With vaccines available and fewer people getting sick, it seems like the worst of the COVID-19 pandemic is behind us. There are still some lingering after-effects, of course, especially when it comes to supply chain issues, pricing, and maintenance.
Let’s talk about how this is impacting the local Phoenix rental market, and whether there’s anything we can do to help owners and investors like you in a market such as this.
Setting Expectations with Phoenix Property Management
Many things have not changed when it comes to leasing, managing, and maintaining your investment property in Phoenix. For example, if there’s an emergency, we’re going to handle it quickly in the same skilled way we always have.
Our team has always delivered high-quality property management services based on professional ethics and transparent communication. We’re proactive problem solvers, and we continue to operate this way.
This has been a challenge during the last couple of years, and while all of us have felt frustrated, we’re doing everything we can to tackle some of the things that have slowed down. If maintenance is delayed because parts are back ordered, we don’t like it any more than you do. The tenants in your property don’t like it, either. When all of us can be patient and work together towards the best possible outcomes, everyone feels a little bit better.
A lot of our tenants and owners have been especially patient during these difficult times, and we appreciate that generosity. Please continue to work with us to ensure everyone’s needs are met in the best way possible. We understand that everyone is still recovering, and it may take a bit more time until we’re back to some semblance of “normal.”
What We Know about Supply Delays and Maintenance
A few recent trends have gotten our attention. For example, the cheap paint that a lot of us love during turnovers isn’t available in stores at the moment. We need to purchase a higher grade of paint if we want to get those properties ready for the rental market right away. That’s going to mean higher costs, and it’s still better to pay for the good paint and get those homes rented.
Window blinds are also in short supply. The common sizes for most Phoenix rental property windows cannot always be found. Our property managers and maintenance teams have been gathering blinds and other supplies from a number of different stores just to satisfy the needs of one house. Or, we’re stuck special ordering even standard sizes. These are the things to think about when you’re preparing a property for the rental market or losing one tenant to prepare for another.
Prices are rising. All of us are paying more for gas, groceries, and supplies. Labor costs are rising, too, so those maintenance bills are looking tougher and tougher.
But, here’s the good news: Your prices are going up, too. Rents are higher than they were a year ago, and we expect that they’ll continue rising as we continue into 2022.
There are certainly some challenges to owning rental real estate right now. We’re here to make it easier and more profitable for you, even in this market.
Contact us at Service Star Realty for all of your Phoenix property management questions.