You’re in the middle of a harsh winter storm and you feel safe and comfortable in your warm and cozy apartment. All of a sudden, the temperature inside drops. Frantically, you adjust the thermostat to crank up the heat, but nothing happens. Before you know it, you are pulling out winter coats and searching for that ancient electric heater. Your heat is completely out and it’s the middle of winter. What do you do?
Shortly after contacting the property manager, a gentleman shows up at your residence with a new furnace to install. He has the equipment installed in no time at all and you are now warm and cozy once again. That’s just one of the many reasons I love property managers – they turn up the heat. Is it getting hot in here or is that just me? If property managers can make you feel warm and fuzzy inside and out during a deep freeze, imagine what more they can do.
Residents love property managers because they come to the rescue. Homeowners love property managers because they arrange and schedule all routine and unexpected maintenance, then ensure projects are executed on behalf of the property owner. The following are five reasons why I love property managers:
1 – They Handle Conflict
While there is the occasional outspoken aggressive personality that loves nothing more than confrontation, most of us would rather avoid conflict when possible. Property managers deal with conflict on a daily basis and are prepared to handle it on your behalf. In essence, they do the dirty work of confrontation management.
Whether you are a resident that is dealing with a creepy neighbor that is always taking your assigned parking space or the apartment complex owner that would have to deal with the parking situation – the property manager is there to resolve the issue for everyone. They have the authority and the power to tackle the tough issues with residents, which makes them kind of sexy – another reason I love them.
2 – They Bring Home the Bacon
If a rental property is a source of income for you, of course, you are going to love making out on your investment. By hiring a property manager, you don’t have to collect rent, deal with the tenants, hire contractors to keep up with repairs – nothing. All you have to do is sit back and get paid. You’ve got to admit; the fact that property managers are money makers also makes them kind of hot.
3 – They are Masters of Organization
You stored that contract around here. Somewhere. But where? You check your accordion folder, but – it’s not there. Next, you tear through your file cabinet, surely that rental agreement is tucked away in a file. It isn’t. Finally, after rummaging through every drawer and piece of paper in the house, you give up the search. Does this scenario sound familiar?
4 – They Help Strike a Deal
As competition for tenants increases – so do the demands of residents. In fact, It is not uncommon for property managers to deal with people who demand every amenity under the sun in order to sign a contract. Each challenge is an opportunity and a chance for the property manager to shine. They speak to and for both parties in order to reach an agreement and sign contracts.
- Every tenant is different.
- Every property manager is different.
- Every contract for a rental property is different.
Property managers understand these differences and are skilled at dealing with various personality types. Not everyone is equipped to deal with people, especially during a housing transition where they are likely to be more picky or difficult than usual (moving into a new place is a big decision and with that comes a lot of anxiety).
Packing a full arsenal of expertise, a seasoned property manager has been around the block more than a few times (dare I say this is also sexy?). Playing a crucial role in the negotiation process, property managers can offer good advice to real estate owners on typical rent according to the type of property, standard agreements, and other important details to make sure that both the tenant and the property owner have realistic expectations of one another.
6 – They Generate Reports
Smart property managers are making use of advanced tech tools to complete their inspections without missing a beat. Some providers supply property inspection software that comes with pre-built templates and checklists that walk property managers through the inspection process to make sure every angle is covered during the inspection. This particular software also provides video inspection guidance, electronic signature capabilities, and professional reports that make property managers shine in the eyes of clients.
What do experts think when it comes to working with property managers?
Salvatore Friscia is a Residential Property Management Expert & Entrepreneur:
“Real estate investors who are serious about investing understand that their time is better spent acquiring properties that generate income then trying to self-manage them. The hiring of a professional property manager may be dollar for dollar the best money an investor can spend on growing their portfolio. One of the many hidden benefits of property management is that it’s tax deductible, something all real estate investors should take into consideration.”
Mark Longman is a UK-based investor, property sourcer, and landlord:
“Investors should hire a property manager for a few reasons: if they haven’t managed a property before, If they have a large portfolio of 6 or more and if their portfolio is a distance away from where they live. Working with a property manager adds a layer of anonymity. A good property manager has a good knowledge of the local area for properties, rental and possible tenants, which will save the landlord money over a period of time. He further notes that legal obligations are increasingly strict in the UK and that not following regulations can lead to high fines. A good property manager is aware of these rules.”
Paid to be organized
Whether you are a tenant or a property owner, keeping track of all associated property paperwork can be a nightmare. Documents such as contracts, rental agreements, utility bills, inspection reports, and maintenance statements need to be saved and stored in a safe place.
Leave the paper trail for the property manager to deal with. It’s what they are good at. Paid to be organized, property management is a career for the meticulous, detail-oriented individual (a little OCD helps, too). Did I mention how much I love perfectionists?