After thinking about the list of services in the previous post, I came up with a few more reasons to hire a property management firm than I discussed in my prior post. I hit the high points in the first post but there are still some benefits left that I didn’t discuss that can also help to increase ROI.
So here goes….
Better Tenant Retention
High turnover can affect ROI. Obviously, it’s more expensive to replace a tenant than to keep an existing one. The cleaning, painting, changing of locks etc. costs money before even considering the marketing costs associated with finding new renters.
Good property management companies have proven policies that improve tenant retention and can help keep them happier and content to stay where they are.
Lower Maintenance and Repair Costs
Good maintenance and repairs also help to keep tenants happy as well as preserve the valuation of the property. This is both a process and cost saving benefit. The process makes sure that routine maintenance is done in a timely manner and documented which helps to catch small problems before they become big ones; saving money in the long term.
And last but certainly not least…
Owners can experience much less stress when a property manager has to take the 3 am call from a tenant for an emergency or chasing down rent, scams, lousy vendors, and evictions. All this becomes a headache for the property manager instead of the owner.
Less time spent with all the routine paperwork required to maintain a property is another way we can reduce stress. All the owner need deal with is the month end report.
Property management is the only way to go for out-of-town owners. It would be impossible to maintain and stay on top of a property from a remote location. Or for that matter go on vacation without the potential disaster of an emergency. Shortened vacations are definitely way up there in terms of stress. It’s not only you, but the family, that is unhappy.
If the old saying, “Time is money” is accurate, I’m sure that any owner can think of more and better ways to spend their time than keeping up with paperwork, handling tenant repair emergencies or chasing late rent payments. The added advantage is that it also allows more time for owners to think more strategically about their asset management. This gives owners more time with their families and friends — a great way to REDUCE stress.
If you’d like more information on our services you you can return to the home page: Florida Property Management