What Do Property Management Companies Do?
Owning commercial property is a huge responsibility. What building owners do not always realize is that property management companies can take a huge burden of responsibility off of their backs. A property management company can be a huge asset to you, your real estate investment, and your business; these professionals can deal with your property, prospects, and tenants. They can also save you time, money, and hassle.
What do property management companies do, specifically?
- Ensure that your property remains rented at all times; this can be accomplished by providing advertising, interviewing/screening, and placement of tenants.
- Set and adjust the correct rental rates based on property value; they stay on top of the current value of the property and negotiate with prospective renters.
- Manage your current tenants; whether it’s maintenance, finances, or legal issues, your property manager will take care of your tenants.
- Identify and advise you on the ideal prospective tenants; property managers will manage the interviewing process and handle all paperwork.
- Collect and deposit the rent; your property management team can set the due date for rent payments, collect the checks, and deposit them into the appropriate accounts.
- Handle compliance issues; housing regulations, tax regulations, and insurance are just a few compliance matter that a property management company can handle.
Do you need a property manager?
While a property management company certainly can help you immensely, not every property owner needs one. Ask yourself some questions as you consider your needs:
- Do you live near your rental property?
- Do you have time during the day to handle immediate issues?
- Do you want to handle management tasks?
- Do you understand the regulations that come with all types of housing programs?
If you’ve answered “no” to any of the above questions, you may want to consider one of the many property management companies in your area. When your time is limited and you are not nearby to handle every issue that arises, it is a huge peace of mind knowing that you have a team who can. You want to make the most of your investment, but you do not want to become inundated with the micromanagement of your property.
Are you looking for a property management company in Columbus, Ohio?
In Columbus, Ohio, property management companies may promise you many things, but none can anticipate your needs quite like The Robert Weiler Company. Since 1938, our experienced professionals have been providing top-notch commercial real estate services – from appraisal and brokerage to property management services and more. No property is too large, and no need is too great. And in addition to servicing Columbus, Ohio, we also manage properties throughout Central Ohio. Whether you need legal advice or assistance with tenant management, there is only one choice when it comes to Ohio property management companies: The Robert Weiler Company.
Still asking yourself, “What do property management companies do?” Not sure how we can help your specific needs? Call 614-221-4286 today to speak with one of our property management advisors today – you’ll be glad you did.