A property management company allows you to get maximum income from your properties and buildings, whether they’re residential or commercial. As a property owner, there are many ways for you to generate income from your assets. One way is by leasing them. If you own a building with commercial units and residential units, you definitely don’t want them gathering cobwebs; either you sell them to prospective buyers at a profit or you rent out the space to tenants. Similarly, if you are a small business owner with a shop space, you can use it to generate income by renting out your unit as a storage space.
However, if you own a lot of properties, maximizing their profitability can be quite a task. In fact, managing just one property can be very time-consuming! Not only do you have to advertise in order to attract tenants or buyers; you also have to make sure that the property is in great shape. You will also need to take time off to show the property to prospective tenants or clients. Finally, you also need to ensure that your tenant has a steady monthly income and a good credit record so you can be assured that they will pay rent on time. All these aspects of property management can be very stressful. If you own multiple properties, it may be wise to get the services of a property management company.
A property management company has the manpower and expertise to handle all aspects of properties, including these functions:
- Managing finance. In order for you to get good returns from your properties, you have to create a budget for various expenses related to building maintenance, taxes, and advertising. Through the help of a property management company, you can get premium returns on your property at the least expense.
- Advertising. The property management company takes care of advertising to get tenants for your buildings. Because they have a large network, it is easy for them to reach hundreds of prospective buyers.
- Legal services. Hiring the help of a property management company takes care of all the legalese involved in preparing lease agreements. They will also make sure that everything that has to do with building maintenance and renting is done within the regulations set by the state and Federal government. They can also handle payment of bills and taxes for your property.
- Tenant management. Another function of property management companies is tenant management, which includes finding tenants for your building, verifying their credit history, collecting their monthly rent, and resolving any issues that may arise from time to time. One of the duties of a property manager is to make sure that the rents come in consistently.
- Building maintenance. It is the duty of a property management company to make sure that your building is in tip-top shape. They arrange for skilled laborers like electricians and plumbers to do routine maintenance and make sure that the wiring and the piping works well. They also handle regular maintenance work like cleaning the common area of the building and upkeep of gardens, if any.
Hiring a property management company is definitely worth it if you have multiple properties to handle.