How Much Does Managing a Home Cost?
Invaluable: "extremely helpful; indispensable."
Did you know that rental properties often represent the largest investment the owner has ever made? They are a critical step in many people's retirement plans and help build generational wealth that can be passed on. Understandably, there is a strong desire to ensure that these investments are not only properly maintained but are nurtured and protected so that they can continue to perform for decades to come.
That is why using a quality property management company is invaluable to that investment's growth. Not just valuable. Invaluable. The right property management company will not only do the mundane tasks that come with renting. They will go above and beyond, finding problems before they appear and making suggestions to save time and money.
For many rental homeowners, their properties are part of their income but not all of it. They have other concerns that need to be addressed with their valuable time. For larger landlords with multiple rental units, there are even more demands for their precious time.
By partnering with the right company, you are not simply paying for the tasks that are done daily. You are paying for the peace of mind that comes when you know that the job is being taken care of by professionals.
What Does a Property Management Company Take Care Of?
What makes a great property management company indispensable to its clients? What makes their services invaluable? Consider this list of tasks that would be on your plate if you were managing your property on your own.
A professional property manager manages the day-to-day needs of your rental property as well as minimizing vacancies and maximizing income.
Rental property managers handle the marketing of your property and screen for the best possible tenants to fill those vacancies. This is a skill that is developed over time. Having the right tenants makes or breaks the profitability of any rental property.
They coordinate routine and emergency repairs, negotiate trash removal, and handle security, groundskeeping, and janitorial contracts.
Property managers solicit bids from prospective vendors and recommend an appropriate vendor to the property owner or landlord.
Property managers handle rental agreements, collect rent, and respond to requests from tenants. This task is not to be minimized! It takes years of experience and the right temperament to do this well. The rental agreements must be done properly and according to all local regulations. Collecting and managing rent needs to be done safely while at the same time protecting the sensitive information of all of those involved. Responding to tenant requests is often a full-time job all on its own!
Property managers often double as real estate managers. Based on their years of experience, they make suggestions and offer advice to maintain and improve the property's value over time.
They are familiar with local, state, and federal laws. This is not only for rental agreements. These laws affect every aspect of the property, including taxes, waste management, by-law compliance, and much more.
They perform background checks to prevent bad tenants from renting your property and can help you evict a problem tenant if needed. This is one of the most critical tasks of your property management company. The best way to protect your rental asset is to do it proactively through an effective tenant screening process.
Property managers handle payables, ensuring that rent is collected, insurance premiums are paid, and mortgages, taxes, and payroll bills are handled on time.
Property management companies are often located in the vicinity of your property. This is especially valuable if you no longer live in the area yourself.
What truly makes a property management company invaluable is the proactive measures they take to ensure your property is maximized and protected. It is one thing to manage the day-to-day duties of a property. Avoiding foreseeable problems, such as pests, bed tenants, or major repairs due to negligence, makes services such as those provided by Centurion Property Management truly indispensable.
Contact Centurion today to see how we take your property to the next level through excellent service and future-focused suggestions. Partnering with Centurion Property Management will take care of not only today's needs but the needs of the future as well. We look forward to chatting with you.
