Currently, the U.S. property management industry generates an estimated $69 billion in revenue every year. If you own rental property, its likely that you have wondered what benefits property management companies could offer you. Do they take on landlord responsibilities? Do they help with property finances? Or do they simply focus on maintenance and other factors of the property itself? An accurate answer to this question, however, combines several components of these questions: in actuality, a property management company seeks to reduce landlords’ responsibilities by outsourcing them to a third party, allowing the landlord to focus on the primary concerns of owning rental property.
Property management companies come in a variety of forms: for example, commercial property management services will likely differ from residential property management. However, in regards to the latter, residential property managers are often proven to be extremely beneficial for the quality of a rental property, and accordingly, tenant and landlord relations. Often former landlords themselves, property management employees put their experience to work for you, outsourcing your responsibilities to a third party that can save you money and increase the standard of life on your property.
An experienced property manager will have access to certified professional services that can help you maintain your property, particularly in the areas of maintenance and repairs.
Property management companies are able to provide regular maintenance and repairs for your building, creating a more efficient, smoothly functioning operation. Additionally, the decisions property managers make in these subject areas often have the added effect of reducing expenses: an experienced manager can help you lower your monthly energy bills by as much as 50%, by analyzing your building’s power needs and identifying simple, low-cost upgrades. Moreover, a property manager can help you manage tax reporting and other financial responsibilities associated with running a rental property.
From 2009 to 2014, the United States property management industry grew by an estimated 3.1% every year. In that period, more rental property owners were able to reduce their property energy bills, make their properties higher quality and more efficient, and get help with their tax reporting and other financial tasks, all because they chose to hire property management companies to assist with their responsibilities as landlords. If you are interested in outsourcing some of your basic tasks, contact a residential management company today to discuss how they can put their services and rental experience to work for you.