Property Managers: 10 Reasons To Have One
When investors expand their property management portfolios, one of the most important aspects is finding a great property management team with whom to work. Thus, when we are speaking with potential clients, we know the pressure is on to give them a variety of reasons why they need our services. Of course, we can always talk about how partnering with us will keep them from being awakened in the middle of the night to go fix a resident’s overflowing toilet. While this is certainly a perk, it may not be enough for us to make the final sale during our presentation. Therefore, when making a pitch to potential clients, we have plenty of other great reasons from which to choose. If you are curious as to what they are, here are 10 of the best reasons why it’s great to have an excellent property manager looking after your homes.
Saving Money on Contractors
If there is one thing real estate investors hate, it is wasting money on contractors who turn out to be unlicensed or simply inept at their job, which usually results in small problems becoming much bigger ones. However, as we tell potential clients, partnering with a reputable property management firm can eliminate this problem. Instead, clients can have us vet potential contractors to ensure they are licensed, bonded, and insured. Combining this with excellent on-site maintenance staff and supervisors, the result is less hassle, happier residents, and fewer high-priced emergency repair bills.
For any real estate investor, increased revenue is music to their ears. We understand this, which is why we emphasize our ability to thoroughly screen potential residents. By using state-of-the-art technology, we can easily spot red flags on applications, which in turn will help identify those applicants who are most likely to pay their rent on time and pose few if any problems regarding property damage.
Avoiding Legal Problems
For real estate investors, legal problems with residents or potential residents can be time-consuming and expensive. In fact, a recent TransUnion survey showed it costs the average landlord almost $2,000 to evict a resident. Rather than be saddled with this problem, we point out it is far more efficient and cost-effective to partner with us and our property management services. By doing so, investors can have managers for their properties who understand landlord-tenant laws, especially in areas involving discrimination, eviction processes, and safety rules and regulations.
Higher Occupancy Numbers
When a property is vacated, landlords want it filled again as quickly as possible. We understand this, which is why we can offer a variety of marketing strategies that will ensure not only that the vacancies are filled quickly, but are done so by residents who will be long-term, resulting in investors having a high return on their investment.
Higher Retention Rates
Just as we know it is important to give our clients high occupancy numbers, we know it is equally as important that their properties also have high retention rates. After all, it does little good to fill a vacancy, only to have the resident leave a month or two later. In our experiences, the best way to maintain high retention rates is to create an atmosphere where residents are happy where they live. To accomplish this, we ensure a safe and attractive community is maintained, management has excellent relationships with residents, and much more.
While we leave the in-depth aspects of accounting to a client’s CPA, we do offer various services that can greatly simplify the accounting and oversight process. These can include information about tax deductions and investment opportunities, as well as owner portals that include on-demand statements and reports regarding income, expenses, and maintenance requests. By keeping owners informed, there are fewer chances for mistakes and oversights to occur.
Rent Collection Process
Since homeowners have plenty to do besides chasing down tenants to collect rent, we make sure this process is made as simple as possible. Along with establishing and enforcing payment guidelines, we can also set up portals allowing tenants to make online rent payments, making the collection process easy and efficient for all parties.
Freedom to Pursue Other Interests
With many real estate investors, their goal is to generate enough income to enjoy an active retirement. This can include traveling the world, spending more time with family and friends, working on their golf game, or pursuing other interests and hobbies. By partnering with us, they can do all this and more, since they will be guaranteed of having skilled professionals at the helm who will manage their property as if they were their very own. By putting their trust in us and our staff, investors can gain not only the freedom they desire but also peace of mind.
Increased Property Values
When an investor purchases property, the last thing they want is to see the values of their properties decline due to poor maintenance and other aspects that can factor into this area. To make sure this does not happen, property owners need to partner with a property management firm that can suggest and help initiate a variety of programs, including annual preventative maintenance inspections, policies for repairing or replacing appliances, and ways to initiate property upgrades. We can do this and much more since we constantly stay in touch with homeowners about steps they can take to ensure their properties maintain the highest possible values.
Perhaps most of all, partnering with a reputable, experienced, and knowledgeable property management firm such as ours can greatly reduce the stress many investors deal with on a daily basis regarding their properties. While there will always be a problem or two along the way for any landlord, working with us can ensure the problems they experience are few and far between. From making it easy for tenants to pay rent, having maintenance personnel available to handle those late-night emergencies, and much more, our property management services can give investors the peace of mind they need and deserve.