Property Management Business 41. Budgeting Repairs, In-House Maintenance and More, with Ray Hespen of Property Meld
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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.
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Timing of Tenant Repair Requests
- Most tenant repair requests occur on the 1st of the month and tax day.
- This might indicate a correlation between rent/tax payments and tenant behavior.
Answering Owner Questions About Maintenance Costs
- When asked about maintenance costs, acknowledge the typical range (12-14% of rent).
- Emphasize the nuance of individual properties and offer a detailed property analysis.
Prioritizing Tenant Retention
- Prioritize tenant retention over minimizing maintenance expenses.
- Turnover costs significantly outweigh potential savings from deferred maintenance.