So you are trying to decide if to hire a property management company.
Acting as your own property manager creates a lot of work to be done. From marketing the property, to selecting the right tenants, handling maintenance requests, to filing eviction notices, there is always a task sitting on your desk waiting to be completed. It can be quite time consuming when you have to take care of everything. So how can you ease the workload? Hiring a property management company can remove the headaches and give you a break to focus on other matters. If you think you need a property manager in Raleigh, here are some great reasons on how to pick a property management company, and why you should.
What Does a Property Management Company Do?
Property Management Companies do a lot of things behind the scenes including:
- Directly deal with your prospects and current tenants
- Market your vacant properties
- Collect rent
- Handle maintenance and repairs
- Pursue evictions
A Property Management Company brings its experience and professionalism and adds a lot of value to your investment. Consider these factors for why a Property Management Company is just what you need!
Time is Money
I’m sure you have heard the expression “time is money,” which is undeniably true in any business situation. Your time is precious, once gone it can never be replaced. If property management isn’t your main business it can be more effectively spent elsewhere rather than servicing your property. Maybe you would like to grow your business by searching for new properties or financing for renovations? Whatever the case may be, you may not have enough to devote to your business. This is where your trusted Property Management Company can give you that much needed extra time.
Finding Higher Quality Tenants
There is always that one tenant that gives you a lot of stress. Wouldn’t it be better to not accept them in the first place? The most reliable clients are typically found through a screening process. This assures you that your tenants will pay on time, rent for longer, and cause fewer problems in general in the long run. A skilled and qualified property management company has the ability to seek out the best tenants as well as analyze information for warning signs. The company can also prevent any rental scams directed towards property owners. Lastly, with a consistent screening process, you as the owner will never have to worry about discrimination lawsuits.
Less Time with Vacant Properties
With a property management company on your side, you will have shorter vacancy cycles! A property manager will give you assistance in considering the three key factors that affect the amount of time it takes to fill in vacancies.
Improve your property – A property manager will help you make all necessary changes regarding anything cosmetic. By overseeing these changes, they can help maximize revenue.
Determine the best rates for your property- Find the optimal prices by using rental rate tools, data on comparable units sold, and just overall knowledge of the market. A property manager can assist you in getting all this information together and in determining the right rates.
Market your property effectively – An experienced property management company knows just the right thing to say on advertisements. They also have the valuable knowledge on location for the ads in order to gain more potential tenants. The company can even negotiate better rates for your advertising!
What does a Property Management Company provide?
Lower maintenance and repair costs
A property management company has the connections to get you a better deal and hire contractors that will get the job done for less and make sure the work is completed.
Your property manager can work with your accountant to help you understand what deductions you can claim as well as gather all necessary documentation you will need at tax time.
Increased investment value
Property managers will offer suggestions for cost effective upgrades, which can increase the value of your investment!
Fewer legal problems
Your property manager has the working knowledge of all the tenant-landlord laws and can help you avoid the pitfalls. Together with an attorney, you have a solid team to help you mitigate your risk.
A rent collection process
Property Managers have a simple process to collect the rent so you don’t have to run out to the mailbox at night or have tenants drop checks off at your house.
A professional buffer
A Property Management Company between you and the tenant allowing you to keep the relationship with the tenant purely business.
Hopefully this has helped you on your path to decide to work with a property management company. Please feel free to reach out if it is beneficial to you.
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