Property management doesn’t have to be a road you walk alone.
After all, keeping up with the demands of your business is time-consuming enough. Partnering with a property management company is a great way to ensure that your real estate is maintained by professionals, from repairs and tenant management to storage and accounting.
Here are seven solid reasons why hiring a property manager is a smart move.
Is It Worth Hiring a Property Management Company?
Managing property is only one aspect of your job, and juggling every responsibility can be exhausting and result in issues with maintenance, tenant relationships and much more.
If that sounds like something you’ve dealt (or are currently dealing) with, then a property management team is absolutely worth considering. Specialized management companies are trained to take that extra workload off your shoulders and approach property management with tact and care. In doing so, they become trusted partners who understand the needs of your business and work to effectively manage alongside you.
And that leads us neatly into the seven biggest benefits a management company can bring to your business:
Property Maintenance
Owning a property means dealing with plenty of breakages and repairs. Without a property management company on your side, those fixes will need to be paid for entirely out of your pocket. Not only will a management team handle most of the heavy lifting (and in a timely manner), but they will use their connections to ensure that each issue is handled by a trained professional. Here’s a handy list of the facility and maintenance services offered by DRK.
Marketing for Your Property
Your property won’t prosper without the right tenants taking up residence. Marketing your property in such a way that new tenants take interest and quality tenants stay with you is crucial. A management company can use its extensive knowledge of the local market to set realistic goals, establish appropriate rates, and make sure your property is promoted in the best way possible.
Tenant Management
Attracting new tenants is important, but managing the tenants you already have can be a monumental task. From record keeping and fielding phone calls to ensuring that every tenant is looked after, tenant care is a key cornerstone of property ownership. A management team will work with you to make sure your tenants are happy and feel represented by your company. Here’s how DRK handles real estate brokerage, tenant representation, and property marketing.
Showing Your Property
Being present to show off your property to prospective renters is tricky when you don’t live in the area. If you own property in or around Columbus, Ohio, but live in a different city or state, a property manager can stand in for you during showings and tours. Having a representative on-site can help you cut down on constant travel expenses and give you peace of mind that your real estate is in the hands of a knowledgeable partner.
Real Estate Market Knowledge
Owning a property means keeping up with the shifting landscape of your local real estate market. Thankfully, a management team can do all that research so you don’t have to. They’ll keep tabs on the local economy, demographic data, and other factors that might affect your ability to attract and retain tenants.
Accounting & Reporting
Partnering with a property management team will also take some of the number crunching off your to-do list. Financing management, accounting, IRS dealings, tax info, and all-around bookkeeping can be delegated to property managers, freeing up your time and leaving the math to the professionals.
Rent Collection
No property will get very far without a solid rent collection process in place. Property managers know the ins and outs of maintaining this process, and they can provide everything from structure when things go right, to tactful problem solving when things go wrong. Sadly, problematic tenants are an expected issue for any property owner, and a management team can step in to mitigate any disputes and solve any issues that may affect your bottom line. And speaking of which…
The Bottom Line
Partnering with a property management company brings a multitude of benefits to your proverbial table. It’s always wise to have a team of experts backing you up, and the right company can help you prosper in the real estate landscape for years to come.
A Columbus, OH Commercial Property Management Company
If you’re on the hunt for such a company, contact the experts at DRK. We can help with your day-to-day property management, answer any questions you may have, and provide guidance for all your real estate needs.
Learn more about how we can help you with our commercial property management services or call us to schedule a free consultation. If you’re looking for rental property to buy, take a look at the available commercial real estate in the Columbus, Ohio, area.
Until next time,
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How to Buy Investment Property
A Helpful Guide to Real Estate Investing for Beginners
