Managing Repairs
Of course, your apartment must be really ready for showing to get the
right tenants. Sad apartments make sad tenants.
Normally, when someone has leased your apartment for the year, the
major issue that will arise is needed repairs. And the one factor that
is important to them is that the repairs be done professionally and
fast.
That means that you must have a ready slate of repair people for any
problem. An all-around handyman is a must plus painters, plumbers,
electricians. The major issue with these important people is that they
want to be paid fast. They do not want to wait for the missing check
that has not been “cut”.
My recommendation from years of doing these repairs: If possible,
establish a small Petty Check fund with your manager. Then, the
manager can review the work and write them a check right then. You
could even use cash in a Petty Cash fund, but that has many problems
including accounting and theft and embezzling.
This makes Repairers happy and your projects will move to the top of
their lists. The manager will be happy to get the work done fast and
keep the tenants away from their door. The tenants will be happy also
and not move out. Some owners say that they think that the manager
will mishandle the money. I believe the advantages outweigh the
disadvantages. Happy managing.
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