Property management firms can handle everything from minimal maintenance of the property to full-service management. Perhaps you’re looking for someone to handle day to day support of tenants in a rental property. Maybe you need basic second home management or vacation home management, giving someone else the responsibility of cutting the grass and checking on the property when you’re not there. Here are a few benefits of good property management.
The Ability to Monetize the Property
Long-distance landlords face many challenges. How do you find a good plumber to fix that backed up toilet in the rental when you live several states away? How do you clean up the property after tenants move out? A property management firm can take care of all of this for you, and they’ll simply take a portion of the rental income in exchange. If you have a second home or vacation property, you could hand off this work to a property management firm. This could allow you to earn income from short term rentals of the property with minimal work on your part, and the property will be in great shape when you come to stay.
Reduced Insurance Premiums
Insurance premiums like mortgage rates tend to be higher on second homes and vacation properties. Since you aren’t there day after day, you aren’t going to notice leaking pipes until they’ve ruined the drywall or flooded the carpets you find upon your return. When you have a property manager checking on the condition of the property and making repairs as necessary, the odds of the property being severely damaged go down. This can significantly reduce your insurance premiums. Regular checkups and routine maintenance will reduce the overall cost for property maintenance, as well.
Fewer Legal Problems
A property management firm will vet tenants before they move into your rental property, and they’ll use legal criteria to do so. They’ll handle any evictions, and they know how to work through the process without being sued. If there are issues with squatters or overly tall grass, the property management firm will take care of it before code enforcement or the home owner’s association starts hitting you with steep fines.