What Do Property Management Companies Do? Sunday, June 12, 2016
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. Below you’ll gain a better understanding of what property managers do, determine whether you need one, and learn some vetting tips.
What do property management companies do, specifically?
Generally speaking, when you hire a property management company, you’ll be able to focus on running your business, not worry about the minute details related to your property. You’ll collect on your investments without doing the tedious work that’s typically involved. Investors and building owners can enjoy their investment income while making sure that it grows.
- 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.
Considerations when vetting property management companies:
When vetting property management companies, it’s important that they have an understanding of your local area so they can be prepared. Is this a location where graffiti is common, requiring regular clean up? Does the parking make it difficult for renters to access their units? What kind of solutions can be worked out? These are all important factors that your property management company should be aware of.
It’s also important that you find out whether the property management company has the corporate infrastructure to handle the financial aspects of management. Usually, property managers are required to handle the collection of rent, the purchase of incidental or common expenditures, and any emergency payments that may crop up. That means they need to be able to thoroughly document everything and make sure you are aware of the decisions they make. Similarly, you have to trust that they will make financial choices that you can both accept and agree with.
Finally, make sure that your property manager includes sales and showing. Even if you have a suite of offices that are full, a tenant may choose to move and then you’re on the hook to find a new tenant. However, a property management company can take care of that for you. Many will advertise the space and be available to show it to potential renters. They can handle maintenance of the unit while it’s not under anyone else’s care and keep it in good shape so it’s more attractive to those who might be interested.
The main point of an investment property is to make a profit without needing to constantly work on it. That’s why it’s so important that you find a team who you know can manage the day-to-day tasks without adding more to your plate.
Looking for a property management company in Columbus, Ohio or throughout Central Ohio?
In Columbus, property management companies may make many promises, 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. In addition to servicing Columbus, Ohio, we also manage properties throughout Central Ohio. Whether you need legal assistance or help with tenant management, there is only
One of the most important goals of an investment property is to maximize your income while keeping costs down. We can provide detailed reports to help you determine where updates and changes need to be made. We can also help market your property and attract potential tenants, and qualify them with credit checks and references. Hiring The Robert Weiler Company to manage and maintain your property will help you receive the highest rent possible while reducing your expenses.
We maintain a high level of integrity, credibility, and unsurpassed local market knowledge. As a full-service commercial real estate and appraisal firm, we believe in building relationships, not just completing transactions. You will have a close relationship with your property manager, whom you can count on to get the job done correctly, efficiently, and effectively. Your property manager can easily be reached for status reports, to answer your questions, and address any concerns. As one of the most sought-after property management companies Columbus, Ohio offers, there’s only one choice as to who should manage your property: The Robert Weiler Company.
Still asking yourself, “What do property management companies do?” Want to know 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.