Recently, our CEO Michael Khesin was sought out by Real Estate Bees to participate in their article on Property Management Companies. Real Estate Bees is a community of U.S. real estate professionals that helps them project their expertise and grow their business.
This article features answers to the question “What Does a Property Manager Do for You?” from six property management professionals. As Michael’s answer was the most in-depth, it was placed at the very top of the experts’ answers.
Michael provided a comprehensive overview of the duties of a property management company, with a focus on the specific benefits they bring to a property owner. See the full article: What Does a Property Manager Do for You?.
Michael’s comments examined investment property ownership from the owner’s perspective. He immediately addressed the issue of the typical property owner’s expectations when they acquire a rental property.
Many investment property owners are not prepared to deal with the time-consuming responsibilities of owning rental property. He pointed out that owners often have other careers, and that taking on the added responsibilities of property management can put stress on their families.
He then took time to explain how this can be avoided by using a professional property management company.
Michael explained how property management companies handle the areas of a) dealing with the property, and b) dealing with the tenants.
He detailed the numerous duties in both categories including;
- Finding, interviewing (vetting), and leasing to tenants.
- Interacting with existing tenants, their complaints, and their maintenance requests.
- Ongoing maintenance of the property.
- Immediate repairs that come up on short notice
He also shed light on how these different responsibilities can overlap and impact each other.
For example, he referenced industry studies that show that “potential tenants appreciate details including how maintained and clean an entrance is, (and) the smell of a space and ease of entry”.
A consistent theme of his comments is the amount of time that it takes to professionally perform these tasks. This includes building and maintaining a directory of service providers that you can call on when you need them right away. Using a company that specializes in this kind of work is the key to a property owner’s success.
One unique perspective that Michael shared with the readers is how a property management company can enable an investor to grow their portfolio.
With reduced demands on their time, an investor can find and purchase other profitable properties. They can increase their returns without hurting their primary career or their family responsibilities.
When an owner doesn’t have to personally be on the property on a regular basis, they can invest in properties that aren’t in their immediate area. This expands their potential markets and allows them to pursue properties based on value, not convenience.
And, as Michael shared with his audience, the right property management company can also help you find those opportunities.
All of this was summed up by him as he encouraged his readers that a good property management company can help them reach their goals. Investment property owners can enjoy the mailbox income that they expected without the headaches of investment property ownership by using professional property managers.