If you own a property, chances are you’re looking to maximize your profit while maintaining and potentially increasing your property’s value. For many though, this is a challenge because most landlords don’t have the time and/or the resources to benefit themselves and their property to the best possible measure. Residential property management can.
Here’s why you need to hire one:
You’ll make more money. Property owners are sometimes afraid to hire residential property management because of the cost. However, the reality is, they will make more money in the long term due to the property being better taken care of and better vetted tenants that will respect the property and stay longer. By analyzing your buildings’ power needs and providing low cost upgrades, an experienced property management firm could help you lower your monthly energy bills by up to fifty percent.
You’ll save time. Don’t kid yourself, being a landlord can be like taking on another full time job. Landlords are constantly tracking payments, collecting late fees, dealing with complaints and repairs, prepping the property for new tenants, finding vendors etc. A residential property management company will handle the administrative tasks and be able to provide regular maintenance and repairs for your building. Maintaining and caring for a property by yourself can be a constant stressor, while hiring a property manager can afford you’re the opportunity to benefit from your property without sacrificing your physical and mental well being.
You’ll have better tenants. Experienced rental property managers will know how to vet your tenants well. They usually have marketing campaigns and advertising programs in place to promote the potential for more quality applicants. Tenants with good history and good references will be better suited to care for their space, pay their rent on time and cost you less money.
They know they law. Property management companies make it their business to know about the laws pertaining to being a landlord. One of the largest advantages to hiring a professional property management is the ability to avoid and better navigate potential legal issues. They will help a property owner manage the tax reporting and responsibilities involved.
They serve as a buffer. Hiring a property manager allows a property owner to have access to certified professionals to maintain their property and allow them to keep a professional distance from their tenants and avoid getting too personally involved with their tenants. Personal investment can lead to leniency around payments or defensiveness with regards to certain complaints which could end up costing you more money.
