Signs You Need a Property Manager
Whether you’re new at it or an old pro, managing a property can be a hard, daunting task, especially if you’re responsible for more than one! After a while, you may start to find yourself needing some help, and that’s okay! Hiring a property manager is a necessity for a lot of people-- they just don’t realize it. At Certified Residential Management Group, our partner property management company, it’s all about partnership with our clients. We provide professional rental property and association management services-- as well as asset and property management services-- to owners and investors of residential investment properties and to association-controlled communities. How do you know you need a property manager? Here are 5 signs you need a property manager:
Meeting with vendors, being the point of contact for potentially angry owners, calling unit owners on delinquencies, keeping up with the industry’s changing legislations and more are just some of the responsibilities that a good property manager will handle. Keep reading the points below to learn why hiring an independent company is essential.
Proper budget and account management are needed to not only maintain and process community fees, but know the extent of amenities (how many and at what cost) can fit in the budget. Monitoring taxes, insurance fees, contractor terms and other financial responsibilities can also be managed efficiently under a management company.
Creating lasting relationships with vendors, independent contractors and unit owners can be carried out properly with managers who know the business, ensuring that if at any time something needs immediate attention, assistance is just one phone call away.
Constant monitoring is a vital task that self-managed communities simply can’t provide; with a hired management company, a trusted representative is always around to stay on top of unit owners and oversee upkeep.
Dealing with the dirty work, such as uncooperative contractors, negligent residents and financial & legal issues are what association management companies specialize in; they’re dependable and trustworthy mediators who will be needed to handle tough situations like these.
Setting the right rental rates*: While looking through the classifieds to see what other landlords are charging for similar properties is a fine way to ballpark your rent price, a good property management company will conduct a thorough market study in order to set a rental price for your property, ensuring that you achieve the perfect balance between maximizing monthly income and maintaining a low vacancy rate.
Marketing and advertising your property*: Through long experience, a property manager will know exactly where to market your property and how to craft compelling advertising materials---a significant advantage when it comes to filling your properties quickly and avoiding long vacancies.
Enabling you to invest in geographically distant properties*: If you manage your own properties, you're pretty much limited to investment opportunities within a tight radius of your own home. By hiring a property manager, you can take advantage of investment deals in any location you wish.
Maximizing the profitability of your money*: Most property managers charge a percentage of your property's monthly rental rate in exchange for their services. The rate typically runs anywhere from 6-10%, which is generally less than the money you save by hiring a professional to take care of your property.
* Editorial Credit: All Property Management - www.allpropertymanagement.com/resources/hiring-a-property-manager/10-reasons-to-hire-a-property-manager/
Don’t wait! Make your community or property the best it can possibly be by looking into hiring a management company like Certified RMG. With one phone call, we can get to work in as little as 24 hours using our 35+ years of combined experience. Visit the property management section of our website to learn more.