When you first bought your investment property you probably didn’t realise just how much time it would take out of your schedule. Not only do you have to deal with your tenants and their issues, but you also need to do constant maintenance checks.
If you were to keep track of all of the time spent on phone calls with tenants, maintenance repairs, and other tasks, it would add up to be a full-time job.
There is no need to fret, hiring a property management company will help ease the burden of managing your investment property. I know what you are thinking, you don’t want to spend any more money. Well, what if I told you that hiring a property management company can actually save you money?
There are many benefits to hiring a professional property management service to assist you with your investments. Here are some ways that they can save you money.
Increase Your Overall Investment Value
A property management company does all of the nitty-gritty work for you. This includes taking care of the maintenance and residential updates. Not only will they do all of these updates for you, but they will keep them on track with market trends and keep them at a high quality. Which will end up increasing your properties value.
While doing this they will also implement strategies to reduce operating costs. Which means you see more savings.
Save Money On Maintenance Costs
By staying on top of maintenance issues, a property management team will do repairs as soon as they are needed – and they will do them with quality maintenance to help prevent further issues.
Since the property management company deals in volume, it might be able to secure reduced rates for the contractor’s services. Allowing your property to be fixed in a professional and timely manner, all while saving you money.
Guaranteed Rent Collection
Receiving rent in full and on time form each of your tenants is crucial to your investment property being successful. However, dealing with tenants can be a tricky issue. Some tenants will walk all over you, if you let them.
When you hire a professional property management company, you don’t have to deal with tracking down rent anymore. They act as a buffer between you and your tenants. They will collect the rent, and deal with evictions if they occur.
Claim More Deductions When You File Taxes
Using a professional property management company can turn next year’s tax season into a more fruitful time. Since all of the fees associated with management services are tax-deductible, you are able to submit more of a claim on your property.
Just make sure that you keep a paper trail of all of these fees and exchanges – it will make filing your taxes much easier.
Reduced Vacancy Lengths
Every day that your property sits vacant, it costs you money. Trying to find suitable and reliable tenants can be a headache. Using a professional management company will do this for you. They will fill vacancies in a timely manner and make sure that the tenants follow the rules and regulations of your property.
Bonus – More time for you
Time is money. A property management company will lease your property, qualify tenants, collect rent, field phone calls, handle repairs, renew leases, and deal with anything else that might pop up.
Hiring a professional property management company will give you back your time to spend it however you like.