One of the biggest mistakes that real estate investors make is overlooking the prospect of using a property management company to manage apartments or housing communities. While managing your residential property may seem easy at first, the reality is that it takes skill, knowledge, time, and energy that the average developer or volunteer management committee may not have.
Essentially, a property management company will allow you to take a completely hands-off approach to managing your property. If you’re asking yourself “Do I NEED a property manager?” — consider these five benefits of using a property management company.
When you partner with an experienced property management firm, you’re not only able to leverage their years of expertise and industry knowledge, but also their vast network of contractors and vendors. These contractors have been vetted and accredited for providing quality work and good pricing. This can save you a lot of money compared to hiring someone from the yellow pages. Additionally, a property management company will also be able to get discounts on account of the volume of managed properties under their management
By identifying and repairing any maintenance issues early on, you avoid larger and more expensive problems down the road. Any experienced property manager will tell you that the key to maintaining and increasing the value of your property is preventive maintenance. This requires regular maintenance checks and inspections driven by a documented schedule. A professional property manager may also offer you valuable feedback and suggestions on cost-saving upgrades and modifications. Additionally, performing routine Condition Assessments will provide a medium to long term view of equipment life-span expectations and guide replacement vs repair decisions.
Handling the collection of rent and maintenance fees is an extremely important aspect of property management. By hiring a professional property manager, there is now a buffer between you, the developer or management committee, and tenants. This allows the property manager to be the bad cop who has to listen to tenants’ excuses, collect rent, and handle any other situations as they may arise
For a property investor or owner, time is money, and your time would be better spent doing other things than micromanaging a property. Your property manager will handle all communications with tenants, including those middle-of-the-night calls emergency calls.
When you decide to hire a property management company, essentially what you are doing is transferring all the responsibilities responsibility of handling the day to day affairs of your investment to a third party. This allows you to spend your time doing the things you love whether it’s developing your next project or spending time with your family.
With so many benefits, don’t you agree that it’s time to find a property management expert who can provide you with these great perks and so many more? Get in touch with our experienced team of professionals today. Our priority is to take the stress out of managing your property while maximizing your returns.