Property Management Brainstorm

Property Management Brainstorm Podcast

The Property Management Brainstorm podcast show was created to provide information to homeowners and property investors looking to learn more about best practices in renting and managing their residential investment properties, tenants, and vendors. This podcast series is conducted in an interview discussion format by Bob Preston – president, owner and real estate broker of North County Property Group, a property management company located in Del Mar, CA. Bob will interview some of the top professionals and experts in their respective fields related to the real estate and property management industries with the goal of providing insight and best practices to maximize your property value and income while maintaining top notch tenant relations.

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Five Minute Friday #28: Is a Maintenance Surge Coming?


Bob Preston - Friday, June 5, 2020

On this week's FMF, Bob discusses the concept of lagging indicators and considers if there might be a maintenance surge coming for those of us managing rental properties. As a quick definition, a lagging indicator is a data point that tells you what has already happened.  Most of us in managing our rental properties focus on lagging indicators in the form of financial statements to track rent collected, revenue, bank balance, and profitability.

Bob explains that a lagging indicator he has been watching lately is the number of worker orders (maintenance requests) being received monthly. His company tracks this, along with other data points, on a monthly report that is produced by our accounting department. Maintenance request volume has been trending down starting in February and continuing down by 20-30% in March, April, and May. This is an interesting anomaly but it is logical to assume that the service issues aren’t disappearing… they are waiting to be submitted.

He encourages listeners to be prepared for what could be a surge of maintenance requests in the coming months. Assuming things start to return to normal this summer or fall, you can assume your maintenance team will be working hard to catch up to bring your properties current. Bob also describes some methods he has implemented at North County Property Group to get ahead of the curve. Check those lagging indicators and make a prediction to be ready for increased maintenance requests in the second half of the year.
 
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