Being a property owner can be one of the most rewarding things for a person. Everyone knows that owning property means having an extra source of income. However, owning a property is not a walk in the park, and if you own more than one property, you must know about the concerns regarding property management.
The idea of self-management of properties interests many people. Still, as their portfolios become more diverse and as they start diving deeper into the business, they realize that it requires way more effort and commitment of time. In such cases, every property owner needs someone to manage all the tasks and tackle every property management issue.
Hiring a property manager or a property managing firm can be an outstanding decision a property owner can make. Let’s take a look at the reasons why you need a property management firm.
1. More time, less Stress
The first reason anyone needs a property management firm is that they have other important things to do in their lives and don’t want to keep stressing about managing their real estate. With efficient condo management Calgary, one can ensure that the business related to their property keeps running smoothly. This way, you don’t have to lose your sleep over things like evictions, rents, paperwork, and other property-related issues.
These companies also save your time by dedicating all of their time dealing with your properties; this way, you get more time to spend on the things you love.
2. Find Good Quality Tenants
If you have tried finding tenants, you must know how much of a headache and how difficult it is to find honest and trustworthy tenants. It is a piece of cake for a good property management firm to find and verify reliable tenants and get rid of bad ones.
A lousy tenant often causes trouble by not leaving the house on time; however, an experienced property management company has a proper process of sourcing, selecting, and screening tenants. These firms have the resources to identify the red flags and deal with them quickly. Having good tenants could also increase property value as your house will not need many repairs.
3. Setting Accurate Rental Rates
A property should be priced so that the owner can benefit from it and be fair to the tenant. The owner can only achieve accurate property pricing if the selling party has a deep understanding of the market.
In most cases, an owner does not know the current market, so a property management firm comes in handy because they have extensive knowledge of similar properties and their rates. An efficient management company knows how to balance the best monthly income and maintain a lower vacancy rate.
4. Marketing and Advertising of Property
One of the most efficient ways of selling something is through marketing and advertising; these things aid in building trust and reliability. Like all other things, a landlord can benefit from a well-planned marketing plan. Marketing is a field on its own, which is why hiring a property management firm means getting an experienced team on your side.
These managers have so much experience that they know exactly where to market what property and make compelling advertisements. The best part about advertising and marketing is that your property never dries out of customers.
5. Find long-term Tenants
One of the biggest nightmares for a landlord is getting tenants who bail on them quickly. You would then have to spend out of your pocket instead of earning anything. An effective property management firm makes sure that a tenant turnover never occurs and your property stays rented all the time.
These time-tested tenant retention policies ensure that you don’t have to pay for maintenance out of your pocket when the property is empty. Their job description also consists of making the tenants happy, so they stay longer.
6. Smooth Rent Collection
If you have many tenants and even have more than one property to your name, you must know about the difficulties during rent collection. By hiring a property management company, you don’t have to face the tenants again and again to collect rent.
A property management firm is like well-oiled machinery that sets up a system for things to work automatically. This way, the managers can stay on top of the tenants and be the bad guys if they have to during the rent collection process.
7. Management of Legal Issues
Many places have laws relating to properties that the landlords are unaware of, such as the Fair Housing Act and Disability Acts. It is elementary for almost everyone to unwillingly go against these if they are not aware of them. However, property management firms have trained professionals who know about the applicable laws in their states and know how to tackle them.
Property managers also have a specialty in dealing with legal issues related to the tenants. The best thing about a property management firm is that they have dedicated teams for such matters, saving you from potential legal issues such as lawsuits. They also have the skills to manage late rents, deposits, and security issues.
8. Handling Repair and Maintenance
Property management firms have vast networks, and by hiring them, you also get access to their maintenance contacts. You benefit from experienced and professional people like contractors and licensed maintenance specialists. Offering quality maintenance to your tenants increases your property’s value and saves money by getting fair prices from these qualified professionals.
9. More Investment Options
A vast network consists of people related to maintenance and repairs; it also includes people who own properties and want to sell. So, if you hire a property management company, you get access to buying properties within your radius and that are geographically distant. This way, you have the opportunity to advance more in terms of investments and make your portfolio more diverse.
10. Protection from Scams
Inexperienced property owners often get fooled by tenants by falling into rental scams. Many people fall into one scam when someone acts like a rental applicant, but they intend to sue the owner after getting rejected for any reason. Property management firms have experienced people who are experts in dealing with such scenarios, this way, you have someone by your side who can protect you from people trying to harm you financially.
Hiring a property management firm is instrumental in smoothly making the process; however, you must pick the firm carefully. You need to do your homework before you decide and make sure that the firm you work with would work by your side throughout the process and their working style fits your vision and goals.
Evie Harrison is a blogger by choice. She loves to discover the world around her. She likes to share her discoveries, experiences and express herself through her blogs