41. Budgeting Repairs, In-House Maintenance and More, with Ray Hespen of Property Meld
Property Management Business
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Navigating Property Maintenance Trends
This chapter explores the increasing service requests and rising maintenance costs in property management, while advocating for aggressive preventative maintenance strategies. It emphasizes the financial implications of tenant retention, highlighting the significant turnover costs and the importance of timely communication for optimal maintenance efficiency. The discussion also reveals a lease renewal rate of 78%, showcasing the relationship between effective maintenance practices and overall profitability for property owners.
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