An experienced property management firm can help you maximize your real estate investment by providing a wide variety of services that reduce your administrative burden, maximize your property value and income, and provide enhanced customer services. Whether you own residential or commercial property, your property manager should be an integral partner in ensuring that your assets increase in value and profitability. In this article, we’ll outline some of the ways a property management firm can help increase the value of your real estate assets.
When a property is vacated, it’s not generating income, so the quicker you can turn-over that property, the quicker you will be making money again. Property managers can perform maintenance, clean and repair the property quickly and efficiently. They often have staff on-hand dedicated to these services, so turn-around times are quick and efficient.
Higher Quality Tenants
Many property managers are incented based on the property’s performance. Therefore, they are likewise incented to recruit higher quality tenants, since long-term it means fewer problems. Higher quality tenants often pay on time, abide by the terms of the lease, and don’t abuse or destroy the property. This results in higher profits and better overall tenant experiences.
The property manager serves as the face of the community. A good property manager will communicate with tenants frequently and provide them the satisfaction of knowing their concerns are being addressed. Good communication also increases tenant retention, which as discussed below, is key to profitability.
Increased Tenant Retention
A property that is well monitored and maintained is more likely to have longer tenant retention. Property managers are routinely on-site to ensure that regular maintenance is performed, problems are addressed and that tenants are abiding by the rules. This results in happier tenants and longer retention. Longer retention results in lower expenses and higher profits.
When a property owner is freed up from the day-to-day grind of managing their properties, they are free to enjoy the benefits of owning real estate. Rachuba Real Estate Advisors provides a wide variety of real estate services, including property management. More importantly, we understand the inherent value that superior property management services can offer the property owner. Contact us today to enjoy the rewards of property management for your real estate assets.