Tuesday, January 27, 2015

5 Benefits of Hiring an Experienced Property Manager

Investors in any industry want yield or profit. 

In the real estate market, home buyers need to find means to ensure their property value appreciates over the long-term span of their investment.

A Great Property Manager Will Improve Your Property Value and Create Happy Residents.

You will find there are requirements that are tough to handle all by yourself. There is only so much you can do when you have to balance a personal and professional schedule to get to all your tenants needs and property upkeep at once.

As a property owner, you can live comfortably by hiring an experienced property manager to help with daily activities that will ease strain on operations.

Have you ever dealt with tenant complaints such as:
  • Suffering from horrendous bed bugs in your building?
  • Lack of hot water to clean and shower?
  • Your property being located between a main road and near a forest area with decaying, odorous roadkill near your front lawn?
Don't get stuck cleaning your own pool.
These complaints can quickly take all your time and finding reliable property management services in Boston can help make sure residents receive proper and timely care in their home.

Reliable building maintenance is not the only reason why you should hire a property manager, these 5 advantages will help you over the length of your property investment.

5 Advantages of Hiring A Property Manager

  1. Capital Improvements- There are items and maintenance that you will want to spend time on in order to bring more value to your property. It could range from a newly improved basement, kitchen counter tops, or a new deck to add to the side of your building or a particular unit. A property manager's experienced staff will maintain professional affiliations and designations to assist with capital property improvement projects. These capital improvements have tax benefits that can lower your tax bills and add more value to your property if you decide to sell it.
  2. Lifestyle Marketing- Tenants choose to live in a condo association if based off a lifestyle preference to the dwell in those facilities. Ease of repair request and prompt maintenance can be streamlined with a property management online maintenance request form to provide quick responses to complaints that arise. Landlords and property owners need to make their tenants feel secure and confident enough to renew their leases in their rental units. When it comes to the term "ROI" regarding home investments, it not only stands for "return on investment" but also "residential operations insurance." This will help your property's image to potential new tenants looking for a new home.
  3. Emergency Support-As mentioned in the first paragraph, you may not be able to tend to your tenants concerns, incidents, or emergencies right away. You will need to have a property manage can swiftly communicate with tenants in these instances. What if you live another town or state in which you are unable to come to your tenant's rescue? Having a property manager for emergency support will mitigate the risk of these problems from persisting. 
  4. Screening For High Quality Tenants- A good property manager can help in the sales and rental process for finding tenants that are just as reliable the property manager to you. The best tenants are the ones that can pay their rent on time and great research skills to find out about the rental applicant's history.Property damage control tips will help resolve communications issues with the ones that won't give you trouble overall like leaving in the midst of their signed leases. Less legal problems, more profitability in the end for your investment.
  5. Affordable Housing Programs- Some landlords and property owners participate in an affordable housing program. These are complex situation per the terms and conditions of the financial assistance that you may receive for holding the property. The financial assistance may be in the form of a grant, low-interest loan, or tax credits, in exchange per an agreement to rent a portion of the property to tenants earning below a certain income level. The landlord or property owner must comply with a set of complicated rules in order to receive further financial assistance. This is when things get hairy, so hire a property manager with ample experience and expertise to handle property management administrative tasks.

Final Thoughts on Why to Hire a Property Manager

Housing investments are great additions to your personal wealth, but let the professionals handle your management tasks to free up extra time for you to expand your business.

In today's economy, where underwater mortgages and foreclosures are rampant, you want to keep your credit on the high and have a property manager that can add future value to your property. 

What are your experiences have you had where a property manager on your staff would have been helpful?

Tell us in the comment section below so we can all learn from this topic.