[fa icon="calendar"] 07.26.2016 / by Rory Williams
For property investors, managing your own properties can be a huge time consumer and distract you from other important business objectives. Hiring a property management company to oversee the day-to-day operations can save you both money and stress while freeing up valuable time you can use to grow your business. Here are a few key ways property managers can help you:
There is a difference between working on your business and working in your business. If you are attempting to manage your own properties, chances are you are being bogged down with day-to-day tasks and do not have time to grow your business. Working with a property management company can save you time in several major ways:
Marketing Your Property
Marketing your property and finding tenants is a full time job of its own. A good property management company can create compelling advertisements, post them online and respond to inquiries. They will also know they best way to reach the right markets and attract qualified applicants.
A good property management company will have a time-tested approach to screening tenants and finding ones that are willing to sign a long term lease. Not only does this save you the time and hassle of sifting through multiple applications, it saves you the trouble of having to clean the unit, change locks, paint walls, replace carpet and perform other necessary repairs – not to mention marketing the property – when a tenant moves out.
Property owners often try to save money by managing their properties themselves. However, this can actually cost you money if you don’t have the same experience, knowledge or resources that a property manager has.
Relying on tenants to report maintenance issues can be risky. Since many small problems are often hard to notice until they become bigger, more expensive, problems, performing routine maintenance checks is necessary. This can bring about several benefits such as:
- Lower utility bills
- Avoidance of large, costly repairs
- Longer lifetime of plumbing and electrical systems
It only takes one bad tenant to cause significant legal and financial problems. A good property management company can help you avoid lawsuits related to:
- Tenant screening
- Safety conditions
- Lease addendums
If a property manager can help you avoid even a single lawsuit, they have paid for themselves.
A good property manager can save you money on taxes by understanding what is and is not deductible and organizing the necessary forms to make those claims. Interestingly, property management fees are also deductible.
Owning multiple properties can be a stressful job that requires you to wear multiple hats. Hiring a property management company can improve your personal life in these two main ways:
By hiring a property manager, you won’t have to deal with annoying tenants, middle of the night emergency calls, rent collection, evictions, scams, bad vendors and boring paperwork. As a result, you can focus more of your energy on your business and personal life.
With a property manager, you don’t have to be near your properties. In fact, you can live and travel anywhere at any time. A good property manager will be able to maintain the property while you simply collect your rent check every month without even seeing the property.
A good property management company can be a great asset that will save you time, money and lots of headaches. However, you’ll have to do your research and choose the right partner. Hiring a bad property manager can bring a whole other set of problems.