When you invest in a property, you become responsible for many things including essential utility supplies, tenant rent and satisfaction, and profits. You might think that you can handle all these things on your own, but life gets busy. Problems can arise that are out of your control. In cases like this, you would greatly benefit from hiring a property management company. Read below to learn what a property management company does.
Act Like a Human Resource Center for Tenants
Just like a human resource specialist listens to and handles customers’ needs and complaints, a property management company will be there for you and your tenants. Even though you serve this role, there can be an overwhelming number of tenant complaints. Having a property management company there to assist you will take a lot of responsibility off your back. Also, you and the property management company can collaborate to solve major issues. Sometimes it helps to have a listening ear and another mind to come up with solutions. Here are times when client complaints and concerns are highest:
- During tornado season
- Holiday months
- Popular spring break weeks
- Summer months
- During national crises
At this time, many tenants might be getting COVID-19 symptoms. This can cause anxiety for many nearby tenants. You and/or an agent from a property management company need to figure out how to settle tenants down, update safety rules, and ensure that there will be fewer cases of the virus on your property.
Provide You with Information and Special Services
While a property management company can help you settle tenants’ concerns and complaints, the company can teach you about investments and use special services to assist you with profits. For instance, a property management agent can tell you about the best locations to invest in other properties. Such a person also knows about laws and regulations in certain areas and can keep you informed so that you can make a wise decision for your investment. Also, a property manager can help you fill vacancies quickly so that you can start making a profit quickly. If you have made multiple investments, a property management company can help you manage all of them.
Help Keep Your Property Safe
In addition to serving as a human resource specialist, a property manager can serve as a security guard for your property. For instance, the property manager can conduct regular background checks and drug test suspicious tenants. This is very important for yours and all the other tenants’ wellbeing. Here are other things that a property manager can check for.
- Evidence of property theft
- Breaking and entering
- Tenant abuse
- Dangerous weapons
Catch Potential Mistakes That You Might Make
Even if you are very careful about counting rent, there might be times when you will make a calculation error. Maybe a tenant paid less than their due rent. Perhaps another tenant paid too much for rent. You want to make sure that all your tenants pay the correct amount so that you will not lose money or get in trouble if the tenant notices a mistake. Mistakes are more likely to happen when you have a lot of tenants.
Assist with Marketing Responsibilities
To increase profits, it is very important to market your services. One crucial aspect of marketing is being able to get to know your tenants on a personal level. If you are an introvert, this can be difficult. A property manager can help you gain confidence and improve your social skills.
In addition to forming meaningful relationships with your tenants, a property management agent can help you plan and budget for events so that you can give your tenants a good time while taking care of their needs. Here are times when a property management company can help you plan for events:
- Winter holiday parties
- Summer pool parties
- Spring break parties
- Baby showers
- Celebrations for the end of finals
- Work promotion celebrations
Those are just a few times when you might want to host fun events. A property manager can help you gather tenant feedback about desired events and parties.
Suggest Changes to Help Improve Your Profits
In addition to helping you gain profits by planning events for tenants, a property manager can look for changes you might not have thought about before. For instance, if none of the tenants report utility issues to you, they might report something to the property manager. In this case, the property manager can tell you what to fix and what issues you should pay more attention to in the future. Perhaps several tenants complain about too much noise around 10 p.m. You and a property manager can decide what time quiet hours should start. Here are some other changes and information your property manager might address:
- Increasing maintenance checks
- Throwing parties every 3 months instead of every month
- Implementing affordable transportation services
- Sending monthly surveys to tenants
Although it is important to make small changes to see if your profits can improve, it is not necessary to make changes often. Implementing changes when they are necessary can improve tenant satisfaction and sales, but too many drastic changes can confuse tenants and cause you to lose business.
How to Cooperate with the Property Management Company
If you decide to reap the many benefits of hiring a property management company, you need to make sure that you are on the same page about major issues such as utility costs, tenant safety procedures, and budgeting for marketing events. Frequent communication and a written agreement about priorities will be very important. Ultimately, it is up to you and your property manager to follow through with all agreements and hold each other accountable. Cooperation with a management company will determine how successful your investment(s) will be.
Hopefully, you have a clear idea about what a property management company does. For full-service property management, contact Russell Properties. Having served investors in Florida for more than 38 years, we are known for our genuine concern regarding all investment needs. We will help you find reliable tenants, maintain all aspects of your property, and improve your profits. Just give us a call today.