Property management offers significant beneficial services for property owners. These services are designed to streamline the day-to-day tasks of the property owner, taking strenuous and cumbersome tasks off your plate. In this article, we’ll explore everything a property management company can offer you, as well as six game-changing benefits you’ll see when using a property management company.
What does a Property Management Company Do?
Management companies help property owners manage several components of their property, including financial management functions, such as tenant invoicing, collection of rent, lease administration, and more. In addition to managing the financial aspects of your property, they’ll help oversee and carry out your maintenance needs. This includes ordering and coordinating service work orders, routine inspections, and responding to tenant/owner maintenance concerns.
Depending on who you work with and what is included in their services, the functions of a property management company may also include asset management and vacancy management.
What are the Benefits of Using a Property Management Company?
1. Receive Rent Payments on Time
Using a management company can help you collect rent consistently. These companies can instate late fees from tenants who do not pay rent on time. This provides structure and follow-up, which are especially helpful for properties housing many tenants. Collecting rent on time is critical to your property running smoothly, so this service is typically a top selling point when owners are considering a property management service. You’ll also benefit from help with evictions and late payment schedules for your tenants, resulting in less stress and more money in your bottom line.
2. Help Screen Tenants that Maybe Problematic
Using a property management company means you’ll receive assistance with vetting and screening tenants before you allow them to rent. An experienced property manager will know the red flags to look for when speaking with a prospective tenant. This helps you reduce the risk of having problematic tenants that will cause issues, such as failure to pay, late payments, or physical disturbances. In the end, fewer problems mean an easier process for you, saving you money.
3. Fill Units Faster
Don’t have time to keep up with listing vacancies and managing showings? A property management company can help by taking over responsibility for these functions. Many managers have great real estate knowledge and can help you market your rentals effectively, leading to more prospects. A qualified management company can help you determine optimal market rates as well. The less time you have with vacant units available, the more success you’ll have!
4. Personal Benefits for You
So far, we’ve discussed that working with a management company can help you with the practical aspects of operating your property and maintaining tenants. However, did you know there are personal benefits for you as the property manager? Using a property management company can reduce the personal stress associated with all of the responsibility of the property and give you more time in your day. Using a management company also gives you the freedom to travel without worrying about being always present at the property. In addition, you’ll be able to focus your time elsewhere while your management company takes over more tedious tasks.
5. Maintain your Property’s Value
Using a property management company can help you prevent costly problems. Regular upkeep and maintenance are essential to maintaining the value of your property. Using a management company, you’ll benefit from regular maintenance checks and inspections, as well as feedback and suggestions to help you modify areas of concern.
6. Avoid Legal Concerns
Bad tenants can sometimes lead to frustrating legal battles. Using a management company can help protect you from potential lawsuits by staying up to date on important legal knowledge about landlords and tenants and managing them appropriately. This can prove to be quite helpful in the event of a lawsuit.
Owning a property is an excellent financial investment, but it doesn’t have to be all-consuming. Consider hiring a team to save time, money, and headaches. Learn more and explore our in-house property management services!