Landlord Property Maintenance - Should I Do It Myself or Hire a Company
The big trend today Is building wealth through real estate and becoming a landlord. buy & hold property rentals Is where the cash flow is at in my humble opinion. All too often we don't see the hurdles that come along with this trend and may forget about landlord property maintenance. The question you may be asking yourself is should I do it myself or hire a company?
Let's consider some thoughts first:
What is your time worth to you
What is your skillset for maintenance repairs
Do you have knowledge of this topic
Can you fit repairs into your schedule
Would It be better to outsource all repairs and service
I have a client who is a lawyer and is very good at what she does but not so good at repairs. I actually met this client on the job. She was having a terrible time putting up weather stripping on the front door. Simply job but it seemed to take up her time a little more than expected. I walked over to her and Introduced myself, and asked if she needed a hand. As it turns out she owns a number of properties here In NJ and NY. She was doing small repairs herself and outsourcing some of the bigger work. She came to realize that hiring my company to handle all of NJ's maintenance/repairs would actually save her time and money.
She was doing all the small repairs herself and outsourcing some of the bigger work. She came to realize that hiring my company to handle all of NJ's maintenance/repairs would actually save her time and money. Sometimes it saves money to higher a company like Property Matrix LLC.
What You Should Know When Hiring a Property Maintenance Company
This is a very important question. You are probably very busy, to begin with, and do not have the time to search for an honest, reliable company. Most property landlords like to higher the bigger property management companies, but wait, not so fast. I have seen some exceptional companies and I have seen some terrible ones. I share a little about that in this post.
Here are some thoughts to know when you're looking to hire a property maintenance company:
Make sure the company has at least 1 million dollars liability Insurance
Have your company listed as an additional insured ( In case there is a claim you need to report etc.)
Be sure to record Business Name, address, and Tax ID#
Are they polite and professional
How many properties do they manage
How many subcontractors do they have ( Are they licensed )
Do a background check
As a landlord, you will be able to get a better feel for what company you want to hire, and the information above will help you in this process.
Why Landlords May Want To Consider Hiring Property Matrix LLC
We have completed over 36,000 vacant and occupied properties for private, and national companies. We understand the value of each and every job and know what it takes to get the job done fast and efficiently. With our large network of licensed general contractors, plumbers, electricians, roofers, and handymen which have to qualify our strict NO nonsense policy, and background checks you can rest assure your properties are in good hands.
In all the years of working In the property maintenance field, and contracting with Fannie Mae, FHA, HUD, etc. We have never had one complaint while holding a 5-star rating with all national and private contracts. You can read about our services here<=
The only question you have to ask yourself now, would it save you time and money to hire a property maintenance company or not :) Depending on some factors and how much experience and properties you have I would say YES, Its a great Idea to outsource all maintenance/repairs for all your rentals.
Depending on some factors and how much experience and properties you have. I would say YES, It's a great Idea to outsource all maintenance/repairs for all your rentals.
Thanks for taking the time out to read Landlord Property Maintenance - Should I Do It Myself or Hire a Company