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HomeWork Property Solutions is the newest small job home improvement, repair and maintenance service in Mercer County. We understand. You want to finish all your HomeWork, but there’s never seems to be enough time to finish it all. Let HomeWork Property Solutions fix, remodel or repair whatever you need, so you can finally finish all your HomeWork and spend more time enjoying your home. Pick up the phone and call or send an request for estimate below to finally get your HomeWork completed!

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HomeWorks Property Management is a rental property management company based in South Bend, Indiana. We take pride in putting our residents first and back that commitment with expert property managers, highly trained maintenance staff, and the region’s first in-house resident relations liaison.

This all ensures that you, our resident, will have a rental experience that is second to none!

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Kimm Swalley Property Manager [email protected] 574-233-3302 ext. 7001

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30 Basic Home Maintenance Tips to Take Care of the Little Things That Add Up

• Simple Maintenance
• Published on April 30th, 2019
• 6-8 min read

Emma's work has been featured in Huffington Post, NPR and XOJane. When she's not combing her neighborhood for open houses, she's writing about technology, real estate or data.

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At HomeLight, our vision is a world where every real estate transaction is simple, certain, and satisfying. Therefore, we promote strict  editorial integrity in each of our posts.

Feeling guilty about putting off all that routine maintenance for your home? Good, you should… along with the 45% of Americans who don’t tend to home repairs right away.

Because clogged gutters turn into water damage . Chipped paint leads to wood rot. Dirty filters shorten the lifespan of your furnace . And while small problems are simple fixes now, they’ll be more complicated (even burst-pipe disastrous) later and could ultimately hurt your resale value.

“It’s really just keeping an eye out for the little things, and making sure they don’t turn into bigger things,” says Kati Spaniak , a top-selling real estate agent in Northbrook, Illinois .

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“Those little things can add up to a lot of money, which you may not have right before you put your house on the market.”

Turn your guilt into action with these 30 super basic home maintenance tips that make a big difference—preserving up to 10% of your home’s value should be all the motivation you need.

1. Check to see that the doorbell works—if not, replace it

“I will tell you one of the first things I see a lot in homes is that the doorbell is broken,” Spaniak says. What better way to welcome future buyers than with a doorbell that actually works? It’s a small detail that counts to future buyers.

Use Home Depot’s DIY guide for how to replace a doorbell to help you safely reach the “Ding Dong!” of success. With actionable step-by-step bullet points, including how to upgrade to a wireless doorbell if you choose, it’s the best doorbell replacement tutorial we could find on the web.

2. Restore power to any dead outlets

Check out the outlets in your home annually. Are they working? If you find some of your power sources are dead, we recommend that you call a professional electrician to get them fixed. Now’s also a good time to check that you have GFCI (Ground Fault Circuit Interrupter) receptacles with those “Test” and “Reset” buttons near any plumbing fixtures. If you don’t, it’s likely to come up in the home inspection when you decide to sell your house.

3. Change the direction of your ceiling fans

You should change the rotation of your ceiling fans twice a year to increase energy efficiency, putting less strain on your heating and cooling systems. Running a ceiling fan properly in the winter can help you save up to 10% on your heating bill . When you change the direction of the fan, you change the way the air moves, more effectively heating or cooling a room.

You want your ceiling fan to rotate counterclockwise in the summer, pushing cool air down. On most fans, you can change the rotation using the directional switch on the motor—typically by turning the switch down. To get the clockwise rotation in winter, just reverse the switch .

4. Clean out exhaust fans to prevent mold

Fans in your home help clean out smells and moisture, but if they can’t do their job efficiently, you run the risk of growing mold in your home . Once a year, take the time to remove and clean your bathroom and kitchen exhaust fans . This’ll keep the hardware running smoothly, and the moisture out of your home.

5. Regrout or recaulk your tub, showers, and bathroom fixtures

Whether you have grout or caulk as a filler between your tiles in the bathroom, it will exhibit signs of wear and tear over time. If you notice any crumbling, peeling, or mildew, it’s probably time for a touch-up.

“If your grout is moldy, people think you don’t take care of your home,” says Spaniak.

You can attack moldy grout or caulk with a bleach solution as a quick fix to tie you over for awhile.

But if you need to replace the grout completely, popular DIY magazine Popular Mechanics has a step-by-step for regrouting (which includes a handy shopping list).

Got caulk? You should plan on recaulking about every 5 years . It’s a simple process—just grab a tube of caulk , caulk gun , and this handy DIY caulking guide .

6. Double check your downspout

Take a look around the perimeter of your home to check for downspouts that have become detached from your home. If downspouts become detached or faulty, water will not get directed away from the home and can lead to water intrusion or even foundation issues. This is a minor fix that can save you major cash down the road.e

7. Remove evidence of water damage

If you’ve experienced some kind of water damage in your home, you probably fixed it right away, but have you repaired the evidence?

“Anything that looks like it might raise questions, you want to take care of,” reasons Spaniak. Make sure you’ve not only addressed the source of the damage with a professional, but also addressed the stains left behind.

According to home care experts at BobVila.com, you need more than a simple coat of paint to remove evidence of water damage, and prevent future staining. Use a stain-blocking primer on ceilings and basement walls, and then you can paint as you typically would.

8. Clear your drains

Tackle any slow drains in your home before they become clogged. It’s better to snake the drain with a wire hanger, or clog remover tool, rather than use drain cleaner, which can be hard on your pipes.

9. Flush out your water heater

Once a year, you’ll need to drain your water heater or have a professional plumber come in to do it. Draining your water heater will flush out any minerals or debris in the system, ensuring it runs more efficiently.

If you’re feeling up to the task, AllState Insurance, one of the largest publicly held insurance providers in America, has a step by step guide for draining the water heater yourself.

10. Check your water bill to track water consumption

For many of us, it’s hard to detect a leak in our home until the telltale water stain appears on the ceiling. One of the simplest ways to watch for leaks and water consumption is keeping track of your bill. Take a look at your water bill monthly and compare month over month. If the number is higher than average, you might want to explore further with the help of a professional plumber .

11. Gut the gutters

Gutter maintenance should take place at least twice a year, or as the seasons change. Gutters overflowing with debris won’t do their job, and can lead to much more costly water damage. Check and clean your gutters every spring and fall, clearing away any muck, sealing any leaks, and replacing damaged gutters as needed.

This video guide from Lowe’s, one of the largest do-it-yourself home retailers in the country, will walk you through your DIY gutter cleaning basics. For two-story homes, hire a local gutter cleaner to come do the job for you. While you’re at it, get the deck professionally washed and stained and knock out your spring yard maintenance.

12. Test your sump pump

If your home has a sump pump in the basement, you should test it twice a year. Sump pumps typically last about 10 years, and with proper maintenance, could work even longer.

Check the water levels of the pump: if it’s overflowing, it’s probably not doing its job properly. Take time to clean the pump of any debris surrounding it, making sure it can do its job efficiently. Unplug and plug in your sump pump, is its energy source working properly? Nipping any issues with your sump pump in the bud can save you thousands down the line when it comes to water damage and flooding.

For more guidance, U.S. plumbing service Roto-Rooter has a step by step guide to checking and maintaining your sump pump .

13. Maintain your roof

Homeowners dread a roof replacement, but maintaining the one you have can increase its lifespan. Taking care of roof issues will also help the heating and cooling systems of the home operate more efficiently, and prevent leaks in the roof that lead to water damage.

It’s recommended to have your roof professionally inspected by a roofer twice a year.

14. Look for early signs of foundation problems

When the weather warms up, take the time to do a thorough inspection of the exterior foundation of your home. Cracks in the foundation of your home can reduce its value by as much as 15% , and taking care of these issues as you see them will ensure less costly repairs in the future. Large cracks in your foundation should be inspected and addressed by a structural engineer .

15. Wash your siding

Cleaning your home’s siding twice a year will not only boost its curb appeal, but also prolong its life. Opt to clean siding once in the spring, and again in the fall. Experts suggest renting a power washer and taking the afternoon to get the job done. But choose your pressure washer and nozzle wisely —too much pressure can lead to damage or even crumbling on the exterior of your home.

16. Touch up exterior paint

Let’s face it, when it comes to houses, most of us judge a book by its cover. Touching up the paint job on the exterior of your home adds curb appeal points, but also keeps moisture and wood rot at bay.    

Repainting your entire exterior can cost upwards of $2,000, but also yields a 51% ROI at resale, according to HomeLight’s 2019 Top Agent Insights Survey . Not ready for this large undertaking? Small touch-ups can be achieved for less than $100 .

17. Fill in driveway cracks

When the weather starts to heat up, take a look at your driveway, patio, or sidewalk for cracks in the concrete. Small cracks start to look unappealing, and resurfacing cracks the moment you find them means fewer large repairs on outdoor surfaces down the line.

Deep cracks can also raise eyebrows during a home inspection. If your concrete is cracked beyond what a simple resurfacing can repair, consider mudjacking, or slabjacking . This process, which injects a grout under your concrete slabs to raise them, typically costs around half as much as putting in a new slab.

18. Clean off your outdoor air conditioning unit

When you’re doing yard work in the spring and fall, take a few minutes to clean off your outdoor air conditioner system. Service Champions, a nearly 5-star heating and air conditioning company with over 1,300 Google reviews, has a great step by step for this task , which you can knock out between flipping burgers on the grill.

To summarize the process: gently remove large chunks of debris and muck by hand, use the soft-brush attachment from your vacuum on the fins, and spray off loose debris with the hose. Keeping your unit clean and clear means less wasted energy, and a longer lifespan.

19. Check for signs of critters

It’s important to do regular checks around both the interior and exterior of your home to look for signs of pests. Take note of cracks near your home’s foundation where furry friends could break in, or roofing issues where you might welcome some unexpected visitors. You can call in a professional pest inspector to take a look once a year as well. When it comes to detecting animal or pest issues in your home, the earlier and faster you address them, the better.

20. Trim up the trees

Branches growing too closely to your home or power lines can wreak havoc down the road. Fallen tree branches account for $1 billion in home damage annually . If you have trees on your property, bring in a professional tree trimmer once a year to assess potential issues and trim down trees.

21. Change out your HVAC filters

Changing your air filter can prolong the life of your A/C unit, make the unit work more efficiently, and maintain higher air quality in your home. If you regularly forget to check off this task, try signing up for a subscription service like FilterEasy , which sends you a new filter when it’s time to change out the old one.

22. Regularly get your HVAC professionally serviced

Homeowners can’t fake a well-maintained HVAC unit. “It’s nice to walk into a basement and see the list of every single time the HVAC was serviced because that’s when you know, people are doing it because they care for their house, not just because they’re trying to sell,” says Spaniak.

Spaniak recommends that homeowners get their HVAC and furnace systems checked by a technician in the fall and spring. Not only will this ensure you’re warm in the winter and cool in the summer, but it’ll also show future buyers that you’ve cared for your home.

23. Unclog your disposal

Disposals are a great kitchen tool, but they’re a distraction as soon as they clog up and smell. You should clean out your disposal monthly, using The Spruce’s recommended combination of citrus, salt, and baking soda.

24. Clean out refrigerator coils

To keep your favorite cooling appliances running smoothly, add vacuuming out your refrigerator’s coils to your bi-annual deep clean. Typically located at the bottom of the fridge, you simply remove the cover and vacuum out dust and debris. Looking for more detail? Worldwide appliance giant General Electric’s got your go-to guide for the task .

25. Wash your washing machine

It’s supposed to clean your clothes, but what should you do when your washing machine starts to smell? If you notice any signs of mold, mildew, or foul odors when you load and unload your laundry, check out Apartment Therapy’s in-depth guide to de-gunking and unfunking the washing machine . You can do this as often as every month.

26. Maintain your fire extinguisher

If your fire extinguisher doesn’t work in a time of emergency, it’s not really worth having. Make a note to check your extinguisher annually. Keep it clean, check for physical damage, and check its pressure. Nationally recognized insurance agency AllState has an in-depth guide to fire extinguisher maintenance.

27. Remove lint and build up from your dryer vents

Cleaning out your dryer vent (and we don’t mean just removing lint from the filter, but cleaning out that vent crevice) not only keeps the appliance running efficiently, increasing longevity, but it also will keep your dryer from sparking a fire.

More than 29,000 homes a year catch on fire from the lint build up in the dryer’s vent , according to the U.S. Fire Administration, and a clean vent is just another indicator to future home buyers that you’ve cared for even the smallest details in your home.

Using a kit, a vacuum cleaner, and some elbow grease, you can clean the dryer vent yourself.

28. Inspect your window and door seals

Once or twice a year, take the time to seriously inspect the sealing around your windows and doors . Small cracks and fissures can lead to an inefficiently heated or cooled home, which in turn can overwork your systems.

29. Do a home energy audit

According to Energy.gov, homeowners waste on average $200-400 of their energy bill annually on drafts and air leaks. Consider doing a home energy audit annually to see where you’re pouring dollars down the drain when it comes to efficiency.

30. Fix scuff marks on interior walls with a little paint

Scuffs and marks on the wall are par for the course in a lived-in home, but touching up wall paint once a year will ensure these marks don’t get out of hand. If and when you decide to sell your home, once of the first things you’ll have to take care of is touching up wall paint—so why delay?

Worried about finding the matching shade? Sherwin-Williams has a how-to guide on matching paint shades for home touch-ups.

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An ounce of prevention…

Now you’re ready to get to work. Home maintenance can seem like an avalanche of to-dos at first, but remember, you don’t have to do this all in a day. Use HomeLight’s home maintenance calendar , or create a spreadsheet of tasks to complete month by month . The key is not waiting until there’s an issue to do something. A little prevention will go a long way when it comes to home maintenance.

Article Image Source: (Dan Smedley/ Unsplash)

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A Guide To Property Maintenance & Home Repair Costs In 2022

What is property maintenance? | Why is home maintenance important? | Average property maintenance costs | Calculating home maintenance budget | Pros of property maintenance professionals |

The first step in home ownership is purchasing a property, and the second is maintaining it. If you look around any neighborhood, you will notice some homes are better cared for than others. To keep your living space nice and maintain its value, you must maintain the property and make repairs when necessary.

If you act on repairs and maintenance right away, it won’t cost too much out of your pocket to get things taken care of in your home. If you wait, fixes can cost a lot of money. This guide will cover everything you need to know about maintaining your property and the cost of property maintenance in 2022.

What Is Property Maintenance?

Property maintenance is the act of keeping a location in ideal condition. This condition involves comfort and function. You may need to perform reactive tasks in an active case of trouble to prevent bad things from happening.

Here are a few tasks you might encounter in property maintenance:

Common area maintenance: This action includes taking care of locations where everyone walks, from stairs to kitchens.

Pest control: Keep pests and rodents away from your house and get rid of any currently inside.

Interior maintenance: Watch the inside of the home, from plumbing systems to peeling wallpaper.

Exterior maintenance: Care for various exterior items, from graffiti to the bushes that line the outside of the home.

Trash and recycling: Ensure garbage and recycling move into different bins for the benefit of your home.

Safety checks: This action includes checking various safety concerns, such as smoke detectors and electrical connections.

It’s critical to perform property maintenance whenever possible. A home is like a growing child – you must care for it. If it’s your first time owning a house, property maintenance should be in your vocabulary. It’s essential for the future of your property and potential investors in years to come.

Why Is Home Maintenance Important?

Home maintenance is critical for many reasons. You get to live in a home that looks incredible and keep up the appearance for people who may purchase it in the future. It’s vital to care for your home, inside and outside.

Unfortunately, it can cost a lot of money to maintain your home. It’s critical to have a budget for maintaining your home to ensure you can keep it pristine on the inside and the outside. It’s vital for you and the people that live around you in your neighborhood.

What Is Included In Home Maintenance Costs?

There are many items to consider when it comes to home maintenance costs , and there are several items you can count on to require maintenance at some point.

Here are a few items included in your home maintenance costs:

Repainting walls, inside and out

Caring for the lawn and other shrubberies around the house

Old roofs with falling shingles and holes from poor weather

Wiring and other electrical items that could arise

Clogged gutters, whether with leaves or animal items

Aging ceiling fans and the lights inside

Peeling wallpaper and broken countertops

Unaligned doors and steps

These can take a sizable chunk out of your profit margin.

Put aside a chunk of your income to prepare for home maintenance. Something will inevitably arise, and it makes more sense to save now than to spend all your money and not have enough to pay for fixes that appear in the future.

If you can’t save your income, find ways to put money to the side. Invest in cheaper groceries, cancel a streaming service you don’t use, or wear your old clothes instead of purchasing new ones. There are many ways to keep additional funds in a separate account.

Average Home Maintenance & Repair Costs

There are costs associated with home maintenance that are critical to consider. Is there one you think your home might experience more often than another? Make sure you take as much preventative action as possible and set aside money to ensure you can cover the trouble when it appears.

Here are a few of the average home maintenance and repair costs:

HVAC: $110-$200 annually; $3,000-$6,000 for replacement

Water heater: $80-$100 annually; $750-$1,400 for replacement

Gutters: $75-$150 annually; $1,000-$2,500 for replacement

Fireplace: $125-$375 annually; $400-$$2,000 for replacement

HOA fees : $250 monthly maintenance; $10,200 for five years

Repairs and general maintenance: $170 monthly maintenance; $10,200 for five years

Lawn care and snow removal: $130 monthly maintenance; $7,800 for five years

Costs for home maintenance will add up, especially if you have a ton of little payments you need to make over time. The way prices add up solidifies the necessity for saving for unexpected fees over time. Ensure you have something on the side for the future.

What Impacts Your Average Monthly Home Maintenance Costs?

There are always factors that can impact your monthly home maintenance costs. Of course, you can’t see the future. It’s still critical to know what can affect the costs to help you better prepare for what could happen.

Here are a few items that could affect your average monthly home maintenance costs:

Location of your home: Location matters. Are you close to a mountain? Does your place rest by an ocean or a fast-running river? If you are close to damaging conditions, you could pay more for monthly home maintenance costs.

Age of your home: The older the home, the more things will fall apart. Newer homes require fewer maintenance costs since everything is brand-new.

Condition of your home: If your home is falling apart, you need to pay more to maintain it than one in excellent condition. That’s why it’s vital to be proactive with your maintenance.

These can have drastic impacts on your monthly maintenance costs.

If you have an older home in bad condition in a place that experiences awful conditions, you need to save more than someone who occupies a nice home in a location with excellent weather. If you don’t want to pay a lot of money for your home maintenance, invest in a newer home with a drier climate. Check the condition of the home before you buy for the best result.

How Weather Impacts Home Repair Costs

Weather is one of the biggest dangers when it comes to home damage. In an instant, mother nature can take a gorgeous house and turn it into a pile of ashes. You never know what will happen – but you can understand how the weather might affect the cost of your home repairs on the market today.

In the colder months, you may find issues that were fine in the summer become much worse, much faster. Ice and snow can cause the structure to falter while killing plants and expanding cracks in glass. Pipes can burst, and ice in your gutters can create extreme blockages.

Warmer, humid months have similarly poor effects on your home. Mold and mildew love this weather and will find their way inside cracks and crevices. Your roof and walls will constantly be wet and dry, over and over again.

The best place to live for your home is in a location with mild weather. Everything will stay in excellent shape for longer if they don’t have to deal with extreme weather conditions. Cold and humidity are nightmares for homes and everything around them. Take care if your home experiences either of these conditions.

How To Calculate Your Home Maintenance Budget

To ensure you maintain your home to some degree, you need to calculate a home maintenance budget . This number should allot a portion of your income every month for repairs, inside and out.

Here are a few items to consider when determining your home maintenance budget:

Ten percent

Square foot rule

One percent rule

These will help you keep some money aside for repairs, proactive and reactive.

It might seem like a pain to set aside part of your income for home maintenance every month. However, it will be worth it when you run into trouble with a part of your house. A budget can be a lifesaver.

The 1% rule is one of the best ways to save up money on property maintenance and home repair costs. This idea is simple – set aside 1% of the home’s original price point for repairs and other maintenance necessities you need.

Let’s say you purchased your home for $250,000. That would mean setting aside $2,500 a year for your home, or about $209 a month for home repairs.

Of course, other factors can contribute to the cost of your home. Consider all the price factors to find the ideal amount to set aside for the sake of your home and potential costs for maintenance and repairs. It’s a solid rule to live by and provides a standard to keep intact.

If you don’t like that rule, there are others to try out. Let’s talk about the square foot rule.

Square Foot Rule

The bigger the home, the more likely you will have to pay for maintenance and repair costs. The square foot rule considers this factor. You should set aside about $1.00 per square foot to ensure you have enough to care for the entire property when the time comes.

For example, a 5,000-square-foot home would require saving about $5,000 a year. That costs an average of $417 a month. That way, you can ensure you have at least $12.00 per square foot if the need arises.

The square foot rule makes it easy to know how much you should put aside. It also ensures every bit of your house has coverage if a crisis appears. If you don’t like that one, there is one other budgeting tactic you can try for the benefit of your home.

Set Aside 10%

Everyone has expenses every month. The set aside 10% rule takes this fact of life and turns it into a way to keep money in your account for home maintenance in the future. You should take 10% of your monthly expenses and put them in an account for repair costs in the coming months.

Take 10% of every payment in a month and add it to an account. For example, $2,500 on a mortgage in a month means putting $250 to the side for potential repairs in the future. That doesn’t mean paying less for your monthly expenses – it means adding more to your savings for maintenance and repairs around the home.

It might seem impossible to set aside 10% for repairs. However, you may have to pay that money anyway. Why not put it to the side now, so you feel prepared if a need arises for fixes? It doesn’t have to be hard to save and it’s better now than later.

Try each of these options to determine which is ideal for your life. Some people excel at different techniques more than others.

Should You Hire A Property Maintenance Professional?

A property maintenance professional can help you make the right choices when it comes to caring for your home. They also can for the home. Should you hire a property maintenance professional? What are the benefits of this position?

Here are a few benefits that come with hiring a property maintenance professional:

Cost-effective: The property manager puts in lots of work for a price often more affordable than repairs.

Timesaving: A property manager saves you time on projects and repairs that would otherwise feel impossible to complete.

Professional: Project managers are good at what they do and can provide more than your DIY repairs.

Ease: A property maintenance professional gives you peace of mind.

If you can afford them, they come in handy.

There is a difference between a property management professional and a property management company. Let’s talk about the secondary.

Should You Hire A Property Management Company?

A property management company is different. They help manage more than the maintenance. They work with tenants, create leases, do screenings, and more.

If you want to rent out your place, you need a property management company. They will ensure maintenance is in an ideal spot while keeping tenants in control as they operate within the confines of your property.

How To Hire A Property Manager

If you decide you need a property manager, you need to find one first. It’s critical to get out there and do your research to find a person who will care for your property the best.

Here are a few steps to consider when hiring a property manager:

Ask for referrals: Look for friends or co-workers who use a property managing service. They can help you find the right one.

Compare costs: Place costs next to each other to determine which is most affordable for what you need.

Look at their properties: Examine the properties they are in charge of to see if they do their work well.

Examine their lease agreements: Look at their lease agreements to get an idea of their legal standing beforehand.

Interview: Talk to a person or company before you let them have the job.

With a professional, you don’t need to worry as much about staying on top of home maintenance or managing people that live in the property. They will help you keep things in order on the inside and outside of your living place.

Home maintenance is critical if you are a homeowner. You must be proactive and reactive to troubles, inside and outside the house. Being active will help you live comfortably, provide a good look for your neighborhood, and make an appealing look for potential buyers in the future. It’s critical to set money aside for this endeavor every month.

It might seem like a bother to set aside money, but it’s critical. If you live in a cold or humid climate, you will deal with property maintenance more often than someone in a mild environment. The more prepared you are for maintenance, the better your home will fare in the future. Take care of your house, and it will care for you.

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Welcome to HomeWorks Help Desk

Property Management Experts

Professional Service is the Difference

Our management philosophy is centered around effective communication. Our friendly staff is available seven days a week to handle any issues that may arise while managing your property. When we have procured an interested potential client, our management team performs required background, employment, and credit checks on all applicable tenants. Our goal is to reduce problems during a lease by performing as much due-diligence as possible before a lease agreement is signed. Once a tenant moves into a property, we handle all aspects of managing the property for the property owner.

We encourage our tenants to set up ACH (direct deposit) rental payments. While we can not require tenants to use this payment method, the large majority of our tenants choose to use ACH because it makes life easier on them as well. Provided our tenants pay on time, we pay our owners via ACH on the 10th of the month which is well ahead of the industry standard.

We bring maximum exposure to our rental properties by making significant investments in marketing on the Internet. You can visit any major search engine and find our Website and properties using key phrases such as "homes for lease in Oklahoma City" (or Tulsa, etc). You will find our properties listed on the top Internet portals and directory services that potential tenants use when looking for rental houses.

By virtue of our marketing, we work with a large potential client base. While we work with local renters, a large portion of our client base are tenants who are relocating to Oklahoma and Texas from out-of-state. We work with staff and players from our local professional sports team(s), but the majority of our clients are professionals in the energy, medical, and aviation industries. Many of these clients need to lease a home for a year while looking for more permanent housing, possibly the house they rent from us, while getting to know the metro area.

Because of our strong marketing efforts and network presence, we are able to more than make up for our management fees. Our efforts lead to greater rent income potential than would otherwise be realized by an individual property owner or real estate agent.

For the benefit of our property owners, we do not charge any money out of pocket. Our fees are taken from rental income from the tenants. Prior to us having secured a tenant for your property, you can be released from your agreement with no questions asked and no liability on your part.

Maintenance

All maintenance issues are handled by our staff. Our maintenance services are available 24/7 and we charge $45.00 to 55.00 per hour for general maintenance issues. Larger projects will be done on a fixed bid basis. If a maintenance issue requires a specific mechanical license, such as a HVAC or plumbing license, we have good vendor relationships and send a volume of business to companies that do a great job for us. In return for that volume of business, we are charged wholesale rates. This allows us to pass the savings on to our property owners. Some of our competitors choose to make a profit from licensed service vendors, but that is not how we do business.

Lease Renewal

Starting 90 days prior to the end of a lease term, our staff is in constant contact with tenants. We work closely with them to determine their intentions once the lease has ended. We find out if they want to renew the lease, renew short term, purchase the property being leased, or move out. If the tenant desires to purchase the house, and if the property owner is willing to sell, our affiliated mortgage company will work hard to get a great rate on a loan for the tenant. If the tenant will not renew the lease, we market the property to new tenants within 45 days of the scheduled move out. A property typically takes 3 - 4 weeks to lease (higher end properties may take longer to lease). This process allows us to have little to no vacancy in our properties.

Worx Property Management is a tech driven company. All property owners and tenants have access to our company Intranet. This internal Web site provides all kinds of ledger, maintenance tracking, task management, and other important functions that can be viewed by our clients. All important documents are scanned and uploaded to this system. All of this information is available 24 hours a day, 7 days a week.

• All pertinent documents such as lease agreements, invoices, maintenance requests, and related docs are uploaded to the Intranet where property owners can view and/or download at any time.
• Run financial reports on your properties at your convenience.
• Verify received rental payments.
• Receive notifications when rent is late.

Other Services - Turnkey Solutions

Worx Property Management exists under the same umbrella of companies as HomeWorx Real Estate and Next Generation Renovation.

HomeWorx Realtors receive several calls per month from people interested in leasing a property. This situation is a great lead generator for prospective tenants. Worx Property Management will work with these prospective tenants and rent our managed properties to them. HomeWorx will also keep you informed of any great investment properties we find that may be of interest to you. And if you decide to sell any of your properties, HomeWorx will provide full-service listings without the traditional 6% fee.

The HomeWorxUSA.Com Website is a great place to feature your properties. As one of the OKC metro's most highly trafficked Websites, we provide great exposure to properties for lease or sale. Your properties will be presented in an attractive format and our presentation will encourage potential tenants to contact us to schedule a showing.

Our team at Next Generation improves property assets for our investor property owners. From cosmetic updates such as flooring, bathroom and kitchen remodels, exterior renovation, and full restoration, no job is too big or too small. Our expert team will ensure that the budget fits the asset, always keeping return on investment the number one focus of the project.

We Are Also Multi-Family Experts

While our inventory primarily consists of single family homes, we have 50+ years of combined experience in multifamily management, we provide full-service property management for duplexes, townhomes, and apartment communities.

Our technology-oriented business model combines our advertising presence with the local market knowledge to ensure each community’s success. We focus on the acquisition, selective development, and redevelopment by staffing the very best real estate professionals. Each team member is specially trained to treat each property as if it was their own personal investment while providing superior customer service. This ensures the highest level of resident satisfaction.

Frequently Asked Questions

Oklahoma city north, oklahoma city south.

Homeworx is a Real Estate Brokerage licensed by the State of Oklahoma, OREC license numbers 157174 (North), 178828 (South), and 159642 (Tulsa).

Worx Property Management, LLC is a Real Estate Brokerage licensed by the State of Oklahoma, OREC license numbers 159648 and 157625.

2024 © All Rights Reserved.

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Property Maintenance Guide for Property Managers

Shannon Hurlman

Sales Manager - Second Nature

What we'll cover

What is property maintenance?

Benefits and challenges of property management maintenance

Examples of maintenance in property management

What to look for in property maintenance workers?

What should an ideal property management maintenance solution have?

How to effectively manage a property maintenance team, how does a resident benefits package help reduce maintenance needs and costs, why property maintenance can make or break your success as a pmc, how to reduce property maintenance costs, how thousands of property managers are approaching the future of maintenance and resident experience.

Property management maintenance is one of the most important parts of the resident experience. But it’s also costly and difficult to control. We’ve heard from hundreds of property managers that maintenance can be one of the most unpredictable parts of their job – and one of the biggest headaches for residents, property managers, and real estate investors.

Triple headache!

Of course, the unique frustrations and challenges of rental property maintenance also mean that an effective strategy can become one of the most outstanding differentiators for a property management company. 

So how do leading PMCs take their routine maintenance practices to the next level? How can PMCs turn that triple headache into a triple win?

Here’s what we’ve learned from years of working with PMCs.

What is property maintenance?  

Property maintenance is everything involved in ensuring your properties are in excellent shape and any issues are repaired in a timely manner. Property managers take responsibility for maintenance in most cases, and their tasks include both preventive and responsive maintenance.

Property maintenance may include:

• Resident maintenance requests
• Servicing and repairing HVAC systems
• Pest control
• Landscaping
• Painting and repairs

Maintenance is critical to the resident experience, to keeping a property fully functional, and to ensuring safety and quality of life. Failure to follow through on maintenance can result in serious consequences.

Property managers must balance their residents' needs and their investors' goals. For example, what if an investor isn’t interested in putting a whole lot of maintenance or repairs into a specific property – but the resident wants a higher level of service?

Another layer of complexity is the round-the-clock nature of maintenance tasks. You don’t know when a roof will spring a leak, an HVAC system will go haywire, or a dishwasher will give up the ghost. Property managers have to juggle on-call hours, after-hours, increasing work orders, and emergencies all the time.

That’s all easier said than done! Property management maintenance is uniquely challenging. It’s unpredictable, almost always urgent, and involves several stakeholders and fluctuating pricing. 

Bottom line: How do you build solutions that support your team, the resident, and your investor? Let's look at both the benefits and challenges of property management maintenance.

Benefits of property management maintenance:

• Extending the life of properties and equipment  
• Reduced costs
• Ensuring resident health and safety
• Boosting the resident experience with high-quality homes
• Avoiding liabilities and accidents
• Increasing property value
• Happier tenants!

Challenges of property management maintenance:

• Prioritizing reactive and preventive maintenance
• Increased expenses and maintenance costs
• Delegating tasks to your team
• Managing resident expectations
• After-hours and emergency work is 24/7
• Balancing investor's goals and resident's needs

Examples of maintenance in property management   

Here are some top examples of property management maintenance company services for single-family homes.

Spring property maintenance checklist:

• Check gutters and downspouts for blockages left over from the winter
• Check interior for any mold or mildew growth
• Start prepping landscaping for summer with new flowers or shrubs

Summer property maintenance checklist:

• Clean window wells, gutters, and downspouts
• Find and fix any gaps in windows, doors, and walls (to keep out pests and ensure HVAC efficiency)
• Maintain yard and landscaping if that's within your responsibility
• Increase watering frequency
• Prune trees and any hazardous limbs
• Check outdoor lighting
• Pressure wash and repair outdoor areas/decks

Fall property maintenance checklist:

• Check the roof and exterior for leaks or repair needs
• Clean chimney for cold weather
• Clean gutters and downspouts again
• Prep landscaping for winter
• Remove dead leaves, branches, etc.
• Prep sprinkler system for winter

Winter property maintenance checklist:

• Ensure roof is in good state for winter
• Check batteries in smoke and carbon monoxide detectors
• Ensure pipes, windows, and doors are insulated
• Cover and winterize outdoor areas, including pools and pipes

What to look for in property maintenance workers? 

When property management companies consider hiring in-house maintenance workers or contracting with property maintenance services and technicians, there are several key qualifications and skills to look for. These not only ensure efficiency and quality in maintenance tasks but also contribute to the overall safety and longevity of the property.

Here’s a checklist of what to look for:

• Experience in Managing Repairs: Look for a proven track record in handling a variety of repair tasks. This includes the ability to diagnose issues quickly and provide effective, long-lasting solutions.
• HVAC Systems Expertise: Essential knowledge in maintaining and repairing HVAC systems is crucial, given their complexity and how important they are to resident comfort.
• Boiler Maintenance Skills : Expertise in maintaining and repairing boilers, especially in regions with colder climates where heating systems are in constant use.
• Installation Abilities: Proficiency in installing various types of equipment—ranging from basic fixtures to complex machinery.
• Electrical and Plumbing Knowledge: A solid understanding of basic electrical and plumbing systems ensures that routine issues can be addressed promptly and safely.
• Certifications and Training: Relevant certifications or completed training courses in property maintenance or specific systems (like HVAC or electrical work) add credibility and assure competence.
• Problem-Solving Skills: The ability to think on their feet and creatively solve unexpected problems that arise during maintenance work is key.
• Communication Skills: Clear communication with property management team and tenants is essential, especially when coordinating repairs and addressing tenant concerns.
• Attention to Safety: A strong focus on safety protocols to prevent accidents or property damage, including adherence to all relevant regulations and guidelines.
• Customer Service Orientation: Since maintenance technicians often interact directly with residents, a friendly demeanor and strong customer service skills are important for maintaining tenant satisfaction.

By ensuring that your property maintenance workers or contracted technicians meet these criteria, property management companies can maintain high standards in property upkeep, leading to satisfied tenants and well-maintained properties.

We’ve spoken with leading property managers across the industry and collected some of their best tips for taking the puzzle of property maintenance and delivering next-level service and experiences.

Here are three key steps they’ve shared for leveling up when it comes to property maintenance.

1. The right team

Getting the right “who” is critical before addressing the “how.”

We spoke to leading property management consultant Kevin Hommel about what he looks for in his property management team. He looks for people who are proactive, self-driven, and resilient in the face of complex problems. Maintenance is no exception. A self-driven team will always aim to be proactive rather than reactive.

Hommel says: 

“I would rather find somebody who is going to come in and hustle – even if I have to teach them everything about property management – than find somebody who's a property management expert but has the wrong attitude. It's going to be a completely different experience.”

The benefits of finding the right full-time or part-time team are twofold: First, you’ll produce better work and better service. Second, a trustworthy team helps you focus on bigger strategic opportunities. As a property management business owner, you should be free to focus on 10X opportunities rather than get bogged down in day-to-day tasks.

Peter Lohmann , Co-founder & CEO of RL Property Management, says it this way: 

“In property management, a lot of us are in the habit of wanting to know what's going on at all times – every rental application, every maintenance request, works orders, every disbursement amount. But I would challenge everyone to step back from that and ask yourself, ‘Why?’ The need to ‘stay plugged in’ is not going to help you unlock growth for your company. Time to work on 10x opportunities instead.”

By hiring a team you can trust, you’re setting your residents up for success. You know they’ll be taken care of, and you can focus on higher goals to improve your resident experience overall.

2. A clear process for managing requests

After setting up your team – and before we get to the tools you can use to support them – we need to talk about the process. Every property manager we’ve spoken to is bullish when it comes to getting your processes right. 

Lohmann again :

“(It’s important to) do things in a standard way throughout your business. The more exceptions and one-off arrangements you make with the property owner and tenants, the harder this becomes. Your priority should be to standardize all your contracts and operating procedures so you can innovate around a small number of core processes that apply to every unit you manage.”

This is more than just having a maintenance checklist. The best way to build a process is to approach it from the lens of the resident experience. The most successful property managers set up maintenance processes by asking themselves what the resident wants and needs:

• What’s the easiest way for a resident to report an issue?
• In what way do residents like to communicate with me or hear from me?
• How can I best keep residents informed?
• How can I bring speed and convenience to residents?

Using an experience lens to build or update property maintenance processes can help you see new opportunities.

3. The right tools and technology

Automation and AI are some of the newest ways to support your team and improve functionality. No-code tools and app integrations help connect workflow, client management, communication, and task tracking. No-code tools are products that enable those of us with no coding experience to build digital solutions for every part of our workflow. Property managers can use no-code tools to design their websites, build online content, create email campaigns, or set up automated task tracking, communication, and more. 

In terms of property maintenance, PMCs can now use accounting platforms with native portals for maintenance requests or adopt maintenance solutions platforms like Meld. These solutions offer customizable automation where you can track tasks, deadlines, time, vendors, costs, and employee responsibilities. With just a few clicks, automation helps cut out manual work like:

• Creating a New Property Checklist every time you add a new door  
• Populating data fields in your CRM
• Assigning the correct tasks to the correct people
• Sending an email to a property investor with updated information
• Sending maintenance reminders
• Tracking safety checks and code enforcement

Property management software and partner solutions run the gaut. They can include features like:

• Tenant portals for maintenance requests and more
• 24/7 and after-hours call center services
• Accounting platforms 
• Self-help video libraries and knowledgebase platforms

Technology ultimately brings greater speed, convenience, and ease to you and your residents.

4. A resident benefits package

Whether you’re already implementing automation or if that feels a long way off, we still haven’t addressed one of the best tools for boosting resident experience: the resident benefits package or RBP.

An RBP is considered by many property managers as the most powerful, profitable step to impact the resident experience. And it is the only one that generates revenue while also creating operational efficiency.

RBPs provide tools like filter delivery service, identity protection, rewards programs, on-time rent incentives, credit building, move-in concierges, insurance , and more. 

Here’s just one example: The National Rental Home Council (NRHC) surveyed 7,772 single-family residences over 18 months to analyze the frequency of resident HVAC service requests with and without HVAC filter delivery service. 

Second Nature delivered HVAC filters every 60 to 90 days in a date-stamped box with illustrated instructions and sent emails with tracking information and educational content before each delivery. Overall, there was a 38% reduction in HVAC-related ticket requests among the group that received filter delivery—a result achieved without creating any additional work for the property management company. 

Resident benefits packages help standardize benefits in a cost-effective way across all your properties. With an RBP, you know every resident is getting a level of service that feels high-touch but doesn’t create any extra work for your team. RBPs strengthen communication, transparency, self-service, and speed – in other words, the resident experience and relationship. 

Managing a property maintenance team efficiently is key to ensuring your properties are well-cared for, and your residents remain satisfied. From scheduling tasks to fostering teamwork, every aspect plays a crucial role. In this section, we'll break down essential tips into actionable strategies to help you lead your maintenance team effectively.

Establish Clear Communication Channels

Effective communication is the backbone of successful team management. Establishing clear channels for reporting issues, discussing solutions, and sharing feedback ensures everyone is on the same page. Use digital tools like email, messaging apps, or property management software to streamline communication.

Implement a Scheduling System

A well-structured scheduling system is crucial for organizing maintenance tasks. Make sure your maintenance team uses digital calendars or maintenance management software to allocate tasks, set deadlines, and track progress. Ensure their schedules are flexible enough to accommodate emergency repairs while maintaining routine maintenance work.

Prioritize Tasks Based on Urgency and Importance

Not all maintenance tasks carry the same weight. Prioritize issues that directly impact resident safety and comfort, such as HVAC problems or plumbing leaks. Regular maintenance can be scheduled around these more urgent tasks to ensure efficiency without compromising on critical repairs.

Use Technology for Efficiency

Leverage technology to automate reminders, maintain records, and manage work orders. Property maintenance software can significantly reduce manual administrative work.

Regularly Evaluate Performance

Conduct regular assessments of your maintenance vendors. Use these evaluations to identify areas for improvement, acknowledge accomplishments, and set goals for future growth.

Encourage Feedback from Residents

Residents are often the first to notice maintenance issues. Encourage and facilitate easy ways for them to report problems. This feedback can be invaluable in identifying areas that need attention and enhancing resident satisfaction.

Plan for Preventive Maintenance

Instead of always being reactive, schedule regular preventive maintenance checks. This proactive approach can significantly reduce the frequency of emergency repairs and extend the life of property assets. Building in solutions like a Resident Benefits Package can bring residents on board with prevention strategies, too.

Balance Workload Fairly

Ensure that the workload is evenly distributed among team members if your team does the maintenance work. Overburdening certain individuals can lead to burnout and reduce the overall efficiency of the team.

Managing single-family properties presents unique challenges, particularly due to the fact they're generally scattered-site management. This setup can make regular maintenance a logistical and financial burden for SFR property managers. But a well-structured, fully managed Resident Benefits Package (RBP) can make a huge difference in alleviating those challenges. 

At Second Nature, we built an RBP with integrated solutions that support and empower residents to take better care of the properties themselves. This helps reduce maintenance needs over time.

Take air filter delivery: Simply subscribing to HVAC filter delivery can reduce HVAC ticket requests by 38% and save hundreds in energy bills.

Another example is pest control . On-demand pest control can ensure residents deal with pest issues immediately. Instead of paying for expensive prevention, you can be sure actual issues are dealt with before they escalate.  

Or, consider resident rewards. With a built-in rewards program, property managers can customize the behaviors they want to encourage. Small preventive tasks or maintenance checks can be included in those incentives. 

Maintenance, tracking down vendors, invoicing work orders, etc., will always be a part of the property manager's life. But with an RBP, you can significantly cut down on the time and money you spend on a maintenance team. 

You’ve heard this from us before, and you’re going to hear it again – it’s all about the resident experience. Retention depends on it. 

Consumers today are looking for products that can offer them:

• Ease and convenience: Thanks to companies like Uber and Amazon, consumers are now used to having solutions at their fingertips – or the click of a button.
• Personalization: With our data everywhere, we’ve all become accustomed to brands that know us more intimately than ever before.
• Automation or speed to answer: Smart homes and connected devices can solve problems remotely and quickly. Even though PMs aren’t robots, we see more PMs solving with digital solutions and proactive services like resident benefits packages that anticipate and deliver on residents’ needs before they become problems.

The modern resident has different expectations than the generation before. The “convenience economy” has come for us all. Residents don’t just expect to have maintenance issues resolved. They expect management services to provide a certain level of ease, comfort, familiarity, and convenience. 

Of course, maintenance work has obvious urgency: Nobody wants to live with a clogged toilet, a leaky faucet, no hot water, backed-up gutters, etc. But emergency repairs are now the minimum that property managers provide. 

Property management maintenance is integral to the resident experience – and one of the primary ways to set your business apart. We’re not just looking for “good enough” – we’re looking to answer the question: “How do we create experiences so good that residents never want to leave?”

Regarding rental property upkeep, delivering on that question will involve many factors:

• Safety first: Safety is the baseline for all properties. If residents don’t feel safe, they are not likely to stay. Staying on top of carbon monoxide detectors, leaks, etc., is paramount.
• Timeliness: According to Ray Hespen, “the biggest leading indicator for resident satisfaction is speed.”
• Transparency: Whether through an online dashboard, text communication, or other tools, residents expect to know what’s going on with their homes.
• Preventive maintenance: We have to go beyond reactive maintenance. Processes that prevent issues from occurring can save time and money and boost the resident experience . We’ll talk about how resident benefits packages can deliver this for PMCs.
• First-time fixes: Nothing is more frustrating than getting something fixed only to realize the maintenance team didn’t actually resolve the issue.
• Communication: Residents don’t want to explain themselves or the problem several times to different parties like the property manager, the vendor, etc. 
• Self-service: Many residents like the control and convenience of self-service options like air filter delivery or online payment portals.

These are the characteristics we’re seeing across some of the most successful property management companies – the PMCs standing out from the crowd.  

Maintenance costs can quickly spiral if not carefully managed, but with strategic planning and smart practices, you can significantly reduce these expenses without compromising on quality or resident satisfaction. Let's dig into a few practical tips that will guide you on how to efficiently lower your property maintenance costs, ensuring your operations remain both cost-effective and top-notch.

Implement Preventive Maintenance

Proactive maintenance can significantly reduce long-term costs. By implementing services that protect key elements like HVAC systems, plumbing, and electrical circuits, you can prevent minor issues from becoming major expenditures. Services like air filter delivery create excellent return on investment when it comes to prevention like this.

Use Energy-Efficient Solutions

Invest in energy-efficient appliances, lighting, and HVAC systems. These not only reduce energy costs but also tend to have a longer lifespan and lower maintenance requirements. Consider LED lighting, energy star-rated appliances, and smart thermostats to boost efficiency and cut costs.

Train Staff on Basic Repairs

Equip your team with the skills to handle basic repairs in-house if it makes sense for you in terms of time and cost. Training staff to fix common issues like minor leaks, electrical faults, or appliance glitches can save on expensive contractor fees. However, ensure more complex tasks are left to professionals.

Negotiate Contracts with Vendors

Establish long-term relationships with trusted vendors and negotiate contracts for regular maintenance services. Buying services in bulk or agreeing to long-term contracts can often result in significant discounts. Ensure these vendors are reliable and offer competitive rates for their services.

Monitor and Manage Inventory Efficiently

Keep a close eye on your inventory of maintenance supplies if that's something your team manages. Bulk purchasing of frequently used items can save money, but be wary of overstocking, which can lead to waste. Use inventory management software to track usage and avoid unnecessary purchases.

Optimize Use of Technology

Leverage technology for maintenance management. Use property management software to track maintenance requests, schedule work orders, and monitor expenses. This can help in identifying patterns or areas where costs can be trimmed without compromising on service quality.

Conduct Regular Financial Audits

Regularly review and audit your maintenance expenses. This practice can help you identify areas where you may be overspending, spot inefficiencies, and adjust your maintenance strategies accordingly to ensure cost-effectiveness.

A property manager’s ability to respond to maintenance needs proactively can have a massive impact on renewals and referrals. We’re sure every property manager has stories of how maintenance can make or break the resident experience and company growth.

Innovative property managers set themselves apart by building teams and systems that go above and beyond for the resident experience to create a Triple Win. They create systems that proactively address maintenance, apply technology to support their teams, and provide fantastic benefits to residents. 

If you want to build a differentiated resident experience people pay for and stay for, learn more about our Resident Benefits Package or subscribe to our podcast for regular insights from the PMC world.

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15 Best Property Management Accounting Software in 2024

Property management accounting is a specialized branch of accounting that deals specifically with the financial management of rental properties. Property management accounting includes tracking rental income, managing expenses, handling tenant deposits, and producing financial reports. It helps property managers maintain accurate and comprehensive financial records for each property they manage. In today's complex real estate landscape, managing single-family rental properties can be a daunting task, especially when it comes to accounting and finance management. Understanding property management accounting, as well as the best property management accounting software to support it, can make this task significantly easier. In this article, we're talking to a property management accounting expert. We’ll delve into the best property management accounting software available in 2023, and we’ll help you choose the right software that fits your property management needs. We'll also address frequently asked questions about property management accounting software, including aspects like ease of use, integrations, pricing, and support. In general, property management accounting software serves to alleviate the time and effort that might be required to manage finances manually. It can also help plan for expenses, foresee any cash flow issues, and make better-informed financial issues. And perhaps most importantly, it helps property managers stay in compliance with requirements around tax calculations and reporting. Note that there are two key components of property management accounting: corporate and trust accounting. Corporate accounting involves the financial transactions and record keeping of the property management company itself and is generally the same kind of accounting you’d do with any business or corporation. This might include the company's operational expenses, income, taxes, payroll, etc. Trust accounting, on the other hand, is unique. It concerns the financial management of clients' funds held by the property management company. This can include tenant rents, security deposits, and funds reserved for property maintenance or repairs. It's crucial to keep these funds separate and accurately tracked to comply with legal requirements and maintain transparency with property owners. Because of the unique nature of bookkeeping with trust accounting – and its relevance for property managers – we’re mostly focusing today on trust accounting, or software that can manage both corporate and trust accounting. So, whether you're new to property management or an experienced professional looking to upgrade your software, this article has something for everyone. Let's get started! Meet the Expert: Kristin Johnson, Founder & CEO of TripleTie Kristin Johnson founded and leads the property management accounting solution TripleTie, which is designed to help property management companies manage and conduct accurate trust accounting. Related: Best Single Family Property Management Software Best Property Management Accounting Software Let’s go over some of the best property management accounting software solutions in 2023. After that, we’ll also share an extensive FAQ that we had with Johnson about the ins and outs of property management accounting. Before diving into our list, we asked Johnson what good property management software should include. “Having the ability to work within one system is huge,” she says. “Rather than having to parse out, for example, I do my screening over here, and I do my maintenance over here. Instead, you have it all integrated and built-in, and the system talks well with itself. You’re not having to import and export so much data. That’s crucial.” She gives an example of a time when she was using a platform that didn’t have that capability. “When we were working in New Mexico, we had to charge sales tax on services. So our management fees, our RBP, all of those things had to have sales tax added onto them. Our software at the time didn't have a function built where I could say, ‘This item is taxable, and this is the tax rate.’ I had to manually create recurring bills on every single one of those fees. And then, every year, when the state updated the sales tax rate, I had to go and update thousands of recurring bills. It was a nightmare!” So, as we go through the list, keep in mind that different software has various degrees of customization, open APIs, etc. Cost is a big consideration, but looking for an all-in-one is also important. 1. Rentvine Johnson’s top recommendation for accounting software is Rentvine. “Rentvine is really dialed in on trust accounting,” Johnson says. “There’s no need for a lot of the workarounds that we see in some of the other trust accounting providers. At its core, it’s a true trust accounting platform, and then the beauty and usability are built on top of that piece.” Rentvine is deeply customizable for property management tools and needs, with the ability to build your unique owner statements, custom management fees, custom late fees, etc. “The other thing I love about Rentvine is that it does have an open API,” Johnson says. “So if you did want to integrate with an external maintenance company, for example, you can get a seamless integration through the API.” Pros: User-friendly design with an intuitive dashboard that simplifies property management and accounting tasks. RentVine's accounting system is robust and includes automatic rent collection, workflows, real-time expense tracking, and detailed financial reporting. Features like online tenant portals, CRM, maintenance request management, and built-in messaging make tenant communication more streamlined. Cons: Some users have noted that the mobile app lacks some of the desktop version's features. While RentVine offers excellent features, the platform may be more expensive compared to other options, especially for smaller property portfolios. 2. AppFolio AppFolio is an extremely popular property management platform that works well for both residential and commercial property management. It has a modern and intuitive interface but can be pricey with add-ons and complex to use. What we like about AppFolio is the reporting ability, automation (late fees, smart bill entry, etc.), utility management features, etc. The drawbacks include the price and, as Johnson points out, it’s not as customizable as she would want for an accounting piece. “It is not a super strong accounting platform and does require a lot of workarounds,” Johnson says. However, if you’re willing to use a few workarounds and you like AppFolio for the other key features, it does have a solid accounting platform. Pros: AppFolio provides a comprehensive suite of accounting tools that include automated invoicing, ACH and online payments, financial reporting, and bank reconciliation. It offers a CRM with excellent resident and owner portals for transparent communication, metrics, and easy access to financial data. AppFolio supports both corporate and trust accounting, which is important for regulatory compliance. Cons: AppFolio is not as customizable as other software options and may require workarounds. While AppFolio is feature-rich, it has a steeper learning curve which may be challenging for less tech-savvy users. Pricing is based on a per-unit model, which could make it expensive for managers with a smaller number of properties. 3. Buildium Buildium is a comprehensive property management software designed to simplify all facets of property management, including robust accounting features. It provides seamless handling of all property-related transactions, from tracking rent payments and vendor bills to handling maintenance costs and fees. The software also supports both corporate and trust accounting, ensuring legal compliance and transparency. Pros: User-friendly interface with a strong emphasis on accounting. Automatic bank reconciliation, making it easy to manage multiple accounts. Robust reporting, including balance sheets, cash flow, and income statements. Cons: The learning curve can be steep for those new to property management software. Advanced key features may require premium plans, which could be costly for small businesses. 4. Yardi Breeze Yardi Breeze is a cloud-based property management software ideal for smaller-scale PMCs. The platform offers a robust suite of tools, including strong property management accounting capabilities. Pros: Yardi Breeze provides in-depth financial reporting and accounting features, from tracking rent collection and expenses to generating financial statements. It has a user-friendly interface and offers automated invoice processing and bank reconciliation, simplifying accounting tasks. It supports both corporate and trust accounting, crucial for legal compliance and transparency. Cons: The software is feature-rich, which may result in a steep learning curve for those unfamiliar with property management software. Some users have reported that customer service response times can be slow. Its comprehensive features come at a higher price point compared to other options in the market, which may be a barrier for smaller businesses. 5. Hemlane Hemlane is a cloud-based property management solution designed for small to midsize businesses, with a focus on facilitating the relationship between property owners and managers, residents, and service professionals. Pros: Hemlane's accounting features are comprehensive, providing the ability to track income and expenses, automate rent collection, and generate financial reports. It supports both corporate and trust accounting, helping property managers maintain compliance and transparency. User-friendly and intuitive interface, which is a big plus for those new to property management software. Cons: While it has a good range of features, some users report that it lacks the depth of more comprehensive management systems. Some users have reported occasional system slowdowns and bugs. Limited customer support hours can make it challenging for businesses that operate outside of these times. 6. TenantCloud TenantCloud is a cloud-based property management software solution suitable for landlords and property managers of all sizes. It offers a wide array of features, including a dedicated accounting module. Pros: TenantCloud’s accounting features allow users to track income and expenses, send invoices, collect online payments, and generate financial reports. Its intuitive interface and ease of use are especially appealing for those new to property management software. TenantCloud supports both corporate and trust accounting, facilitating legal compliance and transparency. Cons: Some users report that the system can be slow and occasionally glitchy. While its basic features are on a free plan, advanced accounting functionalities come with paid plans, which might be a drawback for small businesses. Some users have reported that the customer service could be more responsive and supportive. 7. Rent Manager Rent Manager is a versatile property management software solution that provides a wealth of features tailored to property managers, including accounting. Pros: Rent Manager's accounting features are comprehensive, enabling users to track income and expenses, automate invoicing, and payment processing, and produce detailed financial reports. The software offers both corporate and trust accounting, ensuring compliance and providing transparent financial management. Rent Manager's open API allows for integration with numerous other software solutions, making it a flexible choice. Cons: Some users find Rent Manager's extensive features a bit overwhelming, leading to a steeper learning curve. The cost can be high for small businesses or those with fewer units, as pricing is based on the number of units managed. While Rent Manager offers comprehensive support, there are some reports of slower response times. 8. Propertyware Propertyware is a cloud-based, end-to-end property management software that offers a range of features, including a strong accounting suite. They offer custom fields and automation for PMs, real estate investors, and residents. Pros: Propertyware’s accounting module is quite comprehensive, allowing users to track income and expenses, handle online payments, and generate detailed and customized financial reports. It supports both corporate and trust accounting, important for maintaining transparency and legal compliance. It includes an “owner portal” and maintenance request management features. Cons: The initial setup can be complex to get right, and there can be a steep learning curve for those new to property management software. The pricing is not ideal for smaller PMCs with fewer than 250 rental properties. 9. Rentec Direct Rentec Direct is a web-based property management software designed for “landlords” and property managers, offering a wide variety of features, including an extensive accounting system. Pros: Rentec Direct's accounting tools provide capabilities for tracking income and expenses, automating rent collection, and producing in-depth financial reports. It supports both corporate and trust accounting, helping ensure legal compliance and transparency. Features like owner portals, work order management, tenant screening, and SMSM services. Cons: The product and interface are older and less intuitive than others on the market. The reporting feature, while robust, may require some time to understand and use effectively. Some users have reported that the system can be slow at times, particularly during peak usage hours. 10. DoorLoop DoorLoop is a property management software designed to streamline the management process for property managers with all sizes of portfolios. It comes with a robust accounting suite, among other features. Pros: DoorLoop's accounting features are extensive, allowing for the tracking of income and expenses, rent collection, and generation of financial reports. It supports both corporate and trust accounting, ensuring legal compliance and providing transparent financial management. The software has a user-friendly interface, making it an attractive choice for users with varying levels of tech proficiency. Cons: While DoorLoop offers many features, it may take some time to get used to all of its capabilities, and it is less customizable than other options. Some users have reported occasional system slowdowns and bugs. The cost could be high for those managing a smaller number of properties as the pricing is based on the number of units managed. Honorable Mentions The list above is not intended to be exhaustive, but we did want to make a brief mention of a few other software applications for property managers that incorporate some accounting features: RealPage RealPage provides a technology platform rather than a software application per se, with the aim of enabling “real estate owners and managers to change how people experience and use rental space." ResMan Tagline: “ResMan’s industry-leading property management platform helps multifamily and affordable housing managers operate more efficiently and deliver higher rates of return to investors.” Entrata Tagline: “The operating system built to help you focus on residents, not technology.” A Note on Other Accounting Software While this article focuses on software tailored to property management accounting, it's worth mentioning general accounting solutions like QuickBooks online. QuickBooks, a well-known accounting software, is versatile and can be effectively used in a variety of industries, including the real estate business. It offers robust features like tracking income and expenses, invoicing, and generating detailed financial reports. However, because it's not specifically designed for property management, it may lack specialized features like tenant and lease tracking or lease management, maintenance requests, or property-specific reporting. That's why it didn't make our main list, but for some property managers, especially those managing a small number of units, it might serve their needs adequately. FAQ: Property Management Accounting At Second Nature, we’ve been in the SFR property management space for a long time. We gathered up some of the most burning questions property managers ask about property management accounting. Kristin Johnson helped us answer them. What accounting should I use for property management business? Kristin Johnson: The type of account property managers need is a true trust account – which very few banks actually offer. Many local banks or even big ones like Chase and Wells Fargo will give you a checking account and then label it a trust account. That is NOT a trust account. In normal bank accounts, you have $250K of FDIC insurance. A trust account has FDIC insurance per owner that has funds in the account. So they each have $250K of FDIC insurance. The only bank that I’m positive offers true trust accounts is Enterprise. How should you report rent in property management accounting? Kristin Johnson: If a tenant pays early, it's considered prepaid rent. It needs to stay booked as prepaid rent until it gets actually booked against the rent charge, and only then should the funds be made available to the owner. I know that some property managers use it to pay bills. But technically, it’s a liability until it's actually earned, so it should not be used to pay bills, and it should not be distributed to the owner. Those are funds that belong to the renters until there's an actual rent charge booked against them. That's piece number one to understand. Then, getting to the end-of-year side of it, the IRS does lay out that prepaid rent is taxable in the year that it is collected. So it should be reported as part of the 1099 income. What is the purpose of clearing accounts in property management? Kristin Johnson: The clearing account really serves as an intermediary while the security deposit funds are essentially in transit. When we're getting ready to move out a tenant, those funds get released from the holding account, and it goes into the clearing account where we are booking, say, cleaning against it or whatever move-out charges need to go against it before we do a final distribution to the tenant. So it's just kind of a quick intermediary place where it sits very temporarily before the security deposit gets released and then distributed. Who is responsible for sales tax in property management? Kristin Johnson: Well, it depends on the function of the sales tax. There are a couple of different instances where sales tax comes into place. For example, New Mexico is a sales-tax-on-services state. Everybody is responsible for sales tax, meaning if it's a management fee, the owner is responsible for the sales tax. If it's a tenant fee, the tenant is responsible for paying the sales tax. Ultimately, the PM is responsible for gathering that sales tax and remitting it to the state. There are some states where rent is taxable. Similarly, in those states, the owner is ultimately responsible for the sales tax. But many times, the PM will collect the sales tax from the tenant and pay it to the state on the owner's behalf. A lot of times, what we'll see is, for example, the rent may be a thousand dollars, and the state says we need 7% of that. So you would tack an additional 7% onto the rent. The tenant would pay the thousand dollars plus the 7%, which would come into a liability or holding account on the ledger. Then a lot of times, the PM would pay that to the state on behalf of the owner. What should be the frequency of record keeping in property management? Kristin Johnson: “Money in should be accounted for immediately as received. States will usually dictate how quickly receipts have to be deposited, but our recommendation is that they always get deposited same day with the bank or as soon as practical thereafter. As far as record-keeping to the owner goes, most states actually mandate that at least monthly reporting happens to the owner. Certainly, in trust accounting, record keeping should be looked at daily, weekly, and monthly to make sure that it's staying in line. Soft reconciliation should be happening at least weekly, if not daily, to ensure that all of the money is fully accounted for and that you're not going to have any issues when you're closing out the end of the month. Why would a property management firm use classes in accounting software? Kristin Johnson: Classes could be done by various categorizations: single family, multifamily, commercial – in other words, the type of property that you're managing if you wanted to keep records that way. We always used classes in our company because we were in seven markets, and so we would use classes per market. If I wanted to track my Farmington location or my Denver location, or my Charlotte location, I had all of my income and expenses broken down in classes by location. It could be location, it could be property class type, really whatever kind of granular level you want to dive down and break out could be done by classes. Do PMs set up owners as vendors in accounting software? Kristin Johnson: If you're working in a true property management software, owners will be set up as owners, and you would do owner distributions to them as owners. It's possible that if someone's not using a trust accounting platform – if they're using something like QuickBooks – then probably yes, you would have them set up as vendors. But if you're managing a true trust accounting software, I don't ever recommend setting up owners as vendors. It kind of convolutes end-of-year reporting. You have to issue 1099s to your owners, and you have to issue 1099s to vendors. If you have them set up both as an owner and as a vendor, you're theoretically sending out two different 1099s – which wouldn’t necessarily be proper. How much should a property management company spend on accounting? Kristin Johnson: Accounting is one thing in property management that you don't want to skimp on. The most important function of a property manager is to be a good steward of other people's money. I don't know that there's a range, but I will say that it very well may end up being your largest expense. But worth the money. Conclusion The software you choose for property management accounting can significantly streamline your operations and contribute to the growth and success of your business. Each option has its strengths and potential drawbacks, so it's vital to select a solution that fits your unique needs and portfolio size. By equipping yourself with the right tools, you can streamline your accounting processes, ensure accuracy and compliance, and ultimately, drive your property management business toward greater success. If you want to get more input on your property management software, check out our Triple Win PM Community on Facebook. Or, see more of our studies on property management best practices and services like our Resident Benefits Package.

Your Guide to Property Management Agreements (with Free Template)

With a renewed focus on rental income as an investment trend, the popularity of property management is on the rise. Busy professionals and out-of-town real estate investors increasingly rely on property managers to handle the day-to-day operations of their rental properties. When they come to you for the first time, one approach to establishing clear differentiation with respect to your competitors is through the clarity and comprehensiveness of your property management agreement. In today’s guide we’ll cover the essentials of a property management agreement that provides a foundation for transparency throughout this critical relationship, as well as peace of mind for the investors relying on you to manage their investment. A Step-by-Step Guide to Building Your Agreement Crafting a solid property management agreement doesn't have to be daunting. Here's a breakdown of the key components: Parties Involved Property owner: Clearly identify the legal name and contact information of the property owner(s). Property manager: Do the same for the property management company or individual. Property Details Address: Include the full address of the property being managed. Legal description (optional): For added clarity, consider including the legal description, particularly for complex property ownership structures. Property type: Specify whether it's a single-family home, multi-unit building, or commercial property. Unique features/limitations: Mention any unique features (e.g., pool, historic designation) or limitations (e.g., zoning restrictions, HOA rules). Term and Termination Effective date: Define the start date of the agreement. Termination clauses: Outline the grounds for termination by either party (e.g., breach of contract, property sale). Notice period: Specify the required notice period for each party if they wish to terminate the agreement (e.g., 30 days, 60 days). Termination mechanisms: Explain how the date of termination should be communicated (written notice, specific format [e.g., certified mail]), along with any applicable indemnification measures. Manager Responsibilities Resident screening: Detail the process for resident screening, including applications, background checks, and credit checks. Rent payments and security deposit collection: Outline procedures for security deposit collection, rent collection, late fees, and eviction processes. Maintenance oversight: Specify the property manager duties and roles in overseeing maintenance requests, repairs, and independent contractor/vendor selection (approval thresholds, cost limitations). Financial reporting: Define the frequency and format of financial reports provided by the property manager (monthly statements, annual reports). Communication protocols: Establish communication protocols regarding occupant inquiries, maintenance emergencies, and routine updates. Availability: Consider outlining the property manager's availability for emergencies (24/7 hotline, designated contact person). Owner Responsibilities Repairs: Specify the owner's responsibility for major repairs beyond normal wear and tear. Providing access: Outline the owner's role in providing access to the property for maintenance or showings when residents are not present. Major decisions: Define how major decisions regarding the property (e.g., renovations, capital improvements) will be made (joint agreement, owner approval). Property inspections: Address expectations regarding the frequency and purpose of property inspections conducted by the owner. Insurance coverage: Clarify the owner's responsibility to maintain appropriate liability insurance policy coverage for the property. Fees and Compensation Management fee: Detail the structure of the property management fee (percentage of rent collected, flat fee). Additional fees (optional): Address any additional disbursements for specific services, such as resident placement or lease renewals. Dispute Resolution Process: Explain the process for resolving disagreements between the owner and the property manager (mediation, arbitration, legal action). Governing laws: Specify the governing laws that apply to the agreement in case of disputes. Free Property Management Agreement Template (Basic) This contract template is for informational purposes only and should not be considered a substitute for legal advice. Please consult with an attorney to tailor the agreement to your specific needs and to ensure that the provisions of this agreement comply with local and state laws. Property Management Agreement This Property Management Agreement ("Agreement") is made and entered into as of [DATE] by and between: [Property Owner Name] residing at [Property Owner Address] ("Owner"), and [Property Management Company Name] located at [Property Management Company Address] ("Manager"). WITNESSETH WHEREAS, Owner is the legal owner of the property located at [Property Address] (the "Property"); and WHEREAS, Manager desires to provide property management services for the Property; and WHEREAS, Owner desires to engage Manager to provide such services for the Property NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants contained herein, the parties agree as follows: 1. Services Manager agrees to perform the following services for the Property (Services may be added or removed based on specific needs. Consult with a lawyer.): Resident screening and resident selection (application processing, background checks) Collection of rent and late fee enforcement Maintenance oversight and coordination (up to $[AMOUNT] per repair) Move-in/move-out inspections Monthly financial reporting related to management of the property 2. Term and Termination This Agreement shall commence on [DATE] (the "Effective Date") and shall continue for a period of [NUMBER] year(s), unless earlier terminated as provided herein. This termination of this Agreement may be effected by either party upon [NUMBER] days' written notice to the other party. 3. Management Fee Owner shall pay Manager a monthly management fee equal to [PERCENTAGE]% of the gross monthly rent collected. 4. Legal Proceedings In the event of a legal proceeding arising out of this Agreement or the management of the Property, the following provisions shall apply: Authority: The Property Manager is hereby authorized to initiate and prosecute any legal action deemed necessary to collect rent, enforce the terms of tenant leases, or protect the Owner's property interests. Owner Approval: Prior written approval from the Owner shall be required for any legal action exceeding $[Dollar Amount] or involving potential litigation. Costs and Reimbursement: The Property Manager shall keep detailed records of all legal expenses and attorney’s fees incurred. The Owner shall reimburse the Property Manager for all reasonable and documented legal expenditures associated with authorized proceedings. Representation: The Owner shall have the right to be represented by their own counsel in any legal proceeding. However, the Property Manager shall have the right to participate in the proceedings and may retain separate counsel at the Owner's expense if a conflict of interest arises. Communication: The parties agree to cooperate fully and share all relevant information in a timely manner throughout any legal proceedings. 5. Dispute Resolution (Optional - Replace with preferred method if applicable) Any dispute arising out of or relating to this Agreement shall be settled by [METHOD OF DISPUTE RESOLUTION, e.g., mediation] in accordance with the rules of [NAME OF MEDIATION PROVIDER] (the "Rules"). The decision of the mediator shall be final and binding on the parties. 6. Waivers The Owner acknowledges and waives any and all claims, demands, or causes of action against the Property Manager arising from the following, unless such claims arise from the Property Manager's gross negligence or intentional misconduct: Acts or omissions of any resident of the Property. Loss or Property damage caused by reasons outside the Property Manager's reasonable control, including natural disasters, acts of war, or civil unrest. Unexpected repairs or maintenance issues beyond the scope of normal wear and tear. The Owner further agrees to indemnify and hold harmless the Property Manager from any and all claims, liabilities, damages, losses, or expenses (including attorney's fees) arising from the Owner's violation of this Agreement or any applicable laws or regulations. 7. Entire Agreement and Governing Law This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior or contemporaneous communications, representations, or agreements, whether oral or written. The terms of this Agreement shall be governed by and construed in accordance with the laws of the State of [STATE]. IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. [Property Owner Signature] [Property Owner Name (Printed)] [Property Management Company Signature] [Property Management Company Name (Printed)] Optional addendums For specific situations, consider adding supplementary documents like: Bed bug addendum Pool addendum Pet lease addendum These addendums can address unique requirements and regulations related to these aspects of the property. Legal Considerations and Customization Consulting with a lawyer is crucial to ensure your property management agreement is legally sound and reflects your specific circumstances. An attorney can help you with: Specifying maintenance coverage: Clearly define which maintenance issues are the responsibility of the property manager and which fall to the owner. Pet policy details: Outline a comprehensive pet policy including pet restrictions, fees, and deposit requirements. Local legal compliance: Ensure your agreement adheres to all relevant laws and regulations in your area, such as resident rights and fair housing regulations. FAQs: Helping Potential Investors Demystify Your Property Management Agreement Q: Is a property management agreement legally required? A: While not always mandatory, a property management agreement is highly advisable. It protects both the owner and the manager by outlining expectations and responsibilities. Q: Can I use your template for any property management situation? A: The provided template is a basic framework. It's best to consult with a lawyer to customize it for your specific property type, location, and desired services. Q: Do I need a lawyer to draft the agreement? A: While not mandatory, legal guidance is highly recommended. An attorney can ensure the agreement is legally sound, protects your interests, and complies with local laws. Q: Can I use this template for agreements outside of property management, e.g., for lease agreements or rental agreements? A: No, this template is specific to property management agreements. For other types of agreements, consult with a lawyer or use appropriate templates designed for those purposes. Q: What should I do after finalizing the agreement? A: Once both parties have signed the agreement, keep a copy for your records and provide one to the property manager. Familiarize yourself with the terms and communicate openly to ensure a smooth and successful working relationship. Conclusion A well-drafted property management agreement is the cornerstone of a successful relationship between owner and property manager. By using the provided template as a foundation and consulting with a lawyer for customization, you can establish a clear and comprehensive agreement that provides full transparency and fosters a smooth rental property experience. On top of your agreement, consider rolling out a resident benefits package (RBP). It’s a powerful way for property managers to create a Triple Win – for residents, investors, and themselves. An RBP like Second Nature’s is designed to be simple to use and easy to implement. All the services included within it are managed externally by Second Nature, meaning there is no day-to-day upkeep required from the manager. You plug it in and Second Nature keeps it running. The value creation an RBP generates – with such little work required from the PM – is an incredibly easy way to grow your business and create great experiences that residents will pay and stay for. Don't get left behind in the evolving world of resident experience. Learn more about our fully-managed Resident Benefits Package and how we can build ease for you, your investors, and your residents.

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