Investment Asset Protection through Quality Property Management
August 22, 2016
An investment in single family homes as rental properties should be a satisfying and financially rewarding experience. It should not be a burden, stressful, or worrisome. However, the investor who purchases rental properties does not want to think about emergency phone calls at 3am on holidays or weekends. Obviously, they are more concerned about the benefits of rental property ownership and don’t want to deal with their daily operations and the maintenance of both property and renters.
A capable, high-quality property management team is vital to being successful in the rental property industry. There are several essential factors involved when hiring a property management company, one of the most important being the protection of your investment. The following are all important factors that contribute to better investment asset protection:
- Complying with all Federal and State Government housing laws
- Eliminating time-consuming, costly legal issues
- Filing TPT tax documents and reporting on the status of the property
- Handling maintenance and repairs in order to keep tenants happy
- Improving tenant retention and reducing the length of vacancy cycles
- Increasing the value of your property
- Renting to higher quality tenants
These are all the typical responsibilities that property management companies are normally responsible for. However, they also contribute to the protection of your property investment as well. Apart from maintenance, they look after your property as if it was their own. That is the quality of hiring a reliable and professional property service.
The most important benefit that property management companies provide are the personal benefits for the owner. There are three including:
Fewer headaches, less stress and worry – being your own landlord can be extremely stressful and very worrisome, not to mention the many headaches that arise. Chasing down monthly rents, dealing with all types of emergencies in the middle of the night, and evicting problem tenants, can wear a person down. Then there are the other issues that make the job unpleasant such as dealing with bad vendors, handling lots of paperwork, and rental scams. However, this is routine for good property management companies.
More freedom from your properties – with a property management company, you won’t have to stick close to your properties. You can live wherever you want and pursue other investments. Once you have partnered with the right company it doesn’t matter where you live or when you travel to and from your home.
More free time in general – if there is one thing that a good property management company can do it’s to ensure that property owners have more free time to focus on what is important to them such as their family and friends. To the investor, time is money and there are much better ways to spend it rather than slaving over a piece of property, especially when you have the right company to manage it. Basically, you will have extra time to do more of the things that you enjoy.