Do you find yourself paying out of pocket for Folsom rental property repairs? Are you struggling to keep up with lease enforcement to prevent undue wear and tear?
If so, it may be time to hire a rental property management company. Property management can handle nearly all landlord duties, turning your investment into a source of passive income.
Will property management cover the cost of repairs in Folsom, CA? The short answer is no, although they will take repairs off your hands.
Read on to learn how to cover the cost of rental property damage and how rental property management can help.
Paying for Typical Wear and Tear
If there is one thing rental property owners should expect, it's that their properties will require maintenance over time. This includes things like plumbing and electrical touch-ups, new paint jobs, replacing old appliances, and more.
When you're covering the cost of preventative maintenance or answering a typical maintenance request, it's crucial that you have financial reserves to pull from. The median cost of rent in Folsom is nearly $3,000, and some of that should get set aside for upkeep. Most property management companies will ask that you set aside a specific amount in a reserve fund that they can use for maintenance as needed.
Property owners must replenish that reserve fund as it's used over time. Not all maintenance is routine or planned and emergencies like plumbing leaks or clogs can arise. By maintaining your reserve fund, you guarantee that your property management has the funds they need to protect your property and your tenant's rights.
Paying for Undue Wear and Tear
What if tenants cause undue wear and tear? This can include things like breaking windows or ripping carpets. Depending on your lease agreement, it may also include things like painting or putting holes in the walls.
If rental property damage exceeds typical wear and tear, you can pull from your tenant's security deposit to cover the cost of repairs. Keep in mind that you can only pull funds from a security deposit once the lease is up. In other words, you'll still need to rely on reserve funds to cover these kinds of repairs while a tenant is still living in your property.
Under California law, you must provide an itemized list of damage to tenants if you aren't returning their security deposit in full. Full-service property management will take care of this step for you.
Hire Rental Property Management for Your Folsom Properties
Staying on top of rental property repairs is no small task. When you hire rental property management in Folsom, you can rest assured that everything from preventative to emergency maintenance is taken care of. However, it's your responsibility to provide the funding to get the job done.
Are you ready to earn a rental income without having to handle all landlord duties in Folsom, CA? Residential Equity Management will provide decades of real estate and property management experience. Contact us to learn more about our property management services today.
