Property management covers everything from A-Z for residential and commercial investments. The biggest gain to hiring an individual like myself is saving time and time is money
If you’ve owned income property for any length of time, you know that managing a rental can be financially rewarding. At the same time, you’ve also likely discovered that property management requires a large commitment of time and effort.
As the property manager, we shoulder the responsibility of handling the day to day tasks of finding and screening qualified tenants, executing leasing or rental agreements, collecting rents, handling tenant complaints or legal issues such as evictions, building maintenance and repair, as well as a complete financial accounting and reports.
Top 4 Benefits to Securing Management
Mitigate Liability
One of the little understood perks of having a third party property management firm is the buffer from liability a good property manager adds to an inexperienced investor’s portfolio. If for nothing else, it can be easy for opportunistic tenants to make false accusations about rent collection tactics, illegal eviction practices, and negligent maintenance. A third party manager can deflect many of the false claims levied in an investor’s direction.
Quality Tenants
Property management companies manage properties for a living; it’s what they are good at. As a result, the best of them have grown to know what to look for in a good tenant. It is, therefore, safe to assume hiring a property manager will result in better tenants for a property, which is great news for landlords. The better the tenant, the better the experience will be for owners.
Shorter Vacancies
Not only will a property management company advertise to fill vacancies, but it will also do so with a sense of urgency and efficiency. Again, since this is their job, real estate management companies are most likely better at filling vacancies than traditional landlords, which drastically shortens the length of vacancies. Meanwhile, landlords are able to increase profits throughout the year by keeping the asset in service.
Lower Maintenance Costs
Working with good property management firms will give investors access to their network of professional contractors. The contacts the property manager already has in place will work to your favor and save on maintenance costs. Not only that, but the contractors will also come with a recommendation, which is invaluable.
Main Management Tasks
Rent Collection
Collecting the rent is one of the most obvious tasks of a property manager. Of course, that doesn’t mean collecting rent is easy by any means. If all of your tenants are paying their leases up font in full and you don’t mind paying a great law firm when things don’t go right, you might wait to evaluate all of the services. Yet, most real estate investors are not in that situation.
Regular Property Maintenance
Dealing with tenant maintenance calls is perhaps the biggest driver for real estate investors to enlist the help of a property manager. It isn’t just about the maintenance, however: dealing with the tenants can often be the biggest challenge. Sometimes their needs aren’t big or expensive, but the timing and urgency is. It may be blocked and back flowing pipes on the weekend, or being locked out in the middle of the night. A lot of these calls can be irritating to a landlord, but if they are always treated that way, bigger issues with renters and rental property performance are sure to arise. Rapid and responsive customer service is needed to optimize income properties.
Dealing with Defaulters
We do everything to prevent this from happening during the tenant screening process but unfortunately circumstances change for people and we are presented with collecting past due rent and possible eviction proceedings. This goes beyond slow payers to those seriously in breach of their leases. They could be more than a month past due, or be risking the condition of your asset, or the police could be involved in a criminal issue. Sometimes these things can be worked out directly with renters. In other cases, it may require lawyers, or even going to court. We have extensive experience in handling these matters quickly and efficiently to minimize losses.
Sourcing Tenants
As licensed REALTORS through Keller Williams we have the expertise and resources to list the properties and screen for qualified tenants.
- Marketing
- Screening tenants for qualification
- Showings
- Providing lease agreement
- Supervising move-in and move-out activity
FAQ’S
Why hire a property manager?
Hiring a professional property manager saves you time and headaches handling the many tasks that come with owning multiple properties.