5 TIPS TO HELP REDUCE HMO MAINTENANCE COSTS TO LANDLORDS
Posted on 22nd February 20231) CREATE A CLEAR MAINTENANCE POLICY
Having a written maintenance policy is useful to both you and your tenant. It helps set and manage expectations, particularly as rushing around to get non-urgent repairs done quickly will cost you more money. Some repairs may be simple and straightforward, whilst others may need to get specialists involved. Having a maintenance policy means tenants understand what to expect in terms of timeframes & resolution, particularly as not all repairs are urgent.
Emergency and urgent repairs obviously need to be prioritized because they have a direct effect on your tenants, but some things don’t, clarifying tenant expectations from the outset, can buy you time to shop around for the right materials, and to get the right people in at the best price.
2) USE TRUSTED TRADESPEOPLE, NEGOTIATE LABOUR RATES
It’s essential to have good relationships with a range of tradespeople. Sometimes it’s difficult to build trust but you should have these relationships in place wherever possible. Try to get pre-determined labour rates so that you know what to expect when you call them out, particularly if you’re dealing with maintenance across a larger HMO portfolio, it can help you to avoid receiving those shock value invoices!
3) BATCH YOUR MAINTENANCE JOBS
If you have properties that are in close proximity to each other or a property that has multiple, non-urgent items, batch these jobs together wherever possible can help you significantly reduce maintenance costs. Sending your tradesman to deal with a few jobs in the same property or properties within close proximity cuts down the tradesman’s traveling cost and time, and ultimately can help to give you more leverage in negotiating a better rate.
4 ) PRE-CHECK YOUR TRADESPEOPLE
Make sure they are skilled, check that they’re using the correct materials, and not just the cheapest ones. By using better quality materials and skilled workers, you’re less likely to have to go back and re-do the same work a couple of months down the line.
5) ASK FOR EVIDENCE, INSIST ON GUARANTEES & AVOID PAYING INVOICES IMMEDIATELY
Ask for photographic or video evidence of the work carried out, and insist on guarantees - that way if there’s a repeat of the same issue a few months down the road, they are obligated to come back and rectify at no charge. Avoid paying invoices immediately where possible, instead, try putting invoices into a simple system, and do payment runs every two weeks. This gives time to scrutinize the invoices, ask any questions or for more evidence if necessary, and see whether or not the repairs actually worked.
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