In the beginning, self-managing your residential or commercial property may sound like a good idea. However, over time, you will realize how much work is involved and more importantly, how much money goes into managing every single aspect of the residential or commercial property.
In many cases, it’s often too late when property owners realize that they’ve done financial injustice to themselves by not hiring a property manager. If you don't want to learn it the hard way, it's best to rely on a reliable property management company now.
Let’s find out some ways a successful property manager can save you money:
1. Stringent Rent Collection
Many new landlords feel that once they’ve found a tenant, everything will run smoothly. Unfortunately, things aren’t that simple in the real world. If your tenant fails to pay the rent on time, the lease can turn out to be your worst nightmare. If you’re self-managing, there’s not much you can do about it.
A property manager relies on time-tested tools, policies, and systems to streamline the process of rent collection. In addition, they also have proper procedures for rent increases and the ability to justify them to tenants.
2. Low Maintenance Costs
Property maintenance is among the most critical concerns for property owners. If you don’t invest in professional maintenance, your residential or commercial property can develop serious issues. On top of that, addressing all service requests that arise during a tenancy period is not easy.
If you're a new property owner, you may not know how to handle most repairs on your own, nor will you have a list of the most reliable contractors who are insured and licensed to deliver quality work on your property. All of this results in a lot of money wastage.
The best property managers assist you in establishing an efficient maintenance plan to extend the life of high-cost equipment and reduce the chances of system failure and downtime. Not only do they help property owners schedule regular inspections and cleanings, but they also manage an inventory of equipment and maintain a record of when work was performed.
3. Reduced Vacancy Rates
A vacant rental property doesn't earn you money. Therefore, one of the top goals of property owners is to minimize vacancy rates. Understandably, this is the top reason why landlords hire property managers to manage their property.
Moreover, with a property manager, the time and money spent on marketing, screening tenants, drafting lease agreements, and placing tenants are much lower. This is because they are more familiar with the region your property is located in, the demographics of the tenants who are likely to rent your property, and the market dynamics.
4. Lower Legal Costs
Owning a property does involve a number of complex legal issues. An experienced property manager is well aware of the federal, state, and local anti-discrimination and fair housing laws. They're also familiar with eviction procedures and taxation, so you're not likely to make an error that can cost you hefty legal fines.
Property Managers In New York
Now that you’re aware of some effective ways a successful property manager can save you money, it’s time to hire the right property management company. Milbrook Properties has been serving property owners, investors, and landlords for over 85 years. They offer a full range of property management services, from leasing to maintenance and legal. To learn about the services they offer, contact our team today.