You want to maximize your property income and enter the short term rental market, but simply don't have time to manage it - what do you do? Property management is a great solution. Below we explain some of the benefits of partnering with a property management company.
An excellent management team lets owners get a good night’s sleep without the hassle of dealing with guests who will arrive at two in the morning or last minute maintenance emergencies. But, that might not be enough to convince you!
Here are ten advantages of partnering with a property management company:
#1 Saving money with contractors.
A management company always looks for the best prices, and works with the best companies who are experienced with the services needed to maintain a home, such as maintaining the lawn and pool, fixing sudden leaks or pipe issues, etc. Property managers are constantly doing inspections, and spot issues before they turn into major problems. This means happier guests and fewer high-priced emergency repair bills.
#2 Increasing revenue with high-quality guests.
Screening guests preserves revenue flow. Experienced managers know how to spot red flags and identify those guests who will be most likely to take good care of the property. Experience and expertise allows them to evaluate guests thoroughly and quickly.
#3 Boosting occupancy numbers.
A veteran property manager understands the importance of short vacancy periods. They offer owners access to the tool they use, show them marketing strategies and rate comparison tools to capture the highest return on investment based on community standards
#4 Making guests stay and return.
Keeping guests happy is perhaps the best way to improve occupancy rates. A good property manager looks for ways to enhance the guest experience. Maintaining a well-decorated home and building relationships are ways they can increase satisfaction to make these guests return for future stay.
#5 Simplifying accounting and invoicing.
An experienced property manager shares information about tax deductions and revenue for owners’ consideration. Most managers provide owners’ statements and reports to keep owners informed about the income, expenses and maintenance costs.
#6 Smooth renting process.
Efficient rent processes ensure financial success for property owners and managers. The management team takes responsibility for establishing and enforcing strict house rules. This gives security for both guest and homeowner. That means homeowners don’t have to spend time and money chasing down guests for unpaid bills or damages they did on the property.
#7 Enjoying the benefits of owning a property without giving up personal freedom.
Some people invest in real estate as a means of funding an active retirement. With a reputable and experienced property management team, owners can travel extensively, spend more time with family or explore other hobbies and interests — without worrying about their property.
#8 Increasing property value.
Annual preventative maintenance inspections, repair or replace policies for appliances and initiating property upgrades to stay competitive protect assets and increase value. Property managers stay in constant communication with owners on how they can increase property value in the marketplace.
#9 Reducing stress.
These benefits all serve to reduce the stress of property ownership. It’s not easy to put a price tag on living a life free from the hassles of being a homeowner managing his own home and guests, but most would agree that less stress is definitely a valuable benefit.