As a property owner can you really afford not having a qualified property manager on your payroll? It seems like a silly question, but in fact of the reality is that most property owners that own at least four or more residential or commercial properties do not have a full service property management company handling their accounts. Can a property management company add value to your personal investments? The answer is yes. Such companies will add value to your commercial or residential real estate by handling the general tasks that are normally part of the routine of a property owner. There are unique benefits that will cut down costs and increase the value of your properties if you use a property manager.
You may ask what some of these benefits that are offered are. A professional property manager will attract higher quality tenants, decrease your time and cost in the court system, develop a shorter vacancy cycle of your personal properties, better retention of qualified tenants, develop a restrictive rent collection schedule, lower maintenance or repair costs and increase the value of your investment. The time tested benefits will allow you to focus on your business without taking your time to deal with tenants and the problems that arise.
The property management firm can deal with commercial real estate, industrial real estate or residential real estate investments. They will screen potential clients against the criteria that you have set forth and base the acceptance procedure on credit, references or other criteria that you have discussed with the team. They can match qualified tenants that will pay on time, rent for a long period, maintain the unit and cause fewer problems than a high school prom. They will prescreen the candidates with a proven screening process that will prevent a loss of time and profit, which will act like a buffer between you and the potential clients against scams, lawsuits and other negative issues!
Let your professional property manager handle the safety and property conditions of your properties, evictions, inspections, lease changes, lease terminations and other issues that will cut down on your time in court and court fees. Avoiding a single lawsuit can cover the cost of a property management firm cost. The firm can help improve the vacancy cycle by improving the property for rent, determining the best rental value by carefully assessing the market data, marketing the property effectively. Keeping your best tenants is high priority with a property management company; exclusive tools that benefit both you and your tenants will keep both parties happy. This includes everything from low cost maintenance to specialized leasing agreements that can be set up in no time.
Collecting rent and enforcing late payment fees is a strain on your time and distracts from the positive cash flow for your business. The property manager can enforce your late payment policy and collect the rent for you. They can listen to the reasons, chase down the rent and evict the tenant if they meet the conditions of an eviction. A property management company is very cost effective and is a great resource to handle your properties. A great way to save you time and money.