Hi - I have several properties in Salt Lake City. I would like advice from other landlords in working with property managers remotely. What is the amount that you give the property managers to make repairs before asking for your approval? Any other type of guidelines you would recommend? Thank you in advance.
My agreement has a $250 reserve. If any vendor thinks the job will exceed what I budget in their work order, they have to get approval before doing it, or I don't pay the overage.
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I'd highly recommend networking with someone local on BP to where your property will be. Having a friend that can "drop" by for you would be a huge blessing. I'd much rather a phone call here and there with an update on the condition of the property vs just getting hit with bills for repairs, maintenance, and evictions.
A friend combined with a local PM with great reviews can be the difference between success/failure in what you're trying to accomplish.
As property manager I was required to get 3 bids from contractors for any major upgrades or repairs.
I was required to get yearly bids for turn painting and carpet cleaning from at least 3 contractors including the one that was being used.
We had a plumbing company that was always used for repairs, and heat company likewise, no bids required we called as needed and scheduled yearly service maintenance.
Seasonal snow and lawn and pool supplies, was a yearly new bid for service from at least 3 contractors.
Maintenance staff was in house.
@Todd Wade Feel free to shoot me a direct message and we can chat , we could most likely help both one another as I have a large amount of experience with contracting work and live in SLC. I'm also in the beginning stages of getting my investing career going so I understand what investors are looking for as opposed to buyers and can minimize headaches for you by having feet on the ground & a solid list of contractors for things I cannot do. I currently work part time at a Mortgage company so I have adequate time & a flexible schedule. Let me know if this sounds like something that would interest you!
Thank you everyone for your advice. It was appreciated. It has help me get more clarity on what I need to do.
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