March 17th, 2014
Investing in a property is a big deal, whether it’s your business, or you just want to supplement your income. It involves a lot of research, decision-making, and of course, capital.
But, we’re preaching to the choir here. No one knows better than you what purchasing your property entailed.
So, what now? If you think that all you have to do is get renters and do a little bit of maintenance, then we hate to break it to you: it’s not that simple. Profitable investments aren’t a slam dunk. You can’t just put in minimal output and expect maximum output.
How do you get your investment property to deliver? The answer is simple: proper property management. Here are 5 reasons why:
A reliable property management company knows how to create and stick to a budget for your property needs.
Having that kind of foresight and ability comes with a lot of experience: everything is taken into consideration, from taxes and maintenance costs to promoting and advertising. Nothing will make your investment more profitable than careful financial planning.
You want your investment property to be an enjoyable money-maker, not the yoke around your neck.
If you live far away from your investment, then it is probably a no-brainer that you will use a property management company to take care of it. But even if you live nearby, you aren’t always available. If you’re on vacation or tied up with another engagement and an emergency repair needs taking care of, nothing is more stressful (or expensive) than trying to find somebody to take care of your problem on a whim.
It hardly needs mentioning that your tenants are the source of your income. But keeping your property occupied, investigating each tenant’s background, collecting rent, and addressing tenant complaints is not for the faint of heart.
A property management team is just as concerned about profitable tenants as you are and experience in tenant relations will make your investment much more worth your while.
Ah, paperwork—one of life’s joys. But you don’t have to take part in the fun if you don’t want to. Your property management team will do it all. Every income and expense will be recorded and reports will be made monthly and annually to project gains and losses. You will never have to guess how well your investment is doing.
Drawing in the right kind of tenant should be of concern to you seeing as you rely on good tenants to make your investment profitable. It can be a daunting task to find tenants you can depend on to pay rent on time, treat your property with respect, and reside in harmony with other tenants. A great property management company will again remove this headache. You won’t have to worry about how to find your dream tenants, nor finding time to do so.
Using a property management company is your prerogative. However, after 80 years of experience, ABC Property Management has learned that the most successful investors by far have partnered with property managers who have the know-how to boost their return on investment.
Feel free to contact us today if you’re interested in learning more about the ins and outs of property management and how it can be a total game changer as far as your investment is concerned.