Four Reasons that Property Managers are Worth the Money
Investment properties are often lucrative and can be a great source of extra income. However, many rental property owners do not have the time or experience to successfully manage their rental properties while maximizing the return on their investment. Professional property managers, however, usually already have habits in place that can make rental properties more profitable. These strategies, which come from years of personal experience as well as intimate knowledge of rental property law and regulations, allow property managers to save their clients both time and money.
Four ways that property managers can help boost the success of investment property owners are:
1. Automated Communication
Communicating with tenants, maintenance workers, inspectors, and vendors can take up a lot of time. Most rental property owners are not set up to automate such communication but many property managers are. Property managers often use software that automatically reminds tenants about rent, balance due, or late fees. They are set up to utilize templates for emails that contain the same information. Such automated communication saves time and also keeps the communication process professional and consistent.
2. Standardized Tasks
Most professional property managers, like Martin Feinberg, are already set up for standardization. Standardized processes, such as rental listings and syndication, property inspections, applications, maintenance updates, and owner reports ensure consistency and keep things efficient. Time is money and standardized tasks save both.
4. Set Goals
One part of success in any industry is goal setting. While most rental property owners are very capable of setting goals, often they lack the knowledge and experience needed to know what goals to focus on and how to follow through. Property managers are experienced at creating short-term and long-term goals. They understand how to make goals measurable and are often set up to easily track progress. Their accountability to their owners means they are highly motivated to accomplish the goals they set.
5. Comfort in a Digital World
Most perspective tenants look exclusively online to find a rental property. Competition is fierce and listing a property on a few online websites is not usually going to produce the results that investment property owners are looking for. However, most property managers have an established online presence that includes a company website and social media accounts. This helps to ensure that no listing stays vacant for long.