The Value of Property Management Companies
The latest property management surveys show property managers in 2022, are hoping for profit growth, more properties to manage, and better operations.
The pandemic only served to remind rental property owners how lucky they were to have a technology-enabled property management company servicing their properties and tenants. For large portfolio landlords, a good property management company that uses cloud powered property management software, is money in the bank.
The pandemic period was a struggle for everyone, but as conditions improve and owner revenues grow, there is an opportunity for landlords to empower property managers and pay them more. Growing budgets should be used to improve operations, improve asset value, create better property analytics tools, and deliver improved tenant services.
Acquire the Benefits from a Good Service Firm:
Hiring a competent property management firm represents the most ideal situation where they:
- managing day to day operations
- resolving tenant friction and disappointment professionally
- powering up marketing and leasing
- maintaining property values and avoid costly expenses
- advising on repairs, renovations and construction projects
- keeping you and tenants better informed
- adopting automation to make operations very efficient
- orchestrating difficult logistics with contractors and repairs
- keeping properties safe and legally compliant
- helping you implement new profit building services
- keeping you up to date on industry trends and solutions
The Next Step for Your Property Business
The next step would be to search for and hire a worthy property management company. These professionals may have the staffing and systems to manage the complexity and increase the value and yields of your property assets. Of course, they must be using next generation property management technology. There’s no avoiding that.
See below for 22 Good Reasons to hire a property management company.
Property managers who utilize ManageCasa are positioned to handle anything — because it’s designed from the ground up to help managers deliver exceptional service.
Efficiency, communications, and profitability are the focus of ManageCasa. And growth is enabled when you get full control of your current business and ready for more.
Adding Value is Harder to Do Now
If you’ve got limited time, don’t like managing, live a distance from your properties, have lots of properties, and don’t want all the tasks involved with being an employer, then outsourcing to a good property management company is a wise choice.
“From common area amenities to individual unit maintenance needs, a quality property manager will keep a community in prime condition, maximizing its value…This, in turn, will bring higher rent potential for increased profit during ownership and a larger return once the investor is ready to sell.” — Debbie D. Willis of Phoenix-based P.B. Bell in a post in GlobeSt.
Services, Amenities, and Expectations
Property managers optimize property performance (see KPIs), keep tenants loyal, and create sustained rental income. What many don’t realize is the property rental industry is changing. In the pursuit of high yields and competitive properties, it’s getting more technical and complex, yet still expected to remain personable and serve a variety of real human tenants. And then there’s the amenities.
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A Potent Value Proposition
As we mentioned in previous posts, property management companies excel at building a great tenant experience, manage contractors and the operations budget, and help you create a sustainable streaming income.
The value of property management companies is vastly underrated, as is the role of Proptech, such as property management software in operational efficiency. Making it all go smoothly is what makes it even possible. Tackling more properties without an intelligent blueprint could be disastrous financially. The PM’s advice could be very helpful.
Upscale Properties is Where the Market is Now
As Debbie D. Willis of Phoenix-based P.B. Bell, an award winning full service property management firm says, it’s the burgeoning luxury property sector where there are more services, amenities, higher expectations and performance demands — and higher ROI.
Upscale residents expect the very best in property management services. And growing millennial renters with fast rising wages too, are demanding in terms of Proptech, do-it-yourself, smart apartments, and smartphone friendly renter tools. What renters want today goes beyond property management apps though, to key lifestyle amenities.
22 Specific Reasons Why Property Management Companies Help
The value PM Companies offer is an impressive and convincing selection:
- keep everything under control, producing ROI sustainably
- take the load and stress off of you and return your free time
- maximizing rent yields via tenant management and analytics
- attracting better tenants and managing onboarding well
- mitigating the loss of long vacancies
- having a better idea of what tenants want
- writing and handling leases correctly
- meeting regulator guidelines, laws and compliance
- knowledge of local tenant/landlord laws
- managing property budgets and business records responsibly
- managing accounting and tax reduction well
- managing the complexity of advanced services and amenities
- keeping building operations running smooth
- responsive service to tenants
- professional communication among all relevant parties
- better building and apartment maintenance/repair protects expensive assets
- keeping property accident free and looking excellent
- efficient collection of rent
- evicting non-paying and bad tenants
- managing in-house or contracted service contractors well
- maximizing revenue and minimizing costs
- help advising on your future property investment from their point of view
The Best Property Management Companies
Before you hire a property management company, review your business and investment goals, and consider the business model of their firm. Ensure they are able to meet your needs continuously. Also, ensure they can stay profitable themselves, since if they fail, it could take down your investment too.
Take care of the people who take care of you.
In need of a property management firm near you? Get your sourcing started with a property management company in Los Angeles, property management company in Chicago , property management company in Phoenix Glendale, property management company in Honolulu, property management company in Denver, property management company in Miami, and Property management company in Boston.
See also: Rental Management Software | Best Property Management Software | Property Management | Best Tools for Property Managers | Property Management Conferences & Trade Shows | Grow Property Management Profits | Property Management Business Models | Tax Strategy | Compare Property Management Software