A property management company can often be worth it’s weight in gold. There are currently around 206,328 property management businesses in the United States; this number is so high because home owners understand the value of the business. Here are a few reasons why property management companies are a good investment:
- Find Better Tenants: A certified property manager and their company will screen any potential tenants before having them sign the dotted line. Sure, you can always evict a tenant if worse comes to worse, but it’s best to find the right tenant in the first place. Quality tenants will pay on time, rent your property longer, and amount less damage.
- Fewer Legal Problems: A good property management company enables homeowners to leverage established vendor relationships, which could prevent legal problems down the road. Property manager duties include knowing the latest landlord-tenant laws to protect you from that one tenant who is out to cause a financial headache.
- Less Property Vacancy: The company will improve and prepare your property for rent and often make suggestions for improvements. A property management company will also determine the best rent rate for your home. An experienced property management firm can help you lower your monthly energy bills as well — by up to 50% — by knowing your building’s power needs and providing simple yet effective cosmetic upgrades.
- Stricter Rent Collection: The U.S. property management industry employs about 744,614 people, all of whom should be well versed in collecting your rent on time. The property manager works as a buffer between you and your tenants, who may try to come up with excuses not to pay on time. Collecting rent on time also ensured property management fees are paid on time.
- Lower Repair and Maintenance Costs: For a homeowner, this is a big deal. Many people pour money into their properties yet never see a good return on investment. A property management company will suggest small maintenance repairs, such as reapplying grout in the bathroom, in order to improve the appearance and value in your home.
Always be sure to check if your property management company is well qualified to handle your property. Check their website and see listings of other homes they’ve taken care of. See more.