Do you have a commercial real estate portfolio? If you do, you may be asking yourself, “What is the most efficient way for me to manage these properties?” While you may be able to effectively manage one or two buildings on your own, caring for more than that could be time and energy-consuming. Here’s why hiring a property management company could be the perfect solution:
- Get better quality tenants – Property managers know how to screen potential tenants to get the best ones – they’re more likely to pay on time and treat the property better, resulting in less damage/repairs and lower costs.
- Long term tenants – Higher quality tenants = less turnover which means more stable income. Tenants will also stay longer at a property that’s well cared for.
- Enjoy time freedom – A property management company handles payment collection, coordinates repairs and services, etc. so you don’t have to.
- Creates a buffer – space between the tenant and owner. A property management company makes sure rules and guidelines are followed and keeps things professional.
- Prevent legal problems – Property managers are well versed in real estate laws, specifically laws that pertain to leasing.
- Lower repairs/maintenance costs – Property management companies have solid relationships with local contractors and a better chance to get great service at an affordable price.