Spending hundreds of thousands of dollars on buying (or financing) your property in Colorado Springs, CO, is only the start. Next is accounting for other ownership and maintenance costs (e.g., repairs and upkeep). According to CNN, these expenses total about $1,510 monthly for the average home.
Reading that may have made you go, "Oh, but I've hired a rental property management company; they should cover repair and maintenance costs." But should they, really, or do they not?
This guide, written by the management experts at PMI Pikes Peak, will clarify things for you, so read on.
Do Rental Property Management Companies Pay for Repairs?
No, managers don't pay for rental property management expenses like repairs and maintenance. You, the landlord/owner, are typically responsible for these costs.
Ideally, you should set aside a portion of the rental payments for annual maintenance. According to Investopedia, it should at least be 1% of the property's value.
What Repair-Related Duties Do Property Managers Have, Then?
Understanding how landlord vs. manager duties differ can help you avoid disputes and prevent a lack of funding for property upkeep.
For example, while you, the landlord/owner, must cover property maintenance costs, your manager's shared responsibility may be managing the money for upkeep and repairs. Another part of their duty is overseeing and coordinating property inspections, maintenance, and repairs with tenants. So, even if you're shouldering the expenses, your manager should be the one to handle the logistics.
Your manager should also promptly address all tenant concerns regarding property damages and problems, such as water or mold damage. They must inform you of these issues and assess the cause of the damage.
If the cause is outside the tenant's control (e.g., a pipe burst due to cold weather), they must initiate the repairs immediately. If it's due to the tenant's actions, they must coordinate with and notify the tenant to fix the problem.
Who Else Might Have Repair Responsibilities?
Under Colorado Statutes Chapter 38-12-504, tenants have responsibilities to maintain the rental premises. Part of their duties is never to intentionally, knowingly, or negligently destroy, damage, or deface any part of the residential premises. They must also never allow anyone else to do so within their reasonable control.
So, if your property sustains damage due to your tenants' intentional or negligent acts, they're responsible for fixing the problem. Since it was their doing, they must pay for the repairs or replacement. If they don't, you could use it as grounds for starting the eviction process in Colorado Springs, CO.
Let PMI Pikes Peak Simplify Your Property's Upkeep
As you learned in this guide, a rental property management company doesn't pay for the repairs or upkeep of your property. However, they can manage the funds and oversee the repairs and maintenance on your behalf. With their help and expertise, they can make managing your property more manageable.
If you're ready to simplify the overall management of your Colorado Springs rental, PMI Pikes Peak is at your service. As a full-service property management company, we can handle all your lease-related tasks and duties, from marketing your property to placing tenants, overseeing upkeep, and collecting rent.
Connect with us today to learn more about our services!
