When it comes to renting property, finding the right property manager or landlord takes on an increased importance. The U.S. commercial property sector is divided into five key segments:
- Industrial
- Retail
- Office
- Lodging
- Amusement
Whether you’re building office space for rent or managing property, having the right property management companies in place are crucial. The average age of the average property management professional is 50 years old and in 2016, there were 317,000 property management jobs in the United States.
For property management companies and landlords, maintaining rental properties can be a headache, especially when it comes to time and money. Finding tenants can be a challenge as can hiring out repairs.
When added all together, maintaining rental properties can be a constant uphill battle and those that stick with it can be of good use to prospective renters and rental companies. Consider that in 2016, there was more than $76 billion worth of commercial buildings built in the United States. That means there’s a lot of space to rent and the right property management companies will know how to find the right people and companies to fill all that space.
Those property management companies who are passionate about the work can help those who want to rent a good deal. Renters want to maintain a good relationship with a property manager and want to feel comfortable about the person and company their renting from, whether it’s an apartment or commercial real estate.
For those in need of someone to maintain their rental properties, here are five ways property management companies can save you money:
- Increased Vacancy: Vacant properties mean there’s a lack of money coming in and the right property manager can reverse that. Rental companies are also concerned with their vacancy numbers and the higher the level of no vacancy there is, the happier the owners are.
Maintaining rental properties correctly is a surefire way to retain tenants and bring in new renters as well. Having properties rented out means there’s more money available for needed upgrades and increased marketing and advertising. - Better collections: The right property manager knows how to handle a wide variety of tenants and dealing with them when it comes to collect the monthly rent. A good property manager gives the rental company a go-between in dealing with tenants and property manager must be firm.
Whether a tenant is dealing with job loss, relationship problems or something else, the property manager is there to do a lot of the unpleasant dirty work that a rental company doesn’t have to do. The right property manager will be firm and abide by company guidelines while making sure tenants don’t walk over them. - More free time: Having a property manager to deal with the day-to-day operations of maintain rental properties, frees up a property owner to do other things. If renting out properties is a side job for a property owner, having a good property manager to handle all the nuts and bolts of a property can be a godsend.
- Fewer legal issues: The right property manager or property management company can help a property owner correctly navigate any potential legal issues.
The Fair Housing Act and local, state and national laws must be followed and a real estate attorney employed by a property management company can stop a lot of potential lawsuits and legal headaches by making sure all laws are followed to the letter. - Better tenants: To keep a rental property running smoothly, good tenants who pay on time are a must. Evicting someone or repairing damage done by a bad tenant or company can add up in costs.
Property management companies can screen tenants and companies, do background checks and check off all the boxes that make a good tenant. The screening process also protects a property owner from scams and hard to handle tenants.
When it comes to maintaining rental properties, finding the property management company is paramount. A good company can help protect an owner from legal issues, find good tenants to rent property to, be firm in collecting rent and increase vacancy.
Are you looking for a property manager or property management companies? The National Association of Residental Property Managers can help you find the right person for the job.
