The Accountant - Optimizing Budgets & Property Maintenance Costs
We are entering our final week in exploring the first of many hats Housing Hub wears as a property management company - The Accountant! Last week we talked about how we help property owners maintain and optimize their budgets. This week we are expanding on that topic and discussing how we record costs of property maintenance.
Our finance team here at Housing Hub keeps a very detailed record of all maintenance costs. We document each expense into specific categories, such as work orders, turns, inspections, bids, and professional services. Differentiating these costs allows us to keep a better track record of maintenance problems and concerns at each property, which in turn can help us identify any problematic patterns.
For example, does the boiler at your property constantly need repair? Instead of fixing it every few months, maybe it’s time for a new boiler! Our method of documentation allows us to identify patterns such as these and come up with a solution that saves you money in the long run. It can also help decrease owner liability at the time a tenant moves out for various costs and determine if something needs to be updated or replaced.
Maintenance fees are determined by a variety of factors, including time, materials, and the actual issue at hand. Housing Hub works very hard to reduce the cost of maintenance repairs to owners and tenants by having an in-house maintenance staff that has a vast amount of experience working with the large portfolio of properties we manage and knowledge of material costs to keep your budget intact. Their expertise and knowledge of the properties they work with allows them to make the best recommendations for that specific property, saving you time and money.
Housing Hub is always here to assist our property owners in any way we can!