Imagine the sinking feeling: you entrust your property to a professional management company, only to discover they've been lining their pockets instead of fixing your leaky roof. Unfortunately, this isn't just a nightmare – it's a harsh reality some landlords face.
It was recently in the news that a property manager embezzled $10,000 meant for repairs leaving the owner with several maintenance issues that needed to be dealt with. So, how can you ensure your hard-earned maintenance dollars are actually being used to maintain your investment?
Transparency:
A good property manager should be an open book when it comes to maintenance. Here's what you should expect:
- Detailed Invoices: Every repair should be accompanied by a clear and detailed invoice. This includes the contractor's name, the work performed, the cost of materials and labor, and a breakdown of any additional fees. Don't settle for vague descriptions like "maintenance repairs."
- Regular Inspections: Your property manager should conduct regular inspections of your rental unit. Ask about the frequency of these inspections and request a copy of the inspection report. This report should document the condition of the property, identify any necessary repairs, and outline a timeline for completion.
- Photographic Evidence: Pictures speak a thousand words, especially when it comes to maintenance. Request photos of any repairs completed. This will not only verify the work but also serve as a record for future reference.
- Open Communication: Communication is vital. Don't hesitate to ask questions! Whether it's about the cost of repairs, the qualifications of contractors, or the status of a work order, your property manager should be readily available to address your concerns.
The Bottom Line:
Peace of mind is priceless, especially when it comes to your investment property. By demanding transparency from your property manager and taking a proactive approach to maintenance, you can ensure your money goes towards fixing leaky roofs, not lining unethical pockets.
At Blue Door Residential Property Management, we prioritize transparent communication and clear visibility into how your investment property is being managed. Here's how Blue Door ensures your maintenance dollars are spent wisely:
- Regular Inspections, Detailed Reports: We conduct thorough inspections of your rental property every six months. Following each inspection, you'll receive a comprehensive report with detailed documentation and clear pictures of the unit's condition. This proactive approach allows us to identify potential issues early and address them before they become costly problems.
- Real-Time Work Order Tracking: Our user-friendly management portal empowers you to stay informed. You can access a complete log of all work orders submitted for your property, including their current status and the assigned vendor. No more wondering if repairs are being completed – you'll have complete transparency every step of the way.
- Unveiling the Bill Pay Process: Demystifying finances is another key aspect of our service. Through the portal, you can view all invoices associated with your property. This includes breakdowns of how each bill was paid to the contractors, along with the total amount spent. With clear and accessible financial records, you'll have full confidence in how your investment is being managed.
- By providing you with these tools and information, Blue Door empowers you to make informed decisions about your property. We believe that transparency builds trust, and trust is the foundation for a successful landlord-property management partnership.
If your current property management company isn’t giving you clear and transparent information on where your money is being spent, check out how Blue Door can serve you at https://bluedoor-pm.com/property-management-benefits
If you have questions or would like to discuss property management services for your investment property, give us a call at 443.252.3385 or email us at info@bluedoor-pm.com today!
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