How Should Real Estate Property Management Reduce Maintenance Costs?
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How Should Real Estate Property Management Reduce Maintenance Costs?

The maintenance of a property and all the constructions and facility appliances within the premise is one of the most important functions of a property management service. And why not? The cost of maintenance, repairs and replacement due to damages add up and eventually cut into the income of the property owner. This is the reason why every property manager makes elaborate plans to minimize the cost due to maintenance by applying damage control measures.

Here are five tips which have been found to be effective in this regard.

1. Tenant Screening

The popular saying ‘Prevention is better than cure’ is indeed true in the case of commercial property management. Good tenants play an important role in reducing the maintenance costs, as they look after and take care of the apartment they have rented. On the other hand, bad tenants aggravate expenses due to a lack of care. So, it is necessary that during the screening process, property managers eliminate those tenants who have a history of being involved in property damage disputes with their previous landlords.

2. Durable investment

There should not be any compromise in the quality of construction of facilities and installation of various appliances in the promise. Durability might be a bit expensive to purchase, but quality helps a lot in the long run. Inexpensive materials and appliances might save money initially, but the cost of keeping them running generally surpass the cost of expensive yet quality installations.

3. Regular inspection

Commercial real estate services cannot shy away from this responsibility. A regular visit to the property and inspection of every nook and corner is of utmost importance to identify damages and take measures accordingly. Costs of repair are often significantly lower when undertaken initially, or almost as soon as damage has been inflicted.

4. Professional help

A real estate property management strategy to save expenditure is to transfer the costs of damages incurred on the tenant. This can be done by adding the expenses to the rent of the tenants as value-added benefits.

5. Appliance insurance

Insuring appliances within the premises is a great way to guard against unexpected damages. Insurance of various still or running appliances is available for commercial real estate NYC and everywhere else. This is a great way to minimize and offset any expenses that arise as a consequence. The expense due to the insurance might also be deductible from tax returns, thereby, maximizing the financial benefits.

I am John Daniel, A US based Real estate Professional and Blogger. With experience in real estate of more than 10 years, the above mentioned article is solely based on my experiences with real estate property management.


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