• Ep011: Can They CONTROL Rehab and Maintenance Costs? – Part 4 Of What To Expect From Your Property Manager

  • 2024/07/26
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Ep011: Can They CONTROL Rehab and Maintenance Costs? – Part 4 Of What To Expect From Your Property Manager

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  • Welcome back to The Landlord Profitability Playbook Podcast! In this fourth episode of our 12-part series "What To Expect From Your Property Manager," hosts Chris McAllister, Laci Leblanc, and Gretchen Mitchell will explore the critical role of controlling rehab and maintenance costs in maintaining landlord profitability. Join us as we take a deep dive into: • The importance of proactive decision-making and tenant selection to prevent costly repairs down the line. • How adhering to the 'Neighborhood Standard' can preserve property value and enhance tenant satisfaction. • The advantages of employing W2 maintenance personnel and providing work trucks to boost operational efficiency. • Best practices for managing costs transparently, collaborating with trusted contractors, and leveraging technology platforms like Property Meld and Appfolio. • The significance of having a dedicated Rehab & Maintenance Manager and a robust policy for cash management and reserves. We also share insights into our own Rehab and Maintenance team's journey at ROOST Real Estate Co., including their roles, structure, and our plans for the future. Whether you're an experienced investor or new to the game, this episode is packed with actionable tips and insights to help you manage your properties efficiently and economically. Listen now to Episode 4: "Can They CONTROL Rehab and Maintenance Costs?" and take the next step in mastering your real estate investments. For more resources and to explore investment opportunities with ROOST Real Estate Co., visit our website. Subscribe to the podcast to stay updated with the latest episodes and insights! SHOW HIGHLIGHTS Chris discusses the rising costs of property maintenance, citing data from Property Meld, and emphasizes the need for proactive strategies to manage these expenses.We explain the importance of meticulous tenant screening and setting clear expectations for property care to mitigate maintenance costs.Chris highlights the significance of ensuring tenants are comfortable with the maintenance request process and understand their responsibilities in maintaining the property.We explore the challenges landlords face when showing occupied rental properties, including tenants' rights to refuse showings and the potential impact on property presentation.We stress the benefits of allowing adequate time to prepare properties for new tenants, which can result in long-term, reliable tenants and reduce vacancy periods.We discuss best practices for property management maintenance, including essential questions to ask when selecting a property management company.Chris and Gretchen explain the balance between over-improving and under-maintaining properties and the concept of maintaining properties to the neighborhood standard.We describe the logistics of managing work schedules and transportation costs for maintenance personnel, and the decision to use W-2 employees versus 1099 contractors for routine maintenance and repairs.We highlight the transformative impact of Property MELD software on property management, focusing on its integration with AppFolio and its superior communication and scheduling capabilities.Chris underscores the value of strong contractor relationships and reliable tools, mentioning the positive outcomes achieved with versatile contractors like Paul Dixon, who bring expertise in multiple trades. LINKS Show Notes Be a guest on the Landlord Profitability Playbook Podcast Download your FREE copy of ROOST-Minimum-Property-Standards.pdf Visit ROOST Real Estate Co and get a free property management quote Visit Invest with ROOST and learn about property investment opportunities Download your FREE copy of The Landlord Profitability Playbook and learn how to automate your property management. Visit ROOST Property Management and find out more about the ways we can help you create a more profitable portfolio. Visit Rental Property Registration to access the registration page and self-inspection form. TRANSCRIPT (AI transcript provided as supporting material and may contain errors) Chris: Hello everyone and welcome to the Landlord Profitability Playbook Podcast. I'm Chris McAllister and I'm here to help you create and coach business opportunities and strategies that support and add value to the lives of residential real estate investors. Joining me today are my trusted co-hosts Laci LeBlanc and Gretchen Mitchell. Good morning, ladies. Laci: Morning, good morning. Chris: Today we're diving into part four of our series called what to Expect from your Property Manager, and today's episode is titled Can they Control Rehab and Maintenance Costs? Rehab and regular maintenance are the two things that absolutely make or break landlord profitability. We've been doing this for quite a few years and everything, it seems, comes back to having to fix things or having to get things cleaned up between tenants, and it's the thing that just crushes the hopes and dreams of...
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Welcome back to The Landlord Profitability Playbook Podcast! In this fourth episode of our 12-part series "What To Expect From Your Property Manager," hosts Chris McAllister, Laci Leblanc, and Gretchen Mitchell will explore the critical role of controlling rehab and maintenance costs in maintaining landlord profitability. Join us as we take a deep dive into: • The importance of proactive decision-making and tenant selection to prevent costly repairs down the line. • How adhering to the 'Neighborhood Standard' can preserve property value and enhance tenant satisfaction. • The advantages of employing W2 maintenance personnel and providing work trucks to boost operational efficiency. • Best practices for managing costs transparently, collaborating with trusted contractors, and leveraging technology platforms like Property Meld and Appfolio. • The significance of having a dedicated Rehab & Maintenance Manager and a robust policy for cash management and reserves. We also share insights into our own Rehab and Maintenance team's journey at ROOST Real Estate Co., including their roles, structure, and our plans for the future. Whether you're an experienced investor or new to the game, this episode is packed with actionable tips and insights to help you manage your properties efficiently and economically. Listen now to Episode 4: "Can They CONTROL Rehab and Maintenance Costs?" and take the next step in mastering your real estate investments. For more resources and to explore investment opportunities with ROOST Real Estate Co., visit our website. Subscribe to the podcast to stay updated with the latest episodes and insights! SHOW HIGHLIGHTS Chris discusses the rising costs of property maintenance, citing data from Property Meld, and emphasizes the need for proactive strategies to manage these expenses.We explain the importance of meticulous tenant screening and setting clear expectations for property care to mitigate maintenance costs.Chris highlights the significance of ensuring tenants are comfortable with the maintenance request process and understand their responsibilities in maintaining the property.We explore the challenges landlords face when showing occupied rental properties, including tenants' rights to refuse showings and the potential impact on property presentation.We stress the benefits of allowing adequate time to prepare properties for new tenants, which can result in long-term, reliable tenants and reduce vacancy periods.We discuss best practices for property management maintenance, including essential questions to ask when selecting a property management company.Chris and Gretchen explain the balance between over-improving and under-maintaining properties and the concept of maintaining properties to the neighborhood standard.We describe the logistics of managing work schedules and transportation costs for maintenance personnel, and the decision to use W-2 employees versus 1099 contractors for routine maintenance and repairs.We highlight the transformative impact of Property MELD software on property management, focusing on its integration with AppFolio and its superior communication and scheduling capabilities.Chris underscores the value of strong contractor relationships and reliable tools, mentioning the positive outcomes achieved with versatile contractors like Paul Dixon, who bring expertise in multiple trades. LINKS Show Notes Be a guest on the Landlord Profitability Playbook Podcast Download your FREE copy of ROOST-Minimum-Property-Standards.pdf Visit ROOST Real Estate Co and get a free property management quote Visit Invest with ROOST and learn about property investment opportunities Download your FREE copy of The Landlord Profitability Playbook and learn how to automate your property management. Visit ROOST Property Management and find out more about the ways we can help you create a more profitable portfolio. Visit Rental Property Registration to access the registration page and self-inspection form. TRANSCRIPT (AI transcript provided as supporting material and may contain errors) Chris: Hello everyone and welcome to the Landlord Profitability Playbook Podcast. I'm Chris McAllister and I'm here to help you create and coach business opportunities and strategies that support and add value to the lives of residential real estate investors. Joining me today are my trusted co-hosts Laci LeBlanc and Gretchen Mitchell. Good morning, ladies. Laci: Morning, good morning. Chris: Today we're diving into part four of our series called what to Expect from your Property Manager, and today's episode is titled Can they Control Rehab and Maintenance Costs? Rehab and regular maintenance are the two things that absolutely make or break landlord profitability. We've been doing this for quite a few years and everything, it seems, comes back to having to fix things or having to get things cleaned up between tenants, and it's the thing that just crushes the hopes and dreams of...
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