In today’s business world, we are expected to handle much more work in a much smaller timeframe than ever before, as real estate investors know all too well. From accounting to marketing to management, there is a tremendous need for your attention when it comes to owning properties – especially rental properties, whether it be a single-family home, a commercial building, or a massive 500-unit apartment complex.
One of the most beneficial things you can do for your property, your tenants, your business, and yourself is to rely on a capable property management company to take care of the most important (and time-consuming) aspects of maintaining your property. While hiring a company like this will be an expense for your business, the benefits can certainly outweigh the cost. Comprehensive management can provide real estate owners with higher tenant satisfaction, greater operational efficiencies, and an overall much more satisfactory ROI. Following are five of the top reasons you need a property manager to ease the load of responsibility associated with your property:
One of the most critical, yet cumbersome, tasks that a manager can assume for you is marketing vacancies. Whether it’s advertising empty apartment units or entire commercial buildings, a property manager is going to be able to get the word out via all the most influential channels – social media, local news, and the like. There are some marketing strategies that are more effective than others, and it’s vital that your property uses the right ones to avoid substantial loss of income. An excellent company is going to know exactly what strategies are best for your property and how to implement them effectively for you.
Whether it’s refunding deposits according to state and city laws, collecting rent and deposits, or delivering official notices to tenants, it’s all part of property management, and all involves plenty of legal stipulations. Enabling your property to not only turn a profit but to keep turning a profit takes time, knowledge, and the desire to interact on a very regular basis with tenants, potential tenants, and even previous tenants. Legal issues regarding tenant-landlord laws can be incredibly intimidating – and you don’t want to find yourself in court defending costly lawsuits. This is one of the most important reasons you need a property manager who is well-versed in these laws, who can help you keep your property operational well within the law in all respects.
Every rental property owner wants to ensure that the tenants that occupy a rented living space are going to not only be able to pay the rent on a timely basis each month, but will also properly maintain and care for that space. Property management companies have become experts at developing and integrating very effective and reliable screening services and methods to ensure that those who apply at your rental properties will be of the highest quality. Higher quality tenants can help you avoid many potential problems in the future, including any scams, legal issues, court proceedings, and anything else that could compromise your property, your business, and your reputation.
Improved Tenant Retention
One of the biggest challenges that property owners traditionally face is keeping quality tenants in place. High turnover rates often cost owners a fortune, with charges for carpet cleaning, home cleaning, painting, and repairs after each move-out adding up quickly. In addition, higher turnover rates means a higher percentage of empty units, resulting in a potentially significant loss of revenue. An excellent property management company will have tactics in place to retain your best tenants; any good plan will not only accommodate excellent tenants, but also will include a strategy for quickly replacing tenants who do leave.
Accountability and Maintenance
Perhaps the single greatest reason to hire a property management company is that you will have true professionals always diligent with the upkeep, maintenance, and condition of your property. The amount of time needed for this maintenance can be immense – not to mention the skill and training that are often also required. With the right property manager, you will have someone always one step ahead of the game when it comes to the condition of your property; and the condition of your property is going to be the single most valuable aspect when it comes time for you to appraise and/or sell it. In addition, keeping a well-maintained, attractive, and safe property is going to also attract outstanding tenants and keep them there at your property longer.
Whether you have little experience being a landlord, or you simply lack the time or desire to be one, the reasons to hire a property management company are significant. The professionals who are in the business are experts in all aspects of property management, from lease agreement drafting and legal issue addressing to tenant retention and upkeep. If you’re in the market for the benefits of real estate investment without the accompanying workload, contact JS Tamers today to learn more about what we can provide.