6 Hidden Benefits of Hiring a Property Management Company
Are you considering hiring a property management company to help with your real estate investments? Chances are, there are several benefits that come to mind at first thought; namely, more time for you and perhaps a greater feeling of security that your property will be cared for. But, these are general perceptions. If you want to determine the true benefits of hiring a property management company, you need to get into the nitty-gritty what they can do:
Save on Contractor Fees
Any property owner needs reliable, licensed contractors to work on their property. It can take a lot of time and work to develop relationships with contractors whom you trust-especially as an individual. But, a good property management company will already have a team they rely on and likely have contracts in place that won’t cost as much in the long-run.
Gain Another Legal Ally
Investing in rental properties requires a certain level of legal expertise, to ensure you protect your investments and comply with regulations. A skilled manager not only understands the laws, but also has an efficient process in place for rent collection and evictions.
Boost and Sustain Occupancy
Property management companies know more than anyone the value of short vacancy periods and long-term tenants. They have best practices in place for marketing, rental rate comparison, and strong customer and tenant service—along with proven methods for maintaining safe, attractive and comfortable properties.
A savvy property management company will provide tools (like reports and statements) to property owners that make it easier to track accounting, while also raising awareness about tax deductions and other investment opportunities.
Increased Property Values
What’s that you say? A property manager can help increase my properties’ value? When a property management company provides annual preventative inspections, quick repair response times and an awareness of market values, they become a resource for keeping a property in its peak state for investment.
Higher Quality Tenants
This goes right along with increased property values, but it merits its own mention. It takes a lot of time and expertise to vet reliable, responsible, enduring tenants. This is one of the single-most valuable assets of having a good property management company. They are far more practiced and hence, are able to provide greater assurance that your investment property will not only be protected, but increase in value.
These are just a few of the benefits of hiring a property management company. Make sure you take the time to vet any company you are considering. Meet with them, and view some of the properties they manage, if possible.