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Maintenance emergencies are guaranteed—particularly when renting a property. As such, knowing how and having the ability to manage an emergency before it happens is key to keeping tenants happy and costs low.
Our guest is Dan Hines. Dan is Regional Manager at Mynd Property Management and, today, he will be sharing with us some advice on how to properly prepare for and deal with what maintenance emergencies are guaranteed to occur.
Alex Osenenko: Boys and girls, Alex here with Mynd Property Management. I have a guest with me today to help us talk a little bit more about, or learn a little bit more about, investing in Elk Grove, California. My guest today is Dan Hines. Dan, how is it going?
Dan Hines: Things are great. How are you?
Alex Osenenko: Great. So here we are. Dan has lots of experience. He has managed 1400 units in Sacramento and Elk Grove for Raymond Property Management, which he is a co-founder of that company. And now, he’s a regional director here in Mynd. Very excited to have him. So anything Sacramento related, and if you are a Mynd customer or potentially looking, you know you can reach out to Dan and he can help you out. But today, we’re going to answer a question we get a lot. How do you handle maintenance emergency in your Elk Grove rental property? Dan, what would you do?
Dan Hines: Well, the first step is, have a good property manager. So you don’t have to mess with yourself, especially at two in the morning. In all seriousness, though, build your vendor list first. Know who your go-to’s are. Know who the plumber is. Know if they take after-hours emergency calls. Know who’s out there that can extract water if you have some sort of an issue—water is flooding a hallway; baseboards are soaked; water is soaking up the first six inches of your walls—the last thing you want to be doing is running through Yelp or some other listing trying to find qualified plumbers in the area that can service you. So, the old saying goes, if you fail to plan, you will plan to fail. So, step one: know who you’re going to call.
Step two. If it’s an emergency do a really quick triage. Stop the bleeding and, then, when you put everything back together, do it right the first time and do not cut any corners. Those things will normally end up costing more money in the long run. Quick service, button it up.
Alex Osenenko: I’m going to repeat what you said in the other episode you and I have done. You said, water is the enemy of real estate.
Dan Hines: Absolutely. Water is the arch-nemesis of real estate.
Alex Osenenko: Arch-nemesis. We prove that saying every single episode. Well, boys and girls, that was pretty cool. I mean, I think it’s important to start interviewing people before you have a problem. Or as Dan said, hire a qualified property management company. If you want to learn more about investing in Elk Grove and being successful, go to Mynd.co, M-Y-N-D dot CO and type in Elk Grove. Dan and I’ve done a number of interviews on the subject. Hopefully, we helped you out today. Dan, thank you for your time.
Dan Hines: All right. Thanks for having me.
Alex Osenenko: And thank you for watching.
Hiring a property manager is the first line of defense for many investors dealing with a maintenance emergency. Many full-service property management companies provide an established infrastructure of vendors to deal with such problems as they arise. Even so, it is key to deal with an emergency as it occurs. Putting off a costly repair, for example, can wind up costing much more in the long run. As such, keeping on top of repairs can keep any property profitable for an investor.