Have you ever seen houses or buildings along the road and observed how some look fresh and clean while others look dirty and undesirable? What is the first thought that crosses your mind? The owner does not understand the value of money and does not maintain the property well. You think to yourself why it is so difficult for one person to maintain a building when others on the road can do it.
The major difference here would be the person managing the building. If it is the owner, the chances are that it can look a little shabby and unkempt. When it is a professional company maintaining it, it can look as good as new.
Difference Between Self Management And Professional Property Management
There can be a big difference between properties maintained by the owner and maintained by a professional property management company. If you are a property owner, here are some of the areas where a property management company can make a difference for you:
Cleanliness
An individual owner will have to hire a third party to keep the property clean. These people might come in daily or a couple of times a week. You will be paying them a ransom to clean up a place you cannot actually check. Will you be able to check every time? It is not practical for most property owners.
Now, if you have a property management company, they will have an in-house team to do all the cleaning on a fixed schedule. They can conduct surprise checks and keep a tab on what work is being done and what is not. While all this is happening like clockwork, you, the owner, can be free of this responsibility.
Tenants
When you rent out your property, you need to ensure the tenants are right. What if you chose the wrong type of people? What if your tenant has an issue with the law? There can be numerous such issues to consider. As an owner, you may not have the time to do a thorough background check. It might prove to be troublesome in the future.
When it is a property management company handling this, they have a team that sources tenants. This can be from a reliable source. Once they narrow down the tenants or someone shows interest, they can do a background check. They will have tie-ups with various sources to check everything in an orderly fashion. They will have a system in place.
Rentals
Collecting rent can be a tiresome process. You may get stuck with a tenant who doesn’t pay on time and requires multiple reminders. Now, when you have your own work to do, this can be tedious. Imagine going to the property repeatedly asking for the money that rightfully belongs to you.
When a property manager is hired, this becomes their responsibility. They might even have a collection team that collects rents from all the properties they manage. These people will have a system in place. When things are carried out systematically, everything can be easy and smooth.
Documents
When you want to rent out your property, sell it or even lease it out, there will be a lot of paperwork to do. Now, you can do this easily, but it can take a lot of your time. When you invest in a property to earn additional income, it should do so without taking much of your time.
A property management company will have an in-house legal team or a tie-up with some advocates to oversee all this. As they work together on multiple properties, they will have a flow and a rapport. They will get things done at a good speed.
Taxes
Paying the water, property tax, electricity bill, water bill, etc., can be time-consuming. All this responsibility falls on the owner and not on the tenant. When you have to do this for multiple properties, it can be extremely time-consuming and exhausting. You cannot drop all your work and stand in line to make payments on time.
When you hire a property management Brooklyn-based company, they can do all this for you for your Brooklyn property. They will have people to do it. Also, they will tie up all such payments across properties. This helps them save a lot of time too.
Appraisal
If you are planning to sell your property at a later date, a regular appraisal is required. It will give you a fair idea about how much you can ask for the property. This can take a lot of time, and you may be required to stay through the process.
When there is a third party involved in property management, they will do this for you. They are used to doing this and are well versed with the procedures and paperwork. They will look into multiple aspects and ensure your property value is assessed well. This is very important for people who want the money but cannot keep a close watch on the property.
Repairs
Every building will have regular repairs. Imagine if you will have to hire a repairman every time you receive a complaint. It can be tough. Also, there is no guarantee that the repairman will look into the issue immediately or even on the same day.
However, when you have a property management company managing everything, their repair guy on regular payroll will be available to attend to complaints as soon as possible. It will earn you goodwill and help increase the value of your property.
Conclusion
Having a professional property management company can be very beneficial for any property owner. You can focus on your primary job and not spend time on your property. At the same time, a property manager will handle all issues with ease and efficiency.