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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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.
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.
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