To manage your property correctly, you must take responsibility for administrative duties, maintenance, and repairs. Whether you are managing residential or commercial properties, you spend a lot of your time ensuring everything performs correctly. When you hire a property management company, not only will you save valuable time, but you can eliminate the stress resulting from fighting tenants, illegal activities, loud parties, and domestic disputes. If you are not aware of repairs, maintenance, contracts, and rental laws, a property management company is an excellent option.
Unnecessary and Stressful Phone Calls Late at Night
As a property owner, you must be available to your tenants in case of an emergency. Unfortunately, you will receive phone calls in the middle of the night for both emergencies and non-emergencies. Your tenants may believe a dripping faucet or flipped circuit breaker is an emergency. We will handle all of these calls on your behalf no matter what time of day or night. It enables you to relax, knowing we will inform you of any true emergencies.
Advertising and Marketing Your Property is Critical
Advertising and marketing your property correctly requires experience. We understand how and where to market your property. Your ads will be both compelling and effective. It provides you with a significant advantage. You will no longer be losing money because your units have been vacant for a long time, and we will fill the vacancies as quickly as possible.
Renting to the Right Tenants Increases Profits and Eliminates Stress
Finding the ideal tenants is a lot of work and requires experience. We will take care of even the smallest of details. You will no longer have to spend time running security checks, credit reports, criminal background checks, obtaining references from previous landlords, or verifying employment. We will complete these processes quickly and efficiently to decrease your risk of renting to undesirable tenants.
The Beauty of a Relaxing Vacation
The stress and responsibilities of property management can prevent you from taking the relaxing vacation you desire. Once you know a management company is handling everything, you can relax on a beach with your friends, travel to Europe with your family, or enjoy a solo weekend getaway.
Do Not Underestimate Physical Proximity to Your Properties
If you live on your property or in the same neighborhood, your management responsibilities are a little easier. Even though you will most likely be disturbed by your tenants, collecting rent, making repairs, performing maintenance, settling disputes, and taking care of emergencies is much easier. Everything changes if you live a fair distance from your property. If there is an emergency, you will need a lot more time to get there. If you are unable to handle the responsibilities required from a distance, your best option is to use a management company’s services.
The Hassle of Screening Your Tenants
Screening potential tenants is a hassle because you must follow the law regarding how you market your property and the method used to screen tenants. You must know which information you can ask legally and which questions to eliminate. If you inadvertently break the law, you may find yourself with a discrimination lawsuit. A good example is asking a potential tenant about how many children they have? It is illegal. If you are not aware of changes in the current law, you will eventually have accusations to deal with regardless of your intentions. We are aware of all laws.
Maximizing Your Valuable Time
A property manager will handle all the daily responsibilities of your property. It means you have more free time to find another good investment opportunity, establish company growth, or take your kids to the zoo. You can enjoy your days instead of constantly worrying about your property.
The Cost of a Property Manager is Less Expensive Than You Think
You can use the majority of property management services for a small amount of money. When you consider the money you are spending on maintenance and repair services, a management company’s cost may save you money.
The Headache of Maintenance Management
Even if your lease requires tenants to take care of specific maintenance, they can forget or procrastinate. If your tenants do not change the filter in their heating and cooling units or turn the water on when the weather is freezing outside, you will most likely be responsible for the repair bills. Even if you send notices for lease violations, your tenants might still not perform mandatory maintenance. With a management company, you will be assured of all the necessary care, and you do not need to worry.
The Challenge of a Lawsuit
You can end up in court if your tenant does not pay rent, must be evicted, makes accusations regarding tenant rights, or challenges a deduction to their security deposit. To be successful in court, you need an attorney familiar with federal and local laws. You can avoid a great deal of stress by simply having a management company handle everything.
Coping with Damage to Your Property
An emergency can result in substantial property damage. The cost of an emergency can be $10,000, $25,000 or more than $50,000. A management company will coordinate in this situation and do all the necessary steps required.
Low Rental Rates Cost Decrease Your Profits
You can get a general idea of current rental rates by determining the cost of renting a similar property. A management company conducts a market study to determine the ideal amount of rent for your property. You will be assured to receive the perfect balance between a low rate for vacancies and maximum monthly income. If you are not getting fair tenant rent, you are losing money.
Emergency Procedures for Tenants During Weather Emergencies are Extremely Important
If your property is in an area with extreme weather, including blizzards and hurricanes, emergency procedures are communicated to your tenants. If there is a loss of utilities or power, the situation becomes more complicated. A property management company will establish and communicate the correct procedures, including handling any complaints resulting from a lengthy power outage.
The Stress of Tenant Disputes
Even if both tenants signed your lease agreement, they might decide they can no longer live together. The problem is both tenants are responsible for paying the rent. A decision must be made whether to hold the tenants to their lease, break their lease, or find a solution. A management company is prepared to handle all the frustration, stress, and aggravation involved in the dispute to restore your peace of mind.
Property Management Requires Good Record Keeping and Accounting Skills
You will need both skill and time to create financial documents, including renter tax statements, in addition to your statements for profit and loss. If you do not have a finance background, you may have already hired an account to perform these tasks. The bundled savings you receive with a management company often means you can use these services for less.
Dealing with Complaints from the Neighbors
There are always going to be tenants unable to get along. These disputes will require mediation, whether the issue involves your tenants or neighbors. You will receive a wide range of complaints such as issues with animals, adult feuds, eyesores located on your property, and excessive noise. Unless you have obtained a management company’s services, you are required to find solutions for all of these issues simply because you are the property owner.
Your Vacancy Rate is Critical for Profits
The only way to keep your vacancy rate low is to run ads for vacant units and answer inquiries you receive on the phone and through email from potential tenants. Even though these responsibilities require a lot of time, they are necessary for managing your property successfully. If you have units remaining empty for substantial periods, your profit margin will shrink.
If your tenants move out once their leases expire, you have to do everything all over again. All of these responsibilities are handled by a property management company to give you more free time. An experienced company can attract and screen the best tenants fairly quickly. The management company will create a strategy to increase the chances of your tenants wanting to stay a lot longer by Keeping them happy.
The Bottom Line
Managing your property takes a lot of time and hard work. By the time you have the experience necessary, you may have already made several costly mistakes or been served legal papers by one of your tenants. You can relax, enjoy your profits and spend your time doing what you want. To make this happen, pick up your phone and call Taylor Made Property Management today.