Whether you own commercial or residential properties, real estate investment is a huge responsibility. As an income source, owning several properties can be one of the smartest financial decisions you can make. Owning rental properties does come with its fair share of issues, however, and this can quickly become more than a single person - or even a couple of people - have the capacity, or desire to deal with on a daily basis. Fortunately, a good property management company can handle just about every situation a property owner could come across and are a huge asset to your real estate business.
What Does A Property Management Company Do?
A good property management company offers a wide array of services to help ensure you are getting the best return on your real estate investment. From dealing directly with current and potential tenants to handling maintenance issues and even dealing with complaints and performing evictions, the property management company's goal should be to make your life as easy as possible
Reasons to Hire a Property Management Company
- Workflow - One of the biggest mistakes investors make when purchasing property is failing to understand just how much work actually goes into owning and managing their investment. From property inspections to staffing maintenance personnel and keeping up on understanding all the other tasks and issues that may arise in the day-to-day of owning commercial property, there are simply not enough hours in a day to handle everything. Additionally, hiring staff in-house to manage your properties can become costly very quickly. Property management companies are the ideal solution that offers the peace of mind of a fully-functioning staff without all of the overhead.
- Legal Issues - Leasing properties is not just collecting rent and dealing with property maintenance. There are also stacks of local, state, and federal laws that you must take into account. A good property manager will have a thorough understanding of the legal aspect of real estate investment to help ensure you stay on the right side of the law.
- Rent Collection - Whatever your varied reasons for investing in real estate, let's face it - the main reason is to make money - and the way you do that is by collecting rent from your tenants. Rent collection can actually be a fairly un-glamorous aspect of the job, however, and property management companies can be there to handle this so you don't have to.
- Marketing Expertise - Trying to find potential tenants for your property can be a real pain. Experienced property management companies, however, have likely been purchasing and leasing properties for years, and understand not only the local market, but also best practices to market your property to get the best possible tenants possible for the most highest possible rent to help you avoid long vacancies.
- Tenant Issues - No matter what type of property you won - whether commercial or residential - sooner or later you are going to run into issues with your tenants. Whether those issues have to do with late rent payments, or squabbles between neighbors, having the buffer of a property management company to handle these issues can make the difference between sleepless nights and peace of mind.
If you'd like to learn more about how Mike Falgoust and Associates can help you manage your properties and increase your return on investment, please give us a call today at 225-778-5858 or fill out our contact form.