The Importance of Property Maintenance Estimates
Repair requests before maintenance estimates: You receive a maintenance request from an irate resident that they’ve lost hot water and it’s leaking beyond repair.
The pressure is on to repair the issue. Then, you realize this water heater will need to be replaced and require owner approval. It’s time to get an estimate.
While you’re busy running around gathering vendor quotes, the resident is impatiently waiting for the problem to get fixed, calling and texting you every hour. Because of the mounting pressure, you quickly hire the first estimate you receive without considering alternatives. The repair will be complete, but you’re unsure if you just overpaid to get the job done. The resident will be satisfied, but your owner’s response will be the latter.
Chances are, you may have experienced this scenario once before. Every day that passes with an unresolved repair or project will negatively impact resident satisfaction. This flawed process can result in increased turnovers and decreased renewals, which will ultimately eat your bottom line.
Additionally, since there’s no price comparison, you can potentially pay hundreds or thousands of dollars more for the same repair completed by another vendor.
This scenario clearly illustrates why it is essential to have an efficient process for repair estimates.
Below, we will explore FAQs to your burning questions on becoming more efficient with your estimates procedure.
Table of Contents
- Why are estimates important?
- When should I collect estimates for repairs?
- How many estimates should I get?
- The benefits of gathering estimates
- Implementing a better estimates process
Maintenance Estimates FAQs
Q: ‘Why are maintenance estimates important?’
A: Property Managers often require one or more estimates on maintenance requests. Once the vendors submit these, the Property Manager approves one of the estimates if the amounts are less than the Not-To-Exceed (NTE) amount set by a Property Owner. If the amounts are more significant than the NTE amount, the Property Manager sends some or all submitted estimates to the Property Owner to approve.
Q: ‘When should I collect maintenance estimates for repairs?’
A: We encourage you to gather repair estimates whenever possible. This will ensure you receive the most cost-efficient estimate for a specific repair. However, we realize this may not always be realistic. Therefore, we recommend obtaining multiple estimates if the repair cost will require owner approval.
Q: ‘How many maintenance estimates should I get?’
A: A general rule of thumb is to reach out to at least three vendors for an estimate. Having multiple estimates allows you to perform a price comparison. Then you can flag estimates that appear significantly high or low and ask additional questions. This extra step could save you and your owner hundreds or even thousands of dollars.
The benefit of gathering maintenance estimates
Communicating with different vendors allows you to vet them for professional factors that are very important to your process:
- Professionalism: Vendors who have a clear understanding and proven track record of completing the repair can give valuable insight into the quality of their work.
- Communication skills: Take note of vendors who are prompt to respond to requests and take the time to ask questions regarding the estimate.
- Reputation: Getting an idea of the vendors’ reputation can give you an understanding of their character and pride in the quality of their services.
Implementing a better estimates process
Collecting repair estimates is easier than ever with our Estimates tool. You can easily create estimates for one or more vendors from a single maintenance request. You can also collect details to perform the necessary work requirements in one single location.
How it Works
Easily create estimates for one or more vendors from a single maintenance request. You’ll collect details to perform the work requirements in one location. Here’s a step-by-step guide of how it works:
- The resident submits a maintenance request. Your resident will log in to Property Meld to submit a work order.
- The Property Manager creates an estimate request. Optional deadlines can be specified to receive an estimate, too.
- Vendors gather the information. Before submission, vendors can chat and schedule visits with the resident about the work order. From there, they can submit their detailed quote for the job.
- The Property Manager reviews the estimate. If the amount is less than NTE, they’ll approve one estimate. The property manager can forward the amount to the owner for approval if the amount exceeds.
- The estimate is approved and assigned to a vendor.
- Once an estimate is accepted, an automatic notification will send to the other vendors. There is no need to reach out to every vendor to update the status.
Why it Works
You can easily create and approve estimates within a single work order from multiple vendors with Estimates. This feature removes the manual outreach and follow-up tasks that can be mundane.
Improve efficiency and resolve maintenance requests quickly, resulting in increased resident satisfaction, retention, and renewals.
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