If you are a property owner, you know how important managing it can be. Not only for yourself, but also for your tenants as well. In this guide, we’re going to go over the reasons why it will benefit them both.
If you are looking for a property management company, Teifke Real Estate will be able to point you in the right direction. Now, let’s take a look now at the following property management benefits.
Things will be repaired and renovated timely
A property manager will be responsible for dispatching the right people to fix or renovate parts of the property itself. They will know the kind of contractors that will be able to perform the job. It can be a plumber that fixes the pipes or a roofer that will fix the roof on one of the buildings.
Either way, a property manager will be able to know about any potential repair or renovation opportunities. And they will be able to jump on it sooner rather than later. It takes the right people to renovate or repair the property and a manager will always know who to call.
It will keep things well kept
A property manager will make sure the property itself is well kept. This goes beyond the repairs and renovations. The grounds will be cleaned and mowed. Nothing will be falling apart from the outside (like worn paint or wood stain).
Everything will look nice and fresh. It may be a good idea to hire someone who will tend the grounds on a regular basis. Whether it’s mowing lawns or plowing snow, it will keep things nice and clean. You don’t want your rental properties looking like a dirty, disorganized mess.
They will handle which tenants can move in
One of the major responsibilities of property management is fulfilling vacancies. This includes screening tenant applications and deciding who will move in. One of the things they need to be vigilant of is the safety of the other tenants.
They can check for any discrepancies in an applicant’s background check and deny them. This can be criminal activities that may threaten the health and safety of the other tenants. They will also decide who would be an ideal tenant for the property (and who shouldn’t be allowed).
When you put the safety of your tenants on the top of the list, they will be grateful. Because they want to live in a place where they feel safe. They don’t want to feel threatened by someone who is living a few doors down from them.
They’ll make sure no safety hazards are present
Snow can pile up. Nature can unleash its fury and obstacles like fallen trees and power lines are on the ground. And ice is minimalized by salt being laid down.
Things can happen on the property where serious injury and death can occur. It can also lead to legal issues for not only the property manager, but yourself (the owner). It’s important that you make sure that people are safe and avoid any hazards that are present on the property.
Make sure you post notices such as ‘watch for falling ice or snow’. Or issue similar warnings if there are common safety hazards. If you notice anything that may concern the safety of your tenants, make sure you contact the proper authorities as soon as possible (if necessary).
Otherwise, you can safely tend to the hazard and inform tenants about the situation if it’s fitting to do so.
They’ll make sure your costs are reasonable
You have a budget to follow. And a property manager will make sure it stays within that. This includes investing in the best services for contractors, property maintenance, and other tasks that can be delegated. They know better than to spend more than they need to.
If they need to find another service (but it costs more), they will need to consult you first. It will be up to you to finalize the decision or reject it for whatever reason.
They are knowledgeable in real estate laws and regulations
When it comes to the real estate laws and regulations, a property manager will need to know them. Especially when they are faced with the task of evicting a tenant. They might violate a lease agreement and you need to exercise your right to remove them from the property.
They need to check the local, state, and federal laws and regulations before any action is taken. Otherwise, they might face a lawsuit (and so might you). This can be costly for your finances. So make sure you have a property manager that knows what they are doing when it comes to following legal procedures for your property.
They are the go-to for rent payment and collecting money
A property manager will handle the finances of each of your properties. This includes collecting rent payments, money from the washers, dryers, and vending machines, and other tasks. They will run the money to the bank and drop it off accordingly.
They will handle the finances including the property taxes and other expenses. You can trust them with your money. As long as they are honest and show integrity, they can continue to handle the financial aspect of your real estate properties.
Final Thoughts
Property management can be great for someone who owns multiple properties. They can do a lot of the tasks so you don’t have to. At the same time, they will serve the interests and needs of your tenants.
They’ll keep the safety and health of your tenants at the top of their minds. They will also ensure that your properties are well kept so the overall value retains or increases over time. They will know the right people to get the tasks done so your property is looking fresh, fixed, and safe to live in.