A good property management company does not just take care of small repairs, maintain common areas and collect rents for a reasonable fee. The best property manager can provide expertise in market rental rates, screen for the best tenants and advise on all facets of major repairs/capital improvements and neighborhood trends.
Here are some of the top reasons you should think about hiring a property manager:
- Maximize your time. What is your time worth to you? Bringing in a great property manager can not only free up your personal time, but can give you more time to investigate further investment opportunities.
- Collecting rents and managing tenant requests/relationships. Communication is essential in property management. An effective property manager provides timely service related to repair requests, move-in/move-outs and rent/lease-related issues.
- Bringing in the best vendors. Effective property managers typically have a well-vetted, in-house and third-party list of vendors who can take care of everything from minor repairs to more substantial electrical, plumbing and capital-improvement repairs/renovations.
- Setting proper rental rates for your property and ensuring you are in compliance with all housing laws. There are many factors that contribute to determining market rental rates for your property. A reputable property management company is up-to-date on market/neighborhood conditions and new laws/regulations related to all housing matters.
- Marketing and advertising your property. An experienced property manager is well-versed in the best marketing (digital and analog) channels to market your units in the most effective ways. Filling vacancies quickly is a top priority for the best property management companies.