If you lack the time or expertise needed for day-to-day management of your commercial or residential real estate investments, an expert property manager can help you.
A property management company can help you:
- Market your rental property to minimize vacancies and maximize income (link: Property managers make their livings because they know the rental market, what comparable properties are renting for, and what potential renters are willing to pay for a rental property. They have the marketing know-how to reach potential renters and they have the experience and resources to weed out potential bad renters);
- Fill vacancies with the best possible tenants;
- Maintain and keep your rental property in good condition (link: Property managers handle and coordinate routine repairs as well as emergency repairs. They have the experience to avoid unnecessary repairs to save you money);
- Track income and expenses to determine profitability;
- Negotiate rental agreements;
- Collect rent and track tenant deposits;
- Comply with federal, state and local laws; and
- Respond to tenant requests and deal with problem tenants
In short, property managers help you make the most from your rental property and they can save you time.