeps the property in the best condition, prevents small issues from growing into costly problems, maintains positive relationships with our vendors, keeps tenants feeling valued and therefore more likely to continue notifying us of maintenance concerns as soon as they arise, and reduces costs in several ways.
When we are onboarding a new client, we always discuss any fees that they can expect. We’ve shared some details on other fees, such as the maintenance coordination fee, and our leasing fee.
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