When it comes to the maintenance and upkeep of your Garland rental properties, the “less is more” mentality still applies—just not in the way you might be expecting as an investor.
Consider the growth of your long-term wealth: sure, less hassle for more properties is always welcome when it comes to investing!
However, by the time you reach four or more properties, you know that the number of maintenance requests you receive on average increases rather than tapering off.
You also know that to keep your Garland rental properties profitable, and to hold onto your tenants long term, that the “less is more” approach cannot infringe upon the quality of any needed repairs or the number of inspections you should be performing.
So, when IS the concept of “less is more” relevant when it comes to maintenance? The answer is when hiring an expert property manager in Garland to manage your investments! However, what do we mean when we say that?
In today’s blog, we’ll go into all the nuances of handling maintenance for a growing investment portfolio—and you’ll quickly see why working with one property manager is a whole lot “more” enjoyable than trying to field five or ten different contractors!
Just Because You Can Fix It Doesn’t Mean You Should
If you’re not aware of it from our blogs by now, we’re proud supporters of the DIY mentality at RentHub property management. We think that landlords and investors, as the masters of their investment domain, should be provided with the tools and support they need to keep growing their long-term wealth.
However, we’ve also discussed how knowing when to allocate tasks is how all the big players not only grow their wealth—but keep it. Just as you wouldn’t expect the CEO of Pizza Hut to be on the ground floor answering phones and taking orders, your role as an investor is to steer your portfolio towards continued growth and development—not to handle the minutiae.
When you get down to brass tacks, that’s exactly what doing the maintenance for your Garland rental properties is! Even if you have extensive experience in electrical work, plumbing, construction, or a combination of all three—that’s no longer your job, and your time is valuable, too. You’re the captain of the ship now, and only you decide the course.
As a property manager in Garland, we always recommend to our investor-partners that they pour their time into vetting the right professionals for the job instead—rather than trying to do the job themselves. Long term, as your real estate portfolio continues to grow, this is what’s going to pay the most dividends. Trying to row a small boat alone is doable—but once you scale that up to a cruise liner, you’re going to need help.
Finding the Right Contractors for the Job
Just as a captain needs able-bodied sailors, so too do your Garland rental properties need skilled contractors and suitable vendors. The best time to start building a list of reputable repair professionals, if you don’t currently have one, is today!
Of course, it takes time—and unfortunately, for many investors, a great deal of trial and error—to find these professionals. However, it’s worth the health of your investment properties to find vendors who can provide high-quality results time and again.
From the hits—and the misses—you’ve had across all of your properties, draft a list of contractors you can call on while considering these qualities:
- Will they be able to handle calls at any hour—and any day?
- Are they specialists in a field—or are they an “all-trades” type?
- Can they scale to the needs of multiple properties—or only handle one?
All of these traits are crucial for a maintenance vendor who’s going to support the growth of your real estate portfolio long term.
When You Need to Hire Anew
Maybe the list you have, as your real estate portfolio has increased, has dwindled. Perhaps former professionals who fit the bill no longer do—or your favorite contractor retired. Whatever the case may be, sometimes you must start the trial-and-error process all over again to find the repair pros you need for the current portfolio size you have.
When that happens, you need to make sure you thoroughly vet each new vendor that you plan to allow into your Garland rental properties. Not only does this protect your tenants, but it also protects your image! No captain would knowingly let pirates onto their ship—but that’s exactly what can happen when you don’t thoroughly screen your contractors, vendors, and inspectors.
- Before trusting them with any work, pre-screen your potential providers in-person or by phone.
- Investigate them and their company—a Google search can work wonders here.
- Performing a background check can reveal more than a Google search. Look for crimes related to fraud, theft, forgery, or other forms of deception.
- Ask for and verify any previous or recent work, licenses, insurance, and bonds.
- Start small: if they can handle the details of a minor job, then you might be able to trust them with a larger one! The reverse is also true: if they can’t do right by your investment on the micro, it’s best to avoid handing them the macro.
Less Really Is More With Property Management!
Now that we’ve gone through the work entailed in just finding the professionals you need when you need them, bringing in an expert property manager in Garland really hits home the concept of “less is more.”
With a property manager, you have:
- Less stress across multiple properties
- Less repairs to coordinate
- Less inspections to handle
- Less work orders to manage
- Less contractors to screen
- Less tenant turnover
- Less costs.
Yes, working with a property manager in Garland can even make the repairs and maintenance you need the most less costly! Property managers already have a list of vetted, reliable professionals on call to handle your maintenance needs. They also work in bulk and can often get these repairs for less than it would cost you alone. Meanwhile, you get:
- More time to pursue future investments
- More at-home time with friends and family
- More of the rewards that come with investing in real estate
- More hands to handle every aspect of your investments
- More profit.
If the “less is more” approach to investing in real estate with property management sounds like what you’ve needed for your growth, reach out to us! Let the experts at RentHub Property Management show you what you’ve been missing.