If you have recently acquired commercial investment property, you are probably looking for ways to increase its value and make profits as well. Some real estate investors think that managing their own properties without professional help would save them time as well as allow them to directly communicate with tenants. However, hiring a commercial property management company could actually yield more benefits and save you money. Here are 3 key benefits of hiring a competent property manager.
Averting legal hassles
Breaking state and government laws on property possession and tenancy could lead to costly lawsuits. Professional property managers are well aware of such laws, and are armed with the experience to help keep you out of trouble with regard to issues such as terminating leases, handling evictions and rent collection.
Having a property management organization manage your property would reduce the risk of carrying out unlawful actions against tenants and exposing yourself to legal woes. The management would research issues such as lease addendums and property inspections to ensure the methodology used is lawful and legitimate.
Shorter vacancy cycles
Property management can be an effective tool to ensure vacancies on your property are filled much quicker. Management companies do this by researching the local market and studying competing properties to determine the optimal rent rate that will not deter potential tenants or have you losing money, while also suggesting and overseeing improvements to your property that would maximize value and attract customers.
The management company would usually have a wide marketing network that can have ads posted on many platforms, enabling you to get new tenants quickly.
Higher quality tenants
With a property management company, you will most likely get professional tenant screening that you cannot accomplish on your own. By using their experience and expertise on reviewing tenant applications, professional property managers can effectively root out tenants who are likely to cause problems, such as defaulting on rent, damaging your property or creating other issues.
Professional screening also gives you tenants who are likely to rent for longer. This is important because a high tenant turnover means higher marketing, screening and renovation costs.
Hiring a property management company, like Bradley Scott, Inc., to handle your real estate can yield more value and better tenant-landlord relations as a result of better rent collection procedures, professional maintenance and renovation of your units, as well as better marketing to help get you new tenants.