4 Ways A Property Management Company Can Save You Money
Posted on: 8 February 2018
If you're a landlord, you likely spend a fair amount of time (and money) maintaining your rental property, finding new tenants, and managing all the day-to-day aspects of running a rental property. Looking for potential ways to free up time and save money? You may want to consider hiring a property management company. While doing so will cost you some money up-front, there are many ways in which a property management company can save you money in the long run.
Fill Your Vacancies Faster
Property management companies have funds set aside specifically for advertising and marketing vacancies in your rental units. And because they have more buying power, they'll be able to spread the word more quickly and efficiently about any vacancies you may have in your rental building. As a result, they can fill vacancies with qualified tenants more quickly, thus reducing the amount of time your property sits empty. This, in turn, allows you to minimize your losses when tenants move out.
Save on Maintenance and Repairs
Property management packages often include some level of maintenance and repairs, which can save you a huge amount of time if you've been handling these on your own (or with help from an outside contractor). Often times, property management companies can lower your overall maintenance and repair costs because they have access to local vendors who may provide them with discounts. These savings can be passed along to you.
Cut Down on Evictions
No landlord ever wants to have to get involved in the eviction process, but it does happen from time to time when a tenant isn't paying rent or is violating the terms of his or her lease. Evicting a tenant is a legal process that can be quite costly, so it should be avoided at all costs. A property management company can reduce your eviction rate by screening tenants and only approving well qualified, reliable tenants to rent out your property.
Minimize Damages
Most property management companies also include regular inspections as part of their services offered, which can help you keep your rental units to-code and cut down on costs related to code violations and city citations. As a result, you'll also be able to maintain safer rental units.
These are just a few of the many ways in which a property management company can save you both time and money as a landlord. Consider obtaining a quote from a company in your area today!
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