Did you know that even if your lease agreements state that tenants are responsible for controlling and eliminating pests like fleas, roaches, etc., landlords are ultimately responsible for keeping their properties habitable?
Virginia state laws, specifically the Virginia Residential Landlord Tenant Act, are pretty clear on this. Landlords must actively keep their dwelling units in a fit and habitable condition.
Now, you may be wondering, what if I plan to work with property managers? Does that mean I still have to cover repair costs? Here's what you need to know about property management responsibilities.
Understanding Landlord and Property Manager Roles
It's essential to distinguish what property managers do from what landlords do to understand who covers repair costs in property management.
A property manager is a professional who handles many tasks landlords should do. These include finding and screening tenants, collecting rent, handling legal issues, etc.
Meanwhile, a landlord is someone who owns a property and leases it out to a tenant. If they opt not to work with a property manager, they will be responsible for:
- Keeping their rentals in habitable conditions
- Handling security deposits
- Following local building codes
- Maintaining utilities
- Performing prompt repairs
Exploring Property Management Agreements
As a property owner or landlord in Williamsburg, VA, how much you'll pay for repairs depends on the property repair policies you and your property manager set.
If you pay your property manager a fixed rate, you can easily budget for it. However, some property managers may not feel as motivated to maximize your property's rental income. The keyword here is some, as reputable property management companies always do their best to help you meet your goals regardless of fee structure.
Alternatively, your property manager may choose to earn a percentage of your property's rent every month. Under this fee structure, they could earn more when you collect more rent payments. They may also lower their fees if you ask them to manage more than one property.
So, Who Pays for Repairs? Property Managers or Owners?
Once you've agreed on the fee structure, you'll need to be clear on whether repair costs are covered in property maintenance duties. Not all property managers include repairs in what they charge their clients. They can coordinate maintenance services, but owners must still pay for them.
Since you are responsible for repairs, you can empower your property manager to use a reserve fund to cover these costs. With this budget, they can tap their network of contractors and service providers to conduct repairs and maintenance on your Williamsburg, VA, property.
Stay on Top of Repair Responsibilities in Williamsburg, VA
Property maintenance is easier when dedicated property managers handle repair and maintenance requests.
Although you have to cover these costs, you don't have to worry about possible legal issues arising from tenant complaints. Your property managers are always ready to coordinate repair and maintenance services.
As a full-service property management company, we can help you grow your rental income. One Door Realty Services manages, maintains, acquires, and administers investment properties in Virginia. Contact us today so we can start maximizing your property's profitability.