Many individuals question why they would need a property management firm. They operate under the assumption these companies do nothing more than collect rent checks and cash them. However, these firms do a great deal more. They actually take on the day-to-day operations associated with rental properties.
In addition to ensuring the property remains in compliance with all local, state, and federal regulations, the property management firm handles all calls related to the maintenance and repair of household appliances and systems. In doing so, Valley Management Group and other property management firms protect the owner’s investment in the property and ensure their passive income remains passive.
With the help of a property management firm, individuals discover they can invest anywhere they desire. They no longer need to live in the same area as the rental property to invest in. Once the property has been purchased and turned over to the firm for management, the owner steps back and allows the property manager to handle the day-to-day tasks. This allows an individual to invest in markets that fit their investment goals even when they don’t live in the same city or state.
Maintenance requests deter many people from becoming landlords. They don’t want to have to drop everything to head to their rental and determine where the problem lies and how best to rectify it. Property managers take on this task for the owners they represent. The quick response of the management team minimizes tenant turnover, which benefits the owner. The property management team handles all complaints and requests so the owner doesn’t have to.
Property managers handle all tasks related to filling a vacancy. They proactively renew leases when possible and market the property when a new tenant is needed. They ensure the property is well-maintained and ready to rent and the owner is asking for a fair amount when it comes to the tent. In addition, they screen potential tenants to find the right person for the property. When this person is found, the manager collects the security deposit on behalf of the owner.
The property manager handles rent collection and delinquencies. They may also offer a service that allows tenants to pay rent online, which means the owner gets their money faster. Owners appreciate this, as they worry less about falling behind on the mortgage payments. Furthermore, the property manager also handles evictions if that step becomes necessary.
To properly manage a property, the owner must be available at all hours of the day and night. When deciding whether a property management firm is needed, the owner needs to sit down and calculate how much they make per hour if they don’t already know. To determine whether to hire a property manager, they take the hourly wage and multiply it by the number of hours spent managing the rental. Compare this amount to the amount that will be paid to the property management firm. Many owners find they make more by turning the property over to someone else to handle and focusing on earning a paycheck.
If you have yet to consider a property management firm for your investment properties, now is the time to do so. Many owners find they make more money by turning this task over to someone else. The only way to know if this is the case is to make the necessary calculations and determine how you wish to spend your time and money.