If you own rental property, you’re aware that there are a number of responsibilities that are necessary to keep your rental units in compliance with area codes, as well as ensure that you are providing a safe and attractive place for tenants to live. However, between taxes, energy payments, maintenance work and repairs, it can often feel like you are stretched too thin. Fortunately, property management services are available to help you outsource your tasks and manage various aspects of your rental property.
The United States property management industry generates an estimated $69 billion in revenue annually and employs an estimated 744,614 people between a number of different property management companies. Moreover, the industry is expanding, having shown an estimated annual growth rate of 3.1% from 2009 to 2014. This expansion is likely directly related to the worth of the services rental property management companies are able to offer rental property owners, from regular maintenance to lower energy costs and more.
Property management services are primarily directed at caring for the rental property itself: a property management company will be able to provide regular maintenance work and repairs for your building, making owning a property more time efficient. As many property managers are former landlords themselves, you can be sure that a certified professional is handling these projects and ensuring that the units receive the proper care to remain safe, appealing places to live. Additionally, experienced property management services can help landlords lower their monthly energy bills by up to 50%; this can be done by analyzing your buildings’ power needs and making simple, low cost upgrades. Finally, a property manager can also help a property owner manage their tax reporting and various other accounting problems related to the rental property, simplifying an often confusing process.
Hiring property management services allows a landlord to reduce some of their responsibilities by outsourcing them to a third party. This not only means your property will be run more efficiently and effectively, but that your rental property will become a more appealing place to live, helping you attract and retain tenants. If you’re interested in having a certified professional handle some of your property responsibilities, don’t wait: contact a property management company today to discuss how they can help manage your property.