Hiring a property management company for your Clarksville, TN, rental is one of the smartest moves you can make as a landlord. Property managers enable you to take a hands-off approach to being a landlord, making your life much easier.
A full-service rental property management company will take over all your responsibilities, from property marketing to tenant screening, rent collection, accounting, and maintenance. For these services, you'll pay your manager anywhere from 5-10% of the monthly rental collection.
But who pays for property maintenance repairs? Does the money come from your manager's pockets?
Read on to find out!
The Short Answer: The Landlord Pays
Property managers are responsible for inspecting and maintaining your rental as needed but at your cost. As a property owner, you stand to gain or lose if the rental gains or loses value. You're legally required to ensure it's habitable for your tenants, and you will be held liable in case of accidents.
As such, the landlord must be personally invested in the care of their property. You don't want to delegate the job to someone who might take shortcuts during rental property repairs, yet when the hammer falls (liability lawsuits), it's you who will be on the firing line.
The Long Answer: How Property Managers Can Pay for Repairs
Property managers can indeed pay for repairs, but what makes the difference is where that money comes from.
If you have a full-service property manager, they'll collect the rent, deduct their fees and other expenses, and then disburse the rest to your account. When your property needs repairs, the property manager can use part of the rental income they've collected to pay for those repairs.
Most companies will inform the property owner of the needed repairs and how much they'll cost so they're aware some of the rental collection will be going to repairs. The cost of the repairs and associated expenses will be captured in the subsequent owner statements or property accounting reports.
On the other hand, if you have a hybrid or partial property management service, you will need to write the property repair checks. That's if you're the one in charge of collecting rent. Your manager will let you know when repairs are due, but it will be your responsibility to pay the contractor.
Professional Rental Property Management Makes Repairs Easy
Routine rental property maintenance is key to keeping your place safe and habitable for tenants. It also helps in value preservation and goes a long way in increasing occupancy rates.
As a landlord, it's your job to pay for any repairs your rental property needs. Outsourcing your landlord responsibilities to a property management company doesn't mean the manager will start picking up the repair bills. However, a good management company will make the job seem effortless.
In Clarksville, the go-to rental property management company is PMI Clarksville. Our experience spans two decades and our focus on Clarksville makes us the best choice for your rentals.
Check out our range of services and contact us to get started.
