If you have a rental property, it’s likely that you’ve considered hiring a property management company at some stage. And it’s a prudent consideration. Although certain rental property owners are anxious to compensate others for caring for their investment, some people recognize the professionalism and expertise provided by an exceptional management firm.
Moreover, when you hire property management experts, you can access benefits and expertise most do-it-yourself landlords lack. If you are still hesitant about hiring a property management company, consider these six reasons why professional property management may be your optimal choice.
Lower Maintenance and Repair Costs
Maintenance and repairs pose significant challenges for rental property ownership, particularly if you are new to being a landlord or don’t have much time to do the work yourself. Moreover, it can be problematic to decide who to call when disaster strikes. Deciding when a job requires a licensed contractor can be challenging. Randomly choosing a service provider due to urgency is inadvisable, as it often results in paying far too much for lower-quality service.
On the flip side, a property managers can assist in executing preventive maintenance and repairs that will help avoid expensive emergencies. Also, the best property managers maintain connections with contractors who have shown themselves trustworthy service providers. These relationships with contractors can help reduce maintenance and repair costs while keeping your property in good condition.
Trusted Vendors
Your rental property is a valuable investment. Utilizing only experienced and trusted vendors for all requisite services is prudent. But if you lack experience in engaging with vendors or negotiating service contracts, you may incur insignificantly higher charges than a management firm. One great benefit of professional property managers is that they have done all the legwork to vet their preferred home service vendors, minimizing the uncertainty of hiring the people you need. Moreover, a management company typically possesses significantly greater influence than an individual property owner, sometimes resulting in preferred pricing and reduced service expenses that are then transferred to you.
Accurate Rental Market Data
If you are inexperienced in rental property ownership, it is likely that you lack proficiency in evaluating your local rental market. Tragically, this often leads to landlords lacking the expertise to effectively research and find comparable properties and, therefore, figure out a reliable, fair market rent. If you lack faith in your ability to compete in the market, a property management company can provide significant assistance. As experts in the local rental market, competent property management companies conduct the necessary research for you. Offering you local, comparable properties and a fair market rental rate that you can feel confident charging your renters.
Maximize Monthly Income
Establishing a correct rental rate is crucial for maximizing your monthly rental income. If you’re not doing so, you are forfeiting potential revenue, or worse, you may price the investment property too low, leading to a more prolonged vacancy as prospective renters question the property’s condition. Nonetheless, there are several additional methods that a professional property management company can utilize to help you maximize your monthly income.
Professional Tenant Relations
A prevalent concern that deters rental property owners from hiring a property management company is the apprehension of provoking a current tenant. The apprehension is justified: tenant relations can be arduous for rental property management. It demands time and effort to communicate well with tenants and timely replies to their questions and needs. However, the risk of upsetting your tenant is minimal when weighed against the benefits of conserving time by entrusting your property management to a trusted professional property management company. An experienced property manager can provide enhanced comfort and convenience to your tenant, something many renters are satisfied with.
Property Management Pays for Itself!
Many do-it-yourself landlords claim that handling their property management is the more economical option. However, the reality is that owning a rental property is a long-term investment best managed by the professionals. Hiring a property management company yields returns through enhanced convenience, time efficiency, and optimized profitability. Upon hiring trusted professionals, you may contemplate how you previously managed without a property manager!
At Real Property Management Three Bridges, we collaborate with rental property owners to maximize their real estate investment. For further information regarding our property management services in Creve Coeur and nearby, contact us or call 636-542-8852 now!
Originally Published on June 18, 2021
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
