Property Management Services: 7 Reasons why you should Opt for One

Posted: June 26, 2011 in Uncategorized

Competent property managers can add value to your investment. And that is the reason why most real estate investors will tell you that a reputable property management company is worth their weight in gold. Here are reasons for you to consider a property management company for your real estate properties.

 

  • High quality tenants. Property managers have a comprehensive tenant screening process that will result to reliable tenants who will rent longer, pay on time, put less wear & tear to the unit and generally cause fewer problems. An experienced property manager has witnessed thousands of applications already and knows how to determine the real facts about possible tenants and look for warning signs.
  • Less time consuming legal issues. Veteran landlords are aware that it will take only one troublesome tenant to cause legal and financial headaches. A good property manager is updated with the latest landlord-tenant laws. This will ensure that you aren’t leaving yourself with a potential lawsuit. Federal and state laws cover a number of areas including tenant screening, rent collection, safety & property conditions, inspections, evictions, security deposits, and so much more.
  • Good tenant retention. While it is quite easy to see the effects of lost rents, there are other serious problems with a high turnover rate. The process involves a thorough cleanup, painting walls, changing locks, and other minor repairs. 
  • Assistance with taxes. A property manager can help you understand which deductions to claim and organize documentation for those claims.
  • Increased investment value. Preventive maintenance can be achieved by putting systems in place and dealing with repair issues promptly. Hiring a property manager will also give you access to their network of licensed contractors and maintenance staff that has been known for quality work and good pricing.
  • Short vacancy cycles. A property manager essentially performs three tasks that will affect how long it takes to fill all those vacancies.

–          Prepare and enhance your property for the rent. Your property manager can suggest and supervise cosmetic improvements that will help maximize revenue.

–          Determine the rent rate. Determining optimal rent price requires a good knowledge of the local market, data on recently rented out comparables and access to rate tools.

–          Efficiently market your property. A credible property manager has hundreds of ads and knows how and where to advertise to get candidates in a short span of time. They are also familiar with sales and know how to close deals when they take people on showings.

  • Personal benefits.

–          No more stress. Now, you don’t need to deal with night emergencies, evicting people from your house, rental scams, chasing rent, and lousy vendors.

–          Freedom. Live and invest anywhere in the world without the need to be close to your properties. Enjoy the freedom of receiving a rental check every month without the hassle.

–          More time. Time is gold and for most investors, their time gets more profitable when spent in other aspects other than looking over their properties.

 

Finding a credible property management company can be quite a challenge. Make sure to read on property management reviews online and ask referral from friends.

 

Advertisements
Comments
  1. Joanna says:

    I work with Triumph Property Management since 2009 and now after 3 years I’ve forgot how my homes in Vegas look like. I live far from my properties, but because I trust my manager I the last time when I saw Vegas was two years ago:)

    • troika1987 says:

      Hi Joanna

      Yes, that is exactly the benefit of having a property manager. You can live anywhere in the world and receive a monthly check, hassle-free!

  2. Joanna says:

    Sometimes I think about how lucky I was to find my manager. What would I have done with my properties without him, or without a property management company????
    Luckily I don’t have to answer this question:P

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s