If you’ve owned property for any reasonable length of time, you know that managing that property and collecting the rent that comes from it, can be a very profitable investment. However, you’ve probably also learned how much time and effort it can take to manage your property effectively. One solution to this is through hiring a quality property management company.
Property management companies specialize in commercial and residential property management solutions to help landowners achieve a greater return on their investment. One way they do this is by helping to ensure that rental rates or current and competitive with market demands. While many landowners set rates by taking an average of the prices listed by other landlords, quality property management companies set rates by conducting in-depth marketing studies to maximize monthly income while keeping the vacancy rate low. Not only will they set the optimum rate, but they’ll take care of collecting it each month also. This saves you valuable time while maximizing the cash flow from each location.
One of the ways they help to lower occupancy rates is through effective and efficient marketing strategies. They have a broad variety of experience in the business and will know just where and how to market to fill the properties quickly with desirable clientele. They’ll take care of all the accompanying details such as criminal background and security checks, employment verifications, reference validation and running the various credit reports that may be necessary.
Once the locations are full of tenants, your property management company will help you navigate all aspects of the tenant-landlord relationship and will assist with emergency maintenance and inspections helping to stop problems before they start. If the situation escalates into a light conflict, they’ll work with the client to resolve the dispute on your behalf, allowing you to enjoy the benefits of land ownership without having to bother with the hassles that can often accompany it. This is true for local properties but is also true for other locations that are more geographically distant than others, allowing you to diversify your rentals into several areas, which helps to protect your assets throughout the life of your investment.
They also watch to make sure each of your properties maintains compliance with housing regulations and property laws in whatever state or municipality they’re located. This not only helps to protect your financial investment but also helps you reclaim valuable time as well as you focus on property ownership instead of having to bother with property management. This creates a win-win situation in which the management company and the owner can earn consistent profits from each available property. There are solutions available for every type of property, regardless of size or quantity. They’ll work with you to assess your needs during your initial consultation and then develop a customized solution plan for your unique situation.
To learn more about property management and the various solutions available, contact our offices in Los Gatos, CA and let us know how we can help you.