How Property Managers Can Help You Earn More from Your Property

Do you think your properties are not earning you as much as they should? One of the reasons could be that you opted for self-management. Many property owners take this approach hoping to cut costs by cutting out a property manager’s commission, but this is often an ill-fated approach as it is highly likely that your attention is divided and your properties do not receive as much attention as they should. Property managers play a very important role in generating revenue from your properties.

What does a property manager do to improve your property?

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1. Ensure that your property is in good shape

Tenants will not be attracted to run down property. A property manager ensures that your property is well-taken care of, with all the facilities running smoothly. If you have several properties, delegating this task is very crucial as a property manager has more manpower and time to oversee routine maintenance.

2. Improve your tenancy rates

A property manager knows that his money comes from rents. That is why he will work harder to ensure that your properties see full tenancy. A property manager can reduce your tenancy turnover (the rate at which tenants leave) by making your property more competitive. As industry experts, property managers know what tenants are looking for in services and facilities to make sure you stay ahead of the competition.

3. Rent collation

Property managers have the personnel required to collect rents including pursuing rent defaulters. As a property owner, you are kind of insulated against the shenanigans that go into collecting rents including petty court cases.

By doing these tasks, a property manager is able to maintain and even improve the revenues generated by your properties. How does this lead to increased rents?

4. Quality tenants

You may not have the time to vet your prospective tenants, but a property manager has the personnel and time to do it. All you need is provide the tenant profile you prefer and the property manager gets you these quality tenants. You can target low-risk tenants with higher income, able to afford your rents.

5. Better rent collection

This is a headache that you will avoid by delegating to a property manager.  The property manager goes a step further to ensure rents come in steadily, to ensure his own paycheck.

6. Better property maintenance

A clean well-kept property with all the facilities in place will always attract tenants. A property manager is able to keep your property in good shape, which attracts more tenants. He also saves you time that would have been spent on these tasks, and as they say, time is money.