The many benefits of finding a property management company

Many people are skeptical when it comes to hiring a property manager. Most people have had a couple bad experiences with managers, and others just don’t see the benefits of paying 8% to 10% for management and often times an additional fee for leasing.  A lot of management companies are rapidly growing and do not have the right processes and teams in place to effectively manage your real estate portfolio. Of course, as investors, we’ve been lacking selection and complete transparency – which is what Property Management Ads aims to rectify.

The truth is, there are hundreds of fantastic A+ property management companies spread throughout the hottest foreclosure markets in North America; the problem is finding them. Tech savvy investors have learned to use property management directories such as All Property Management, Rent List and Manage My Property to locate managers for their properties. A new directory has arrived at PropertyManagementAds.com. Property Management Ads is a FREE search used for finding a PM company and also a FREE RENTAL property search for condo, single family home and various commercial rentals. Once you identify your property manager, here is a summary of some of the benefits you can expect:

* Gain insight on your rental / investment portfolio. The best property managers analyze the performance of your rentals and are generally very familiar with the local real estate rental market, ultimately helping you maximize income potential from your rental properties. Finding a property manager that’s also a real estate broker is often widely beneficial to making intelligent investments and understanding the ROI of your properties.

* Save time, money and stress. If you only manage one property, you may not find it very involved or stressful. If you own 5-200+ properties like many investors, you most likely simply don’t have the time. 3 day notices, managing evictions, tenant screening, leasing / advertising, maintenance, HOA relations, accounting… it’s just way too much and best left in the hands of a professional. Likely the 8-10% management fee won’t be missed with all the value added services you’re gaining out of finding the right PM. A property managers primary objective should be gaining you the highest return out of your rental properties.

* Maximize occupancy rates. The better performing property managers generally feed their listings out to tens or hundreds of the top real estate listing sites such as Zillow, Trulia, Realtor.com, Oodle, Craigslist, Rent.com, Rentals.com, Property Management Ads, etc. When you request information from a property manager make sure you ask key questions such as, “Do you have a list of the sites where you list your vacancies?”

* Find better tenants for your properties. Avoid costly repairs and evictions by selecting a property manager with higher standards in their tenant screening process. Ask them for things such as their credit score threshold, deposit requirements, lease terms, late fees, etc. Gain as much insight on a company as possible.

* Increase Rental Profits. If your current property manager isn’t performing, browse the property management companies on PropertyManagementAds.com, sort through the ratings and reviews, request information from the company that interests you the most and find the PM that’s going to give you the insight and transparency you need and deserve.

There are many more benefits that can vary from company to company but either way if you find a property manager that’s performing for the rest of their portfolio, with an occupancy rate over 90%, you will see a positive return on investment and it will/should be a nearly hands-off process so you can make the best use of your time. In conclusion, the benefits of property management are many, both for the investor, the renter and the property management company.

That’s all for today, thanks!

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June 8, 2011 at 1:59 am | General PM | No comments