How a property manager saves you money
Something you need to know is that a property manager can reduce your expenses and increase your revenues all the way around. Statistically, they will rent your property quicker and for more money. They will be able to screen tenants using a thorough process that works. They can service your property with preventative maintenance systems that save you from larger expenses. Most property managers have preferred contractors that are reliable and able to perform high quality work, and because of the established relationships, the vendors are available anytime you need them.
Good Tenant Environment is Key
One of the most important things a property manager can do to save you money is create a good tenant environment. Here’s the reality for most landlords: if you have a good tenant who is happy in your property, that tenant is going to stay longer. That means there are less turnover expenses. Your happy tenants will also take better care of your property. That means there will be less for you to fix. Happy tenants will let you know about small problems before they become big, costly problems. While it’s true that the tenants are responsible for fixing any problem that they don’t report, if there is an enormous problem that comes with an enormous expense, tenants are probably not going to have the means to fix it on their own. You want your tenants to tell you about problems and repair needs immediately. That good communication lowers your expenses.
Keeping an Eye on the Property
Property managers can save you money just by being close to the property and keeping an eye on it. Emergencies don’t happen very often. A 24-hour emergency phone line is great, but it’s probably not going to be used every night. If there’s a fire or a flood, things are going to happen quickly and naturally, and a property manager who can get there immediately will be a huge help in taking care of the problem and following up with you. Your property manager can take care of scheduling and rescheduling anything that needs to be done and handle the claims that need to be made with the insurance company. Most landlords don’t realize that weather-related incidents cause more insurance claims than disasters.
You’ll pay to have a property manager taking care of maintenance and ensuring things keep running at your rental property, but you won’t have the large, unintended expenses that can occur if there isn’t someone nearby to watch the property. If you live close to your rental property – maybe within an hour’s drive – you can probably take care of it yourself. However, if you’re further away or you don’t have the time to get there when necessary, you really want to consider working with a professional property manager. Professionals provide a huge value, not just in caring for your property but in managing any risk associated with it.
If you have any questions about how a property manager can save you money, please contact us at Peabody Residential, and we’d be happy to tell you more.