Do you have a rental property that you manage yourself? There’s no reason to go it alone. When it comes to property management, DIY does not necessarily equate to saving money or time. Plus, when you bring a reputable property management company on board, you in turn add value to your building. Consider the following when deciding whether to hire a property management company or continue to manage your building ourself.
Many property management companies get into the business because they have been working with builders and construction. As a result, they have an in-depth knowledge of and experience with large repairs, renovations, and improvements to the building. Over time, a property management company will suggest improvements and provide preventative maintenance in order to avoid costly repairs. Through preventative and proper maintenance, your property value can remain at its peak.
Should an emergency repair need to happen, property management companies have the infrastructure in place to execute in a timely manner. Instead of one person (you), the management company has a team ready to handle all types of building logistics such as repairs, rent collection, locksmiths, electrical, plumbing, and more.
Dealing with unit owners
Like it or not, an owner dispute may happen. A qualified property management company has experience in handling a variety of disputes and can often resolve the conflict without getting other owners involved. Additionally, a good property manager relationship with tenants will reduce costly turnover and shorten vacancy cycles when turnover happens.
While at the outset hiring a property management company may seem like an additional cost, over time that cost is funneled back into the value of your property and is worth factoring in the expenditure.