How to Determine an Hourly Maintenance Cost for Owners

In this video Matthew Whitaker of Evernest and Deb Newell discuss how owners should determine the hourly cost for maintenance technicians. These two experienced property managers emphasize the importance of setting rates that ensure profitability and suggest strategies for framing price increases to clients effectively. Highlights 💰 Owners often undercharge for technician services, risking profitability. Setting rates slightly below market average can maintain competitiveness while ensuring a margin. 🛠️ A common rule of thumb is to triple the technician’s hourly rate to cover costs like insurance, truck gas, and profit margin, ensuring the business remains profitable. 🗣️ Owners may face complaints about maintenance prices, but it’s crucial to prioritize profitability over appeasing complaints to avoid breaking even. 📈 When introducing price increases, studying how large corporations announce theirs can provide insights into effectively framing the message to clients, leading to better reception. 📊 Utilizing professional language and structuring announcements can help owners successfully implement price increases without alienating clients. For more free educational content for property managers, subscribe to our newsletter at: Evernest.co/pmnewsletter