Being a landlord in Biloxi, Mississippi, requires a lot of responsibilities. Landlords in the state must complete mandatory repairs to maintain habitable rental units for tenants.
To stay compliant with this law, you can hire a rental property management company to help. Your funds go towards a plethora of services, but do you still have to pay for repairs? Keep reading to find out.
Who Pays for Repairs in Biloxi?
If you hire rental property management services, you might believe that they pay for repairs. This is not the case. Although they handle maintenance coordination and can schedule emergency repairs, you are responsible for paying for them.
Depending on your agreement with a property management company, you might be asked to allocate money to a reserve fund. As maintenance and rental property repairs arise, your property manager will use the funds to hire contractors.
Reserve Fund Amounts
The amount you put into a reserve fund will depend on your rental property maintenance needs. You can look at your past accounting records to determine the average spend per month.
As money is spent, you can restore the reserve fund with rental property income. It might be a good idea to allocate a portion of the monthly income to the reserve fund automatically.
To avoid overspending by the property manager, you can set an amount per repair that you don't want to go over. If a request costs more than your set amount, the property manager will ask for your approval before scheduling the repair.
Who Makes the Repairs?
Rental property company responsibilities include making the repairs if they have a dedicated maintenance team. If not, they will hire reputable contractors to handle the repairs.
Finding reliable contractors yourself can cost you time and money. There is a lot of trial and error involved.
Most property management companies have an existing network of contractors they've worked with in the past. You can weigh in with your preferences if there are contractors you don't want to work with or contractors that you prefer.
Property managers will inspect your rental property to help you uncover potential maintenance issues. From there, they will handle the coordination to address the problems.
Making Quick Repairs in Biloxi
A rental property maintenance checklist can help you make quick repairs and keep tenants happy. A property manager will schedule fast repairs to increase the odds that tenants will renew their lease.
Maintenance work is one of the key considerations tenants make when they look for a place to live.
If you leave repair problems unaddressed, you could be left with more expensive issues in the future.
Work With Rental Property Management Today
A rental property management company can help you stay compliant as a landlord. In Biloxi, Mississippi, you are responsible for providing habitable living conditions, in which proactive maintenance can lead to.
You don't have to handle everything alone. At PMI Biloxi, we have over 20 years of property management experience in the local area.
We know that providing prompt and quality services, especially when it comes to maintenance, is one of the keys to a successful rental.
Ready to partner with a property manager that you can trust? Contact us today to get started.
