When it comes to managing a rental property in Columbia, MD, one of the most common questions that arise is who is responsible for paying for repairs. Property managers play a crucial role in ensuring the smooth operation and maintenance of rental properties, but understanding the specifics of their responsibilities, especially concerning repairs, can be a bit complex.
Read on to find out who pays for repairs when it comes to Columbia rental property management.
Look at the Property Management Agreement
The property management agreement clearly delineates who is responsible for which repairs and maintenance tasks.
One key section of the agreement will detail the process for approving repairs. For example, it might stipulate that the property manager can authorize emergency repairs up to a certain dollar amount without prior consent from the property owner. This provision ensures that urgent issues are fixed to prevent more damage or inconvenience to tenants.
Significant repairs or replacements, such as a new roof or major HVAC system overhaul, generally require the property owner's explicit approval. The property management agreement will specify the process for these approvals and how costs are to be handled. In most cases, the property owner bears the financial responsibility for such substantial expenses.
Make sure you consider your property management agreement when you're putting together your accounting records, to ensure you don't overextend yourself financially.
Property Maintenance Fees
Property maintenance fees for Columbia, MD, rental properties often include routine upkeep tasks. These might include landscaping, pest control, HVAC servicing, and minor plumbing or electrical repairs.
These services are typically performed regularly to prevent larger issues from arising. The cost for routine maintenance is usually included in the monthly management fee paid by the property owner or billed separately as needed.
In addition to the direct costs of repairs and maintenance, property management companies may charge administrative fees for coordinating and overseeing these services. These fees compensate the property manager for their time and effort in managing contractors, scheduling work, and ensuring that repairs are completed satisfactorily.
Tenant Responsibilities
Some maintenance responsibilities will fall to the tenant. If they fail to complete these tasks, they may lose their security deposit.
Tenants are usually responsible for smaller repairs and everyday maintenance. This can include changing out their light bulbs, replacing batteries in smoke detectors, and keeping your rental property clean.
These small tasks help maintain the property's condition. Tenants may also be required to perform some preventative maintenance tasks. This can include regularly cleaning or replacing HVAC filters, keeping plumbing fixtures free of clogs, and ensuring that appliances are used correctly.
These tasks are important for the smooth operation of your property and can help avoid unnecessary repairs.
Rental Property Management: Know Who Pays Today
Now that you know who pays for repairs after you hire rental property management, you can manage your costs effectively.
Are you ready to hire Columbia property management services? PMI Real Asset MGMT is here for you. Our franchise's decades of success show how experienced we are in assisting real estate investors like you.
Contact us today.
