Real estate can be a stable source of income but it comes with certain responsibilities. For that reason, managing a rental property can become a challenge if you can’t dedicate your time to repairs, maintenance, and more. Fortunately, that’s what property management firms are for. Property managers not only manage tenant-related matters such as rent collection, but they also manage time-consuming tasks like conducting repairs.
Below, you will find a few reasons why it can be beneficial to work with a property management company.
1. They deal with repairs and maintenance immediately
Rather than addressing a tenant’s concerns yourself, you can count on a property management company to deal with them for you. Their services are available 24 hours a day, seven days a week, and they’ll be able to provide aid to your tenants whenever you’re unavailable. Your property management company will be your tenants’ reliable point of contact. Even if your tenants call them in the middle of the evening, they can check it out and make sure everything is a-ok in no time.
Furthermore, when you employ a property manager, you’ll gain access to their network of vetted vendors. Property management companies such as Luxury Property Care have an exclusive network of our most trusted vendors, contractors, etc. These vendors have been properly evaluated, so you can rest assured that they can provide top-of-the-line services at reasonable rates.
2. They ensure that tenants are screened strictly
Once you rent to a bad tenant, it can be a challenge to remove them from your real estate investment. For that reason, it would be best to get it right from the start. You need to screen your tenant strictly so you won’t have to worry that your tenants won’t pay their rent on time, won’t stay true to their responsibilities, and more.
A professional property management company has seen thousands of applications from all types of tenants. They know what to look for and they’re aware of what the red flags are. They’ve developed this skill over time, and it is undoubtedly one of the most beneficial parts of working with a property management agent.
By allowing a property management company to screen your tenants strictly, you’ll be able to protect yourself from undesirable tenants who’ll only give you problems down the road.
3. They get things done because their reputation is on the line
Even if your real estate investment isn’t theirs, they’ll still get things done because they’re genuinely worried about their image. They are aware that, if they don’t do things right, you won’t avail of their services ever again, and that you can tell other real estate investors to do the same.
When you work with a property management company, you can rest assured that they won’t do a poor job. Just because they don’t own the property, doesn’t mean they can be careless about it. They’ll actually care for the property as if it were their own – they may even be able to do a better job than you!
4. They work as a team
The problem with self-managing is that the work won’t get done when you’re sick, or when you’re preoccupied with other things. If a tenant reports a repair issue but you’ve got other commitments, you won’t be able to get it checked as soon as possible.
When you work with a property management firm, you won’t find yourself with problems such as these. Property managers work in teams, allowing them to complete the task even if one or two people are out sick. This can be particularly helpful if you’re on a tight schedule – for instance, if you’re trying to get your property ready for your tenants.
5. They can increase the value of your investment
One of the best benefits of partnering with a property management firm is that they can boost your property’s value over time via preventive maintenance. They put certain systems in place to nip potential problems in the bud before they can become costly problems.
Your property management professional will not only inspect the property, but they’ll also keep track of each property’s maintenance schedule. Your property management company may also suggest how to improve the property so you can collect more rent, and in turn, increase your real estate investment’s value.
6. They provide you with freedom
No one said that running a rental property is easy. It takes a lot of time, and if you aren’t ready to give up part of your freedom, chances are that you won’t succeed. With a property management agent by your side, you’ll be able to live wherever you want. Even if your rental property is in South Florida, you’re free to live in another state – you simply have to collect your rent each month!
Plus, you’ll have more freedom. If you don’t want to spend your weekends dealing with maintenance, don’t worry– that’s what your property management agents are for. They’ll free up your day-to-day itinerary, giving you more time to do the things that matter to you.
7. They can help you avoid litigation
There are some maintenance tasks that must be dealt with immediately. Failure to do so, and your tenant can take you to court. An example would be when your tenant reports that their HVAC is broken. In that situation, it’s extremely important to repair their HVAC, especially if the property is in a particularly cold part of the country.
Property management companies are aware of this, so you can count on them to comply with the law at all times. That’s one way to avoid lawsuits.
There are more benefits of working with a property management company, particularly when you work with an experienced one such as Luxury Property Care. As a full-spectrum property management firm, we’ll carry out all rental-related responsibilities for you. You can rest assured that repairs and maintenance will be conducted on time all the time – and at a reasonable rate.