Choose Your Property Management Team Wisely

5 WAYS PROFESSIONAL PROPERTY MANAGEMENT ASSISTS PROPERTY OWNERS

Property owners often end up focused on other business at hand – whether a separate career or balancing family, real estate related decisions can easily be set aside but not without consequences. Hiring a skilled third party property manager to help oversee your investment does more than keep the building clean; the right property management team will help you add meaningful value to your asset as well as realize cost savings.

A professional property manager can also provide owners peace of mind. When it comes to collecting rents, overseeing tenants or making repairs, your management team is charged with handling these critical tasks, thereby relieving you of the day-to-day responsibilities of managing the asset yourself.

Here are five (5) other unique ways that a professional property management company can assist real estate owners:

#1 Managing Finances

If you aren’t a CPA or have experience managing finances on a large scale, you will need some help. An established property management firm handles everything from preparing annualized budgets, collecting rents to balancing the books for you every month, saving you from paying additional personnel to manage this aspect of your finances.

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#2 Assisting at Tax Time

Similar to helping you maintain income generated from your real estate, when tax season comes around your property management team can be extremely helpful. They have managed your property all year long, including the accounting which will be of great assistance as your tax assessment is calculated at the end of the year.

#3 Handling Repairs and Maintenance

One of the top reasons to hire professional property management is so that they can handle any repairs and maintenance, or in many cases, making sure the tenant is performing these repairs. You still have final say over costs and what to repair or replace but your management team does the work of hiring contractors, vetting businesses, and negotiating the best rates. Because your building’s maintenance is taken care of at all times, its value will have increased as well.

#4 Vetting of Tenants

There is nothing worse for a hands-off property owner than when they have to work hard to address a vacancy or chase down rents each month. Using a professional property management company means that your incoming tenants are vetted more thoroughly leading to fewer instances of vacancy or late rent collection.

#5 Improving Retention Rates

When your property is well maintained, you will in the process also improve your retention rates. As an industrial property owner, without sufficient rents coming in each month, you end up losing money on your asset. Property managers can put policies and strategies in place that will help to increase income, improve retention rates and to push your building to full occupancy.

Choose Your Property Management Team Wisely

Of course, not all professional property managers are the same. The first step is to choose your management team wisely. Ask for references and only seek out an Accredited Management Organization (AMO), certified through the Institute of Real Estate Management. Look through their history in detail to see how well they meet each of these measures.