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The Property Management Show
How Property Managers Can Deal with Rising Costs and Labor Shortages in Maintenance with Ray Hespen – Part 2
Nov 16, 2023
Ray Hespen from Property Meld discusses challenges in property maintenance, addressing workforce shortages and rising costs. They explore the importance of preventative maintenance, vendor collaboration, and using data for business improvement. The podcast also touches on embracing self-awareness for entrepreneurial success.
25:52
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Quick takeaways
- Property managers find that increased maintenance actions per year lead to better owner retention rates despite lower overall maintenance costs, emphasizing the value of preventative repairs.
- In the face of labor shortages and rising costs, property managers must focus on resident renewals, preemptive maintenance programs, and strengthening vendor relationships to navigate industry challenges.
Deep dives
Impact of Maintenance Analytics on Owner Retention
Analyzing data on maintenance activities revealed that properties with higher maintenance actions per unit per year had better owner retention rates, even with lower overall maintenance costs. The surprising correlation showed that more preventative repairs led to higher tenant satisfaction and ultimately better renewal rates, highlighting the importance of proactive maintenance strategies in property management.
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Discover
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