I am often asked about the value of hiring a property manager. Many property owners mistakenly believe that all a property manager does is “collect the rents”. There is much more to managing a property and I believe the cost associated with hiring a professional property manager is paid back in many ways.
The property management fees that you pay are tax deductible, which immediately reduces the full cost of professional management. These fees will be reported on your monthly and year-end financials. All owners are provided with a detailed report with all income and expenses to quickly and efficiently provide to the tax preparer.
Peace of Mind
Many owners simply find that just having someone else worry about the day-to-day details of property management is worth the management fee. Many owners avoid unpleasant confrontations with tenants when problems arise which can make the problem worse. In addition, receiving tenant phone calls with maintenance emergencies or serving notices is another form of stress that can be eliminated by a professional manager.
A major benefit of our management services is our professional expertise. It may seem that a vacancy is too long, but we know that the wrong tenant can be much more expensive. It is more costly to rehabilitate a property and/or pay legal fees because of poor tenant screening than to hold out for the right tenant.
Knowing and properly implementing current legislation can reduce costly mistakes when handling tenants. We use a preventative approach to save you unnecessary legal costs. The courts do not accept ignorance of the law and fines or judgments are far more expensive than management fees paid to a property management company.
Maintenance and Repairs
Hiring the wrong contractor or handyman to do the maintenance on a rental property can be a frustrating and costly mistake. We have a well-vetted and efficient team that provides quality work at reasonable rates. They are competent and accountable. This is especially important for out of area owners who do not have relationships with local companies.
We offer an efficient on line platform where owners and tenants can contact us 24/7. Tenants can pay their rent and owners can receive their distributions electronically. This reduces bounced tenant checks and late rent payments. Owners receive their funds directly into their bank account and don’t have to worry about mail delays or lost checks.
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