Most of us were not prepared for the pandemic and some businesses struggled in adapting to the new normal in their business operations. Suddenly, dining in your favorite restaurants was considered dangerous and you have to opt for food delivery or takeout meals. Movement and gatherings were restricted for health and safety.
Given the situation, property management companies are also forced to adapt to the new normal. If you currently hired one to oversee your rental property then you’re able to evaluate their performance during the crisis.
If you’re a self-managing landlord, you’ll realize that there are plenty of benefits when it comes to partnering with a trusted property manager.
Hiring a property management professional isn’t enough; it’s also essential that you pick the right one. Here are great benefits you can enjoy especially for self-managing landlords:
1. Less stress compared to managing the property on your own.
The pandemic has shown that being a self-managing landlord can be exhausting. You have to conduct inspections on your own. You have to respond to emergencies especially if the virus has spread within your premises. You have to secure resources to start hygienic protocols.
It’s a challenging scenario when you have to take care of yourself, your family, and your rental property – especially San Jose property management and Mountain View property management when dealing with strict rental control laws emerging in Santa Clara County. You are aware of your landlord duties so you can’t disappear and just leave your tenants on their own. Safety and health are also part of your responsibilities.
You can also opt to stay at home and prioritize taking care of yourself and loved ones. You can enjoy your freedom, time, and peace knowing your property is in good hands.
2. Less property repair and maintenance costs.
To raise the property value, your rental unit must always be in top condition. On your own, your resources are limited. In a pandemic, supplies are meager since everyone needs the same things. It’s a bleak situation for self-managing landlords.
On the other hand, property management companies have easy access to both supplies and repair services. They can maintain your rental property at lower costs given their savings on volume since they manage multiple properties. They have a vast network to make the repair and maintenance tasks efficient.
Additionally, a property management team has professional skills to perform excellent repair and maintenance. They’re also well prepared when it comes to crisis management and executing contingency plans.
A self-managing landlord generally spends more time and money when hiring and sourcing maintenance manpower. Vendors also give discounts to property management firms based on volume of work, and a self-managing landlord won’t be able to take advantage of that.
3. Less legal problems.
A self-managing landlord has to learn more about state laws, federal, and local policies. Otherwise, one risks facing lawsuits from the tenants. This is not only financially draining but also time-consuming.
In the pandemic, you may face eviction problems, lower or delayed rent collection and you might also defer any property upgrades that you have promised and signed in the lease agreement.
Property management companies can easily handle legal situations. They can prevent a rental property owner from dealing with lawsuits. Some have in-house attorneys who constantly monitor compliance of the property manager to protect the clients. In uncertain times, it’s a relief to know that you’re legally protected even in the terms of your tenant-landlord leasing agreement.
Knowing that your property manager always practices the due process will provide you with peace of mind. Some situations can be legally complicated especially during the pandemic when you find that rental payment can be slow.
A property manager will know how to manage these situations without stepping beyond legal boundaries. Hence, you’ll also avoid paying hefty penalties.
4. Solid tenant retention in the face of crisis.
A property manager (“PM”) has a solid tenant retention plan. A PM knows that certain market conditions are tough. A PM has flexibility and knows how to adapt especially when it comes to setting the rent prices, offering discounts, and increasing the rent. Attracting a new quality tenant takes time and resources. A PM knows how to keep good tenants for a longer period.
The PM’s goal is to keep your rental property full since consistent income will give you the fastest ROI. A PM knows that vacant units require maintenance expenses and the PM is focused on retaining your quality tenants. The PM is a professional whose skills, experience, and knowledge are invaluable especially during uncertain periods.
A self-managing landlord can also have the skills to keep their tenants loyal. However, the myriad of tasks that a PM team experiences on any given day can be overwhelming for an individual doing it on their own.
5. More revenue because of enhanced tenant management and customer service skills.
A property manager has solid skills and experience when dealing with your tenants. The PM has met every kind of situation in the course of managing multiple properties. The PM communicates well and professionally represents the property owner. The PM also knows how to mediate during tenant conflicts.
Nowhere does outstanding customer service shines more than in a crisis. The COVID-19 pandemic has showed which property managers can maintain composure and respond superbly to tenants’ needs. This makes a difference since having great customer service makes tenants want to extend their rental and renew their leases.
A professional property manager who can handle speedy property maintenance requests from tenants means consistent patronage and consistent returns. As a self-managing landlord, it might be challenging to balance your property maintenance duties with the tenants’ ongoing service demands. Hiring a customer-centric property manager is a great solution to this dilemma.
The bottom line
There are several property managers that advertise their services. However, it pays to assess the values they offer. Pick the best value… the property management company whose services provide the highest level of service per dollar. You often “get what you pay for” with discount property management. Finding a high-value solution will reward you with peace of mind and maximum returns.