Repairs and Maintenance
If your building has a new roof and a new water heater, it’s a reasonable assumption that you won’t be called upon for repairs as frequently as you would for an older property with older features. If the roof and plumbing are old, the baseboards are peeling, and the physical structure of the unit has seen better days, you could face frequent calls and expensive repair bills.
As a landlord, you don’t just own a house or building – you also likely own the land it’s sitting on. In addition to the repair and maintenance of buildings and individual units, you need to devote some resources to making sure the land is attractive and well-maintained. That can mean planting and keeping flowerbeds, repairing pathways, mowing lawns, and installing grass sprinkler systems, among other duties.
You may authorize the management company to handle repairs under a certain dollar amount at its discretion, but you’ll still need to authorized bigger, costlier repairs. Your decision as to whether to hire a management firm hinges on just how involved you want to be, and how immediately available you want to make yourself to your tenants.