There are numerous benefits of property management companies, and they often far outweigh any costs. Find out how it can be a game-changer for your rental properties.
As you already know, acting as a landlord for one or several different rental properties is a very demanding job. Residents rely on you as their main point of contact for every question, crisis, or issue. Luckily for you, professional property management companies are here to help. These skillfully trained professionals make it their top priority to keep vacancies low, profits high, and tenants happy at all times.
What Does a Property Management Company Do?
A property management company offers a wide range of services to property owners to efficiently manage and maximize the value of their real estate investments. From handling new tenant screening and communication to ensuring compliance with laws, professional building administrators are specifically trained and experienced in all aspects of property management. Professional real estate management include
- Rent and Eviction Services: A professional property manager collects rent payments from tenants. They promote payments on time, follow up on late payments, and collect any late fees. They also help set the best price for your rental property and handle the eviction process for tenant non-compliance.
- Property Marketing: They market vacant properties to attract new tenants, often by creating listings, advertising on various platforms, and conducting property showings. They conduct market research to stay informed about local property trends, helping property owners make informed investment decisions.
- Lease Preparation: Property managers draft and enforce leases that outline the terms and conditions of tenancy. They ensure that leases comply with Landlord-Tenant laws.
- Property Inspections, Maintenance Issues, and Repairs: Property management companies coordinate and oversee preventive maintenance and repair issues, including wear and tear, emergency repairs, upgrades, and renovations to keep the property in good condition.
- Financial Planning and Accounting: Property management companies keep detailed financial records, providing property owners with monthly and annual financial reports as well as financial planning and investment advice.
- Emergency Response: Property managers are on-call for maintenance and emergencies, such as burst pipes, electrical issues, or lockouts.
Four Main Benefits of Property Management Companies
Experienced property managers are experts in overseeing all aspects of property ownership, allowing property owners to reap the benefits of their investments while avoiding the day-to-day responsibilities and challenges that come with real estate management.
1: Consistent and Quality Resident Interaction
The people living in your properties determine the success of your business. Your residents have a significant impact on the building environment. From ensuring that residents are good neighbors to paying their rent on time, hiring a property management service can help.
Trusting residents to respect their unit and neighboring spaces requires oversight. One of the benefits of property management companies is that they prioritize ensuring quality tenants ALWAYS occupy your buildings, so you don’t need to worry about unforeseen issues.
If you manage a large investment property or several different apartment buildings or complexes (especially located in other neighborhoods), it becomes more than a full-time job. As the building owner, you’re only one person, and making yourself accessible to all residents at all times and handling all critical tasks is not realistic. Hiring a professional property management company means your tenants always have someone onsite and available 24/7. Rules will be consistently enforced, and the quality of life at your properties will be maintained at the highest standard possible while giving you peace of mind, knowing your properties are in good hands.
Professional property management companies also help with the vetting processes of all prospective tenants so you can sleep soundly, knowing the residents occupying your properties are always trustworthy and reliable. Most professional property management businesses have the means to conduct sophisticated background checks, credit checks, and reference checks to verify all tenants, ensuring your building’s reputation is never compromised. Most importantly, professional property managers know the warning signs of problem tenants and will guide you in the right direction.
Look at it this way—it’s much easier to meet tenants’ demands with one point of contact for each building than you dealing with hundred of residents from all your properties. Let your property management company handle the details, from managing maintenance and groundwork to screening new tenants. Consistency and reliability benefits are well worth the cost of investing in a great professional property management company.
2: More Efficient Landlord-to-Resident Communication
Landlord-resident communication is a tricky part of running any business in the housing industry. The good news is professional property management companies act as a bridge between you and difficult residents to help promote only positive landlord-tenant interactions. Professional property management companies shape healthy and productive relationships by identifying tenant needs ahead of time so miscommunications are avoided.
Property management companies often bring a great deal of experience and even legal protection to the table. They’ve dealt with difficult situations before, and they’ll protect you from getting yourself in hot water.
By hiring skilled professional housing managers to interact with your bad tenants, most issues will resolve themselves before you need to get involved; this way, you can spend time handling other, more critical tasks. When residents need access to speak with a person ASAP, for urgent help with a maintenance issue, a building complaint, or just an answer to a general question regarding their unit, professional property managers are there to help you skillfully communicate and get the job done.
As a property owner, many people are counting on you. Stretching yourself too thin will only cause miscommunications and essential comments and requests to fall through the cracks. For example, say your small, 50-unit apartment complex suddenly loses hot water. Do you want to receive fifty-plus phone calls around six o’clock am complaining about this vital maintenance issue? How can you answer all the calls, texts, and emails to reassure your tenants that you are aware of the situation, while also trying to contact your maintenance people and figure out what went wrong?
Professional property management companies understand the importance of efficient landlord-tenant communication and know what it takes to ensure you and your tenants always feel heard and acknowledged. Proper communication will stave off a variety of issues before they become dire.
3: Lower Turnover Rate, Fewer Vacancies, and Quicker Turnaround Time
When there are open units to fill or a renovated property needing new tenants, professional property management organizations can help. These professionals understand the importance of minimizing vacancies and turnaround times to keep your housing business profitable. Their success (and job) often depends on keeping your building full and profitable.
Professional property management companies bring experience and support to the table. They understand your position and know that, as a property owner, keeping vacancies low and profits up is always the number one priority. They’ll use their connections to promote your building, help advertise, and ensure that the property is shown to potential residents in a timely manner.
Property management companies have much experience filling empty units and finding reliable tenants. These trained professionals understand how prospective residents think and know how to strategically present any space based on area and location to attract interested individuals. Professional property management companies make it their number one priority to fill every vacant unit available.
Marketing your properties is another huge part of successfully filling vacancies. Professional property management companies will market your available apartment buildings or townhouses through the proper channels. From specialized websites to social media platforms and other housing apps, professional managers will schedule showings and fill your properties with quality residents.
With years of experience, property management companies know how to keep your vacancies low and the housing business thriving.
4: Better Reviews for Your Housing Business
With an overwhelming number of housing options available in most cities, hiring professional property management may be just what you need to set yourself apart from the competition. The elevated quality of customer care and attention to detail for tenants will impress potential residents and result in top-notch online reviews. What customers say about you and the team of professionals representing you matters.
Hiring an experienced property management company will elevate the renters’ living experience and promote your business in the best possible way. Whether through word of mouth, a friendly recommendation, or an online rating, better reviews mean more success, and that’s great for everyone!
In this business, reputation matters greatly. One bad review or antagonistic tenant can turn away others and leave you with vacancies. If you want to keep your property full, keep your residents satisfied.
Whether you’re overwhelmed with the never-ending tenant demands, wish to improve landlord-resident communication, or want to improve your company through minimal vacancies and stellar reviews, hiring professional property management is an excellent investment for your housing business.
A professional property management company is worth the price to keep your building occupied. With extensive experience, expertise, and helpful advice, a property management company offers you an edge over the competition. Better yet, professional property management companies will help attract new business to your properties.
It’s easy to get caught up in the chaos and stress that comes with the landlord role. A study reported by Towergate Insurance found that a whopping 67% of property owners found themselves more stressed each year, and 25% said the job of a landlord is much more stressful than they initially anticipated.
A good property management company improves the quality of your services and decreases the negative pressure you might experience. Keep your building running smoothly by outsourcing extra help today!
