Caretaker tracks and coordinates maintenance work to keep your tenants happy and units in good condition. You can control your maintenance costs by setting spending limits. If a maintenance provider submits a work order that exceeds your spending limit you'll get notified. The work will not move forward until you’ve reviewed the situation and approved the extra costs.
You can choose a spending limit for individual work orders, annual maintenance costs or both. We recommend you do both. This option will give you the maximum amount of peace of mind: you'll know that you're on track to meet your budget for the property for the year and that you're never overpaying an individual service provider.
Our recommendation: Set a maximum annual expense of between 5-10% of rent
Assuming your property has been either renovated or professionally inspected in the past 12-24 months you should budget between 5% and 10% of gross rent for maintenance costs. Set your annual spending limit to a percentage of the rent in this range:
Our recommendation: Set a maximum expense per work order of $200 - $300
Most individual work orders will range from $50 on the low end to $300 on the higher end. If a repair costs more than that it may warrant more thought - either the provider is overcharging or the repair is serious enough that it would make sense for you (as the owner) to look more closely and make sure that it's being done correctly.
You're welcome to set no limit, choose much lower limits or choose a limit as a percentage of rent or flat dollar amount for both your annual expenses and expenses per work order. It's up to you.