Property management is a team sport. If you have multiple properties and are looking to keep growing your portfolio, then you need to get excellent property management services as part of your team. Here are some perks that you can hope to get from such an association:
1. You will be saving money with contractors since most property managers have excellent relationships with highly trained, insured, bonded and licensed technicians.
2. You can expect an increase in revenue since you will be getting high quality residents. Your property manager will be looking to both increase and preserve an excellent revenue stream so they will properly screen all tenants ensuring that you get only the very best.
3. You will avoid a wide variety of legal problems as well as financial pitfalls. Excellent property management in Overland Park includes knowing all the laws that govern rental property, resident rights, safety and the eviction process. If you are not well versed in these things, it may be in your best interest to get someone on your team who does. Some of the other legal issues include discrimination, collection of rent as well as late fees, permits and licenses, leasing disclosures, and notification as well as access for purposes of inspection.
4. Boosting your occupancy rates. When you are dealing with an experienced property manager, you will find that he or she knows the importance of having short periods of vacancy. They have the benefit of knowing marketing strategies are proven and can also ensure that they get the highest possible return on your investment based on the standards of the community that your property is in.
5. They can stabilize your retention rates. One of the ways to keep your renters on for longer is to ensure that they are happy. A great property manager will do his or her best to enhance the experience of the customer. As customer satisfaction increases, turnover will fall.
6. Making oversight and accounting simple. Property management services Kansas City will include sharing information on investment opportunities and tax deductions with you as an owner for review. This is information such as your statements and any other reports that a CPA can then use to prepare your tax returns.
7. Defining the process of rent capture. Your success as a property owner is pegged on the collection of rent. The property manager will have the responsibility of establishing payment guidelines that are strict and enforcing them. As an owner, you don’t have to worry about chasing the rent from month to month.
8. Increasing the value of your property. The property manager will carry out preventative maintenance inspections annually, create and implement policies on replacement and repair of appliances and initiate upgrades to the property to ensure that it remains competitive and increases in value.
The author is an experienced property manager specializes in offering a full range of real estate services to home buyers/sellers including: buyer and/or seller representation, brokerage and advisory services, and full service maintenance. For more details, visit propertymanagerskc.com