You’re going to need maintenance on your rental property, even if it’s a brand new home and in excellent condition. Keeping up with repairs and preventative maintenance is essential in keeping your tenants happy and preserving the condition of the property. Make sure you have a budget and a plan for hiring vendors and contractors that will do good work for affordable prices. You need to protect yourself when hiring maintenance workers, and today we’re going to tell you how.
Licensing and Insurance
Always work with vendors and contractors who are licensed and insured. It might be tempting to save a few dollars by hiring any unlicensed handyman who claims he can do the work you need. But, it’s not worth the risk. Ask to see proof of their license and insurance. If you allow an uninsured worker onto your property and that vendor falls off a ladder, you could be liable for his medical bills. Be consistent and insistent when it comes to licensing and insurance. Ask to be included as an additional insured while vendors are working at your property. This provides you with a little extra protection.
There is a time and place to hire a handyman. You won’t always need an expert in a particular area if there’s an easy fix that needs to be made at your home. Just make sure you screen them. You want them to have liability insurance and you want them to be licensed to work in the state. This can be a good balance because a handyman will be cheaper than a plumber, and if the maintenance issue is something as simple as fixing a running toilet, you’re better off with the handyman.
Reputation and Experience
Work with vendors and contractors who have a good reputation. You want to hire a company or a person who will stand by the work, and be willing to come back if the problem wasn’t solved correctly the first time. You’ll need to leverage your ability to provide more work and your decision to float payments if you’re not getting what you need from vendors.
Working with a property manager puts you at an advantage because management companies are able to negotiate better deals. We also have the resources to properly vet and screen all the vendors we work with. If you’d like some help managing vendors and maintenance for your New Orleans rental property, please contact us at Latter & Blum Property Management.