Episode 96: 3 Reasons Why You Need In-house Maintenance
Sep 4, 2023
auto_awesome
Spencer and Matthew discuss the benefits of in-house maintenance in property management, including improved resident satisfaction, increased tenant retention, and reduced expenses. They also explore the advantages for technicians, such as consistent work and work-life balance.
Internalizing maintenance improves resident satisfaction and increases tenant retention.
In-house maintenance allows property managers to control expenses, leading to higher profitability.
Deep dives
Benefits of Internalizing Maintenance: Resident Satisfaction
One of the key benefits of internalizing maintenance is improved resident satisfaction. By having an in-house maintenance team, property managers can have more control over prioritizing work orders and ensuring timely repairs. This helps residents feel heard and taken care of, increasing their overall satisfaction with the property. Additionally, having a dedicated maintenance technician who is part of the property management team builds trust with residents, as they see the technician as an extension of the property management company, resulting in longer resident stays and increased revenue for property owners.
Benefits of Internalizing Maintenance: Client Satisfaction
Internalizing maintenance also brings significant benefits to property management clients. Keeping residents in properties for longer periods is crucial for owners' financial success, as turnovers can be costly. By efficiently addressing maintenance issues in a timely manner, property managers can increase tenant retention, leading to higher rental income and greater profitability for property owners. In addition, managing maintenance in-house allows property managers to have better control over expenses, resulting in lower maintenance costs and higher net operating income for clients.
Benefits of Internalizing Maintenance: Company Profitability
Internalizing maintenance can significantly impact the financial health of a property management company. By bringing maintenance in-house, property managers can increase net profit by actively managing technician utilization and realization rates. This means ensuring technicians work on billable tasks and controlling material costs to maximize profitability. With an efficient and dedicated maintenance team, property management companies can optimize their operations, increase their bottom line, and create a more sustainable and lucrative business model.
Maintenance is a part of daily life in the world of property management. Your ability to deliver a great maintenance experience impacts your residents, clients, and company. In this episode, Spencer and Matthew talk about the evolution of the Evernest maintenance business and why you should consider it for your PM business if you haven't already.
===================================
Connect with Matt and Spencer at Evernest: Evernest.co