A property management company can make an owner’s job much easier by taking over some or all of the responsibilities associated with owning rental properties. These responsibilities may include screening prospective tenants, collecting rent, and responding to maintenance requests. They can also establish maintenance budgets and advertise the property to find tenants.
While some owners are able to manage their rental properties with little or no help, others need the extra guidance of a professional. The best property managers are licensed real estate agents and can assist with the marketing of a home for sale or lease, provide insight on local housing laws and regulations, and offer expertise and advice about the best ways to make a profit from investment properties.
A good property manager is a valued partner for property owners who don’t live near their rentals. It isn’t practical for an owner to drop everything and travel to a rental if there is a problem or to conduct regular inspections. Often, property managers are able to address issues quickly and effectively because they have an established network of service providers such as repair professionals, contractors, and real estate attorneys.
In addition, property managers can be a valuable asset for vacation Reliable property managers with a hands-on approach home and second-home owners who don’t have the time or proximity to keep up with the upkeep of properties between guests. They can also facilitate the preparation of properties for rental, provide ongoing maintenance and cleaning, and help with short-term rentals like weddings or conventions.
Many owners are emotionally attached to their properties. This may be especially true of an inherited or family home or of a beloved childhood vacation spot. In such cases, the property manager may need to balance the mission of making the property profitable and repairing or refurbishing it with the owner’s desire to maintain it as it is. This can be difficult and can lead to a strained relationship between the owner and the property manager.
Another important aspect of any property management company is the ability to assess a property and recommend repairs or improvements that will increase a property’s value and long-term appeal. For example, a property manager might recommend that an owner invest in a new roof or a full kitchen remodel to attract high-quality tenants and to minimize the turnover rate. They can also provide information about value-added services that can help owners save money in the long run by reducing tenant damage and improving tenancy lengths. It’s a good idea to talk to other owners who use a particular company to gauge how well they work with that property management company. This can help you decide whether it might be a good fit for you. If not, you can move on to another company.