As a landlord in West Palm Beach, Florida, you can make almost $80,000 a year. Of course, some of your income will have to go towards managing your properties.
When your tenants request repairs, someone has to pay for them. However, many new landlords are a little confused about who this responsibility falls to.
Is it you or the rental property management company? Check out this quick guide to find out.
Who Pays for Rental Repairs?
The landlord is the one who's responsible for rental property repairs in almost all instances. The good news is that you shouldn't have to pay for them often enough to hurt your ROI.
It's the job of the property management company to make sure your investment is well-maintained. They'll schedule inspections so that small issues are caught before they turn into larger, more expensive problems.
How to Pay for the Repairs
There are different ways that you may have to pay for rental property maintenance. Some rental property companies will tack it on as a monthly fee. Others will require you to set up a reserve fund.
You'll have to place several hundred dollars into this fund when opening the contract with the rental property company. They'll pull from it whenever your tenants need repairs. When the first of the month comes around, and you collect rent, part of it will go towards replenishing the fund.
Scheduling the Repairs
So, how does the whole process work? when your tenant has a service issue, they'll need to fill out a maintenance form detailing the problem.
The form is sent to the property management team, who will review it and determine if it's something they can take care of. In some instances, they may have to open a correspondence with the tenant to get further details.
If the repair does fall within their rental property company's responsibilities, they'll schedule the repairs. This will involve reaching out to the proper vendor and billing you for the repairs or pulling it out of the reserve fund.
If the problem is too severe, the property management company may reach out to you to keep you updated and send you a bill if necessary.
Can You Make the Tenant Pay for Repairs
In most cases, you can't ask a tenant to pay for repairs. However, there are some instances where you can hold them liable.
Let's say that the tenant hosts a party at the property. One of their guests gets a little too rowdy and breaks a window. It's 100% reasonable and legal for you to request that they pay for it.
You can also front the tenant the bill if they break an appliance by using it improperly, disable their fire alarm, or refuse to let contractors enter the property.
Rental Property Management: Paying for Tenant Repairs
As a landlord in West Palm Beach Florida, you'll have certain responsibilities to take care of. One of them is paying for repairs when your tenants need them.
The best way to save money is by working with a rental property management company. At PG Group, we work hard to keep our client's costs low by keeping their properties maintained. Go here to check out our pricing.