Tenant complaints, after-hours maintenance emergencies, rent collection, and tenant turnovers are some of the realities of property ownership. Here lies the question, should an owner self-manage or pay a fee to a professional property management company to handle the day-to-day operation? A local company provides boots on the ground for an immediate response as well as valuable market knowledge. Owners of rental or investment properties must decide if using a professional, local management company is right for them.
What some property owners fail to realize is that in most cases, a professional property manager can increase the Net Operating Income (NOI) of the property more than the cost of the professional service. This increase in NOI is why many seasoned real estate investors will tell you that a good management company is worth their weight in gold. A local, experienced property manager will perform the following tasks to help ensure the profitability of the asset:
Ultimately, it comes down to how a property owner wishes to spend their time. Time is money, so some property owners may manage their own properties intending to save money. Others prefer to spend their time engaging in more profitable interests or simply have more time to spend doing things they enjoy.
If you are a property owner and would like to explore your options with a professional property management assessment, allow a seasoned professional team to assess, review and offer a proposal for services. The valuable expertise of a professional property manager can help you answer questions and determine how you can lower costs and increase efficiencies with any property type.