Are you aware that the average cost of rent for a 3-bedroom apartment is over $1,000?
That's a significant amount of money you could be bringing in each month. Whether you have only a few places to rent or an entire real estate complex, it's worth looking into your property management responsibilities. For instance, there's the question of who has to pay for repairs in certain situations.
Are you wondering if you have to pay for repairs or not? Keep reading to learn if repairs are the responsibility of property managers.
Who Pays for Damages?
After investing in real estate, the last thing you'd want to do is pay a significant amount of money out of pocket to fix one or more issues with the property. While agreements can vary, most terms say that it's the owner's responsibility to pay for any repairs.
To make things go as smoothly as possible, it's a good rule of thumb to put money aside to pay for these repairs as they become necessary. That way, your property management company can access the funds and make the repairs in a timely manner. This will go a long way toward keeping your tenants happy while also keeping you out of legal trouble.
As an owner, it's your responsibility to ensure the property is livable and usable. This includes running water, electricity, and more. A property manager can handle the communication side of things while also finding the best deal from third-party repair providers.
That way, you won't have to pay an unreasonable amount each time something goes wrong with the property.
What If the Tenants Caused the Damage?
You'll be glad to know that any tenant who damaged the property due to negligence will also be responsible for the repairs. Make sure that the damage is well-documented. This will help quite a bit in case you have to take the proceedings to court.
However, it's best to settle things outside of court through open and efficient communication. A property management company can walk you through every step of the process. This will prevent things from escalating.
That way, you can get the most amount of return after you invest in property. Remember that you don't have to pay for unnecessary repairs, even though a tenant may ask for them, such as a new roof.
Ready to Hire One of the Best Property Managers?
Now that you've learned whether or not you have to pay for repairs, you can act with speed and precision. That way, your tenants will be happy and consider your choice of a company as one of the best property managers ever.
If you don't have time to deal with these chores on top of everything else, don't worry. We can provide you with reliable Greater Atlanta property management services that include tenant screening, rent collecting, maintenance, and even financial reporting.
Anyone who is ready to take the next step should feel free to contact us now.