Property Management Business

41. Budgeting Repairs, In-House Maintenance and More, with Ray Hespen of Property Meld

Dec 24, 2024

Ray Hespen, CEO and co-founder of PropertyMeld with a unique shift from mining engineering to property management, reveals insider insights on maintenance costs and tenant satisfaction. He discusses the importance of setting realistic maintenance budgets and the financial implications of tenant retention. A lively role-play segment adds humor as he navigates demanding owner scenarios. Additionally, Ray emphasizes the need for preventative strategies and the balance between in-house maintenance and outsourcing to enhance efficiency and profitability.

56:40

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Ray Hespen

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Quick takeaways

Property owners should anticipate maintenance expenses averaging 12 to 14 percent of rental income, depending on property conditions and past experiences.

Understanding tenant trends in submitting repair requests, particularly around financial obligations, can help property managers optimize maintenance schedules.

A strategic approach to maintenance, incorporating effective vendor management and communication, is essential for improving tenant satisfaction and operational efficiency.

Deep dives

Understanding Maintenance Costs

Property owners should expect maintenance costs to average between 12 to 14 percent of their rental income. This percentage encompasses wear and tear, repairs, and turnover expenses. It's essential for property managers to analyze specific properties to provide tailored estimates, as condition and prior maintenance experiences can significantly influence costs. As part of this process, engaging in open discussions about budget expectations can foster trust between property managers and owners.

Intro

2min

Navigating Property Management Challenges

12min

Navigating Property Maintenance Trends

14min

Redefining Property Maintenance: Beyond Simple Repairs

3min

Navigating Maintenance Management Tensions

12min

Streamlining Property Management

4min

Balancing Budgets and Life in Property Management

7min

The Impact of Small Acts and Future Learning Opportunities

2min

How much should you tell your property owners to expect to spend on property maintenance? In this episode, you will learn how to set realistic expectations with owners and optimize your maintenance processes for lease renewals. Joining us is Ray Hespen of Property Meld to discuss maintenance costs, common mistakes property managers make, and the importance of tenant satisfaction.

Plus, hear a hilarious role-playing scenario where Marc becomes the demanding owner, putting Ray's expertise to the test.

Follow his link to see how Property Meld can help you solve your maintenance challenges.

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This podcast is produced by Two Brothers Creative 2024.