Owner managed repairs occur when a rental owner has their own contractors they wish to use on their property. Or when an owner believes they can save money by not using the property manager services. Many property managers forbid owner managed repairs because of the coordination issues and potential liability placed upon the manager with little control over the outcome.
At WILMOTH Group we believe that owner managed repairs are the right of the property owner. We also know that for these repairs to be successful that there needs to be agreement between the owner and WILMOTH as to expectations in the process. The purpose of this article is to provide our requested list of items to keep in mind when an owner decides to repair their own property.
Rent-ready is a common term in the rental business. It refers to the condition of a rental being ready to be rented. The repairs required, in our case, are based from the WILMOTH Standards of Habitability that are a part of all management agreements. These standards are an accumulation of items we have learned are considered by tenants, and health officials, as necessary in a local rental home.
The following is a checklist for owners to make sure have been reviewed and completed.
Rent-ready is the process for having a rental ready for marketing for lease Move-In is the final step after a tenant has been approved and a lease signed. The following are expected to be completed in a owner managed repairs scenario.
The above is the checklist we use internally for each rental we manage. We do believe in owner managed repairs but we also believe the same standards should exist whether completed by the owner or WILMOTH. Sometimes we find many of the above items neglected when the owner managed repairs are reported as completed.
If you are contemplating owner managed repairs, please determine how the above quality control and standards will be completed. In that way a great tenant can be located for your rental in the timely fashion expected.
WILMOTH Group is headquartered in Indianapolis and Fort Myers, Fla. WILMOTH Group focuses on providing creative local solutions for a variety of residential real estate needs including, properties for sale, property management services in Indianapolis, and short-term management services in Tampa and Fort Myers.
© 2021 WILMOTH Group