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Being a landlord entails a significant amount of responsibilities and oversight. Therefore, there are many benefits of hiring a property management group to manage obstacles. These groups cover a range of duties and can make operations run more smoothly.
A management group aids the landlord in their duties — whether it’s working with prospects and tenants, marketing the properties, handling maintenance, or providing the best experience for residents. The expertise and management of these groups allow you to run your rental units in a way that works for everyone.
Here are seven reasons landlords use a property management group.
1. Significant or Expanding Property
With each property or location comes more tasks. Collecting rent, tending to residents’ needs, maintenance concerns, and safety are only part of what a landlord must handle. If you decide to expand your ownership to new locations, you’ll take on more work.
Luckily, management groups do a significant portion of this work. Contracts can be complicated, drawing in prospects is necessary, and crunching the numbers can get confusing. With a management group to aid these processes, you’ll appease all parties — no matter how far you expand or how many tenants you take on.
2. Making Connections
In this technological day and age, people want the best of everything. As properties add the newest gadgets, amenities, luxuries, and features, expectations rise. One way to bring more to your offer is through making connections. Local vendors, contractors, tradesmen, suppliers, and businesses can all add to your property’s appeal.
Working with a management group can bring you partnerships with local tech companies that sell smart TVs. Building positive relationships and results with the community will lead to happy residents and prospects. A group dedicated to management can make this happen.
3. Tenant Relationships
With any tenant-landlord relationship, there needs to be some form of communication. Landlords must be available for information, rent discussions, maintenance requests, and any questions. Realistically, one person can’t always do that for each and every one of their residents. That’s where management comes in.
You can work with the group to set up a form of customer service that’s fast and reliable. Tenants shouldn’t have to wait days for a reply or action. Instead, management groups can implement proper channels of communication that are available to help at any time.
4. Compliance Concerns
Rental property owners have to navigate a lot of complicated and changing regulations. Federal, state and local policies are in place to regulate investment and protect renters, which can create a steep learning curve for inexperienced landlords.
If you don’t want to take risks with compliance, a property management group can help manage these regulations. Qualified property managers should be licensed and experienced with fair housing acts and the Americans with Disabilities Act (ADA), among other critical regulations.
5. Proximity Issues
Another instance for when to use a management group occurs with proximity issues. Landlords themselves must live somewhere — which sounds obvious, but that location may be far from your properties. If you need to get to a tenant quickly, it may take a while. Monitoring the building is also something that should occur frequently. Living at a distance can hinder that.
A property management group works with you to ensure that everything is running smoothly. Residents have access to help, no matter where you live. This instance is especially important for landlords with several locations to maintain.
6. Creating Rates
Coming up with rates by yourself can be an intimidating task. Instead, work with a management group to set these prices. You’ll take into account square footage and bedrooms, amenities, the neighborhood and walkability, access to resources, parking, and public transportation.
Once you have the ideas for each room or property, then you can begin the advertising process. Management will help with marketing and finding tenants to lease at the agreed price. Plus, if prospects need help affording the rent, the group can assist.
Adhering to compliance standards is a crucial step. Whether it’s regulations, fire escapes and windows, inspections, carbon monoxide detectors, building codes, or notices, landlords must take everything into account.
On your own, this might seem daunting. With a management group, though, it becomes an easy process. They’ll work to ensure that each of your properties meets every code and compliance law necessary. That way, it will be smooth sailing when you lease.
The Benefits of Hiring a Property Management Group
When you work with a management group, you provide a better experience for all parties. You get assistance with all your tasks, the group gets to specialize in their industry, and your tenants get all the benefits that come from it.
If you’re a landlord or thinking about becoming one, then you might consider a management group to lighten your load.