” There is one advantage to having nothing, it never needs repair. ” Frank Howard Clark

When you own buildings, they are going to need repairs. We all know that. What is most important is to have trusted vendors who can be called upon the make those repairs. How do you compile your list?

TIME IS OF THE ESSENCE I had a major plumbing repair in an 8 unit building a few years back on Christmas Eve. I got a call around 10 AM regarding a serious issue with the sewer on a building I had owned for less than 2 years. I called my plumber, expecting a voice message, or an offer to be there the next day. I was thinking that I might have to go to a 24 hour plumbing company, which would have been expensive. To my surprise, my plumber picked up and was at the property in less than an hour. It was a job which took several days to complete, but it was done right and that unit is still operating just fine. This plumber, has been my go to guy for several years now, and I have given him a number of referrals as well.

HANDYMAN OR CONTRACTOR? There are some jobs where you need to get a licensed contractor. They have the license and insurance (you should verify this) and are the folks with the knowledge about electrical, plumbing, HVAC and especially any changes you are making in your building. If there is an insurance issue, you may be required to work with a licensed contractor. If in doubt, ask a contractor, your Apartment Owner’s Association or even your attorney, before you have an unlicensed person working on your building.

OTHER TASKS You may need painting, cleaning, hauling and some other less critical repairs. You may do well with a handyman, but make sure your insurance covers such repair persons, in case they are injured as well as if the work in not done correctly. If you are in doubt, talk to your insurance agent.

GET A LIST There are many online sites that can be contacted with lots of choices, but you don’t personally know them. I collect referrals from clients and other owners along with fellow brokers. Even if I haven’t worked with them before, people that I trust have been happy with their work in the past. There is no guarantee they will work out as good for you, but it’s a better choice that someone with whom you have no knowledge. It is always good to try out new vendors for little non-urgent jobs. This will let you know if they are punctual, did a good job, respected your tenants and charged a fair rate. Even though you have favorites, as people retire or move, your list will shrink, so always be on the lookout for good vendors. You can never have enough! Try to always have at least 3 for each type of work. You never know when your first choice might be out of town during an emergency.

“In baseball and in business, there are three types of people: those who make it happen, those who watch it happen and those who wonder what happened.” Tommy Lasorda

What we at PRS PROPERTIES CAN DO. We can recommend vendors if needed and we can even look over the notices if you like. We can supply you with rent and sale comparables in the area of your property, so that you know what the true value of your rental unit should be, so that you can get it rented right away. We can look at potential purchases that you may be interested in to make the property more desirable.

If you should decide to sell your building, we can help you exchange into a larger or smaller properties. We can even help you move into something with less management responsibilities. We can also help with getting the paperwork together for a refinance if that is your desire. We can also recommend experienced licensed contractors who can perform any repairs or installations you may need prior to selling. We can also look at your building for other easy and inexpensive changes that might allow you to get a higher value. We can help you to get the maximum value for your property, should you decide to sell, or the maximum return if you are planning to keep your building.

We always have many investors who are looking for “as-is” properties and are willing to purchase with low rents, deferred maintenance or even with a problem tenant in place. We have put together numerous transactions over the years which involve properties that are not listed for sale. Many investors are currently in 1031 exchanges and need to identify a replacement property before their 45 day identification period runs out.

Should you decide to put your property on the market, we will put together an aggressive, targeted and professional campaign to get your property sold fast. We have been doing this for over 40 years, and we will use all the tools available to bring you the most dollars at closing. If you are thinking of selling or are just curious about the value of your property, don’t hesitate to give us a call.