5 Ways Property Management Can Save You Money
Owning a rental property can be a great way to make money, but it can also be a lot of work. If you don’t have the time or expertise to manage your property, a property management company can be a great solution.
Find out the five ways hiring a Central Texas property manager can save you money here.
How Property Managers Can Save Owners Time and Money
- Reduce Vacancy Rates
When you own a rental property, one of your biggest expenses is the cost of the property itself. If your property is vacant, you’re not collecting rent, which can be a significant financial setback.
Property management companies have a network of tenants looking for rental properties. They can quickly and easily find qualified tenants for your property, which can help you reduce vacancy rates and keep your rental income flowing.
Here are some additional ways that property management companies can help to secure tenants:
- Providing professional photography and marketing materials: Property management companies can take professional photos of your property and create marketing materials that will help to attract qualified tenants.
- Setting competitive rent prices: They can research the rental market in your area and set competitive rent prices that will attract tenants.
- Providing excellent tenant screening: A property manager can screen potential tenants to ensure they are qualified and responsible. Proper screening can help to reduce the risk of vacancies caused by evictions or tenant damage.
- Providing excellent customer service: Property management professionals provide excellent customer service to tenants and landlords. Proper communication and friendly, reliable tenant services can help create a positive rental experience for everyone involved, leading to lower turnover and fewer vacancies.
When you own a rental property, you are responsible for any necessary repairs and maintenance. Taking care of emergencies and ongoing maintenance can be time-consuming and expensive. They can also be frustrating!
Many reputable property management companies like 512-Society Property Management have relationships with reliable contractors who get repairs and maintenance done quickly and at a lower cost. These relationships save you time and money and can help maintain your property for the duration of the tenancy.
Other reasons to hire a property manager for your repair and maintenance needs include:
- Get multiple estimates: Property management companies will get numerous estimates for repairs and maintenance before deciding on the best contractor to get the job done. This type of diligence can help you get the best possible price with the least hassle.
- Schedule repairs and maintenance: Most companies will schedule repairs, routine maintenance, and inspections when convenient for you and your tenants, minimizing the disruption to both parties.
- Supervise repairs and maintenance: They’ll supervise repairs and maintenance to ensure they are done correctly and on time. This can help to protect you from costly mistakes.
Even with all proper precautions, there is always the possibility that you will face a legal issue or eviction. Any legal problems, especially eviction, can be stressful, emotional, time-consuming, and costly, especially if you are unprepared.
Property management companies have experience dealing with these types of issues. They can also help you prevent them by assisting you with tenant screening, proper lease agreements, and documentation of any problems along the way.
For example, if a tenant isn’t paying their rent or violating their lease terms, a property manager can handle the entire process and help you understand your rights and responsibilities.
When you own a rental property, there are several important documents that you need to keep up-to-date, such as lease agreements, rental agreements, and insurance policies. These documents can be time-consuming and complicated to create and maintain, and they can be costly to make mistakes on.
Property management companies know the exact paperwork and insurance requirements associated with owning a rental. They can help you create and maintain the necessary documents and help you find the right insurance policies for your needs.
Collecting rent payments on time is essential when you own a rental property. You may be subject to late fees from your lender if your tenant is delinquent. Avoiding this is crucial to keeping your costs down. Even if you don’t owe on your property, you’re likely counting on your passive income.
Many property management companies can handle your accounting needs beyond rent collection, including the following:
- Collect rent payments from tenants in various ways, such as through online, check, or cash payments.
- Deposit rent payments into your account on time.
- Send rent reminders to tenants who have not paid their rent on time.
- Handle late fees if a tenant is not paying on time.
Looking for a Central Texas Property Management Company?
If you’re looking for a way to save time and money on your rental property, a property management company can be a great solution.
At 512-Society Property Management, we can handle all aspects of your rental property, from finding tenants to collecting rent to dealing with repairs and maintenance. This can free up your time to focus on other things and save money on various expenses.
If you’re ready to save time and money on your rental property, contact us today for two months FREE!
About the Author: Jessica Duncan is the 512 Society Property Management Broker. She and her family opened the business in 2005 and has assisted more than 12,000 clients with professional and reliable management services. Call 512-990-3551 for more information.