Top 7 Advantages of Hiring a Professional Management Company
In the past, property management was typically handled by a property owner or an association on behalf of property owners such as a homeowner or condo association. However, the problem is that the elected members of these boards are not always qualified or have the expertise to make the best decisions on behalf of the community.
Many communities turn to professional management companies instead to perform their duties on behalf of property owners and associations. Property managers are responsible for overseeing all aspects of managing properties, such as financial record keeping, maintenance, tenant relations, and leasing responsibilities. In this article, we’ll talk about the many advantages that come with hiring a professional property manager for your apartment complex, condo, or homeowners’ association.
Uphold The Quality Of The Community
Whether you live in a home, condo, or apartment, you expect the quality of your community to stay consistent. This includes the property’s landscaping, its pools, and common areas, as well as the upkeep of your property itself.
Professional property managers are tasked with upholding the quality of a community in many ways, such as by:
Maintaining all utilities to keep them operating efficiently
Handling maintenance requests from tenants or homeowners promptly whenever anything breaks down or needs repair
Being proactive about preventative measures that can help reduce issues before they become a problem (e.g., checking smoke detectors monthly)
Hiring quality landscapers, cleaners, and other workers to maintain the property’s appearance
Initiating action whenever a property falls into disrepair or neglect, such as withholding rent from its owner until the property is brought up to code and repaired.
While volunteer board members might not have any experience handling these types of issues, professional management companies are well-versed in this area.
Accurate Financial Record Keeping
The property manager is responsible for overseeing all aspects of financial record keeping, including ensuring that the property owner’s best interests are met. Property managers have professional accounting staff and bookkeepers on staff to ensure that your financial distributions and packages are consistently met and delivered simultaneously. In addition, property management companies provide online portals that allow you to see your general ledger, tenant service issues, receivables, and payables at any time.
On top of that, if you’re in a community with rentals, they’ll also handle billing and collecting rent from tenants on time each month, so money flows into the proper accounts consistently without any issues. This always ensures legal compliance as well as correct accounting practices.
Shorter Vacancy Periods
Professional property managers are well-versed in techniques that can help them fill vacancies faster. They know what kind of screening process to use, how much security deposit they should require, and more so you don’t have any gaps where your property is vacant for long periods of time without anyone living on the property.
They also implement different marketing strategies such as advertising through social media platforms or listing properties with local real estate agents specializing in rental properties. In addition, a professional property manager considers which type of renter will be most desirable at a given point during the year (e.g., college students might prefer renting closer to their university before graduating).
Lower Maintenance and Repair Costs
With professional property managers on staff, you don’t have to worry about any of the property management tasks we’ve listed above. This frees up your time so you can focus on what you enjoy doing while a property management company handles everything else for you in a timely and accurate manner.
This also means that when there is a significant issue with the property, such as an appliance breaking down or needing roof repairs, they’ll schedule a time to meet with contractors or service providers right away instead of waiting weeks before anything gets done. In addition, property management companies know how much it should cost for certain services, which ensures fair costs are passed onto tenants without overcharging them.
Minimize Legal Issues
Property managers are well-versed in the legalities of property management. They know what types of leases to use for different property types, whether a single-family home or condo community association, so you don’t have any issues with your tenants breaking their lease early without paying penalties or fees.
They also understand tenant rights and responsibilities when renting out properties which means they can spot any red flags before signing an agreement on behalf of the owner. This ensures there are no surprises down the line that might lead to costly lawsuits between property owners and renters.
Consistent communication is one of the main benefits of using property management companies. This means regular communication with tenants to ensure they’re responsible for following the rules of living in your property (e.g., no loud parties) and following up on any issues that need immediate attention, like a plumbing problem or significant appliance breaking down.
They’ll send out annual notices, give verbal warnings before fines kick in, and more so you can stay up to date on what’s always going on while minimizing disruption for your renters as much as possible.
Professionalism And Experience
The most significant benefit of hiring a professional management company is the professionalism and experience they bring to the property management process. They’re well-versed in property management techniques and market trends, so they can help you make decisions that will benefit your property for years down the line, such as different types of leases, marketing strategies, or finding specific tenants who are the right fit for your community.
Not only this, but their focus is on maximizing revenue while minimizing costs which means more money in your pocket, keeping everyone happy and satisfied within the community.
Choose Vaughan Group LTD As Your Property Management Company
At Vaughan Group LTD, we pride ourselves on maximizing the value of your asset and creating a great living environment for you, the homeowner, renter, or unit owner. If you’re interested in learning more about our services, contact us today.