5 Reasons Property Management Services Increase Investments
If you’re considering the benefits of using property management services, read on for five of them. These services will benefit you in a variety of ways, including less time spent on maintenance, better communication with tenants, and higher valuations. But how exactly do they increase investments? What’s so special about them? Let’s look at each one. After all, who doesn’t want a higher valuation?
Less time spent on maintenance
While a property manager may have many tasks to perform, they often neglect basic maintenance and preventing unexpected issues. Proper maintenance can improve the value of a property and maintain a positive resident experience. Property management software can help streamline the process by automatically accepting maintenance requests through a tenant portal and assigning them to vendors. It can also notify property owners of upcoming lease renewals or vacant units. Lastly, property management software can also alert property owners to upcoming lease expirations and unit vacancies.
Many property managers charge a percentage of repair costs, such as 10 percent of the cost. Be sure to check these fees before hiring a property manager. Although property managers have a monetary incentive to charge more than they have to, they still have to compensate themselves for the time they spend on maintenance. Often, the managers are charged for their time in lining up vendors, supervising work, and meeting with vendors.
Better communication with tenants
Effective communication between landlords and tenants is essential to the success of a property management business. Open channels of communication to foster a positive working relationship and happy tenants are more likely to renew their lease. A solid communication strategy also enables landlords to be proactive in problem-solving and address issues before they become unmanageable. Good communication is also essential for keeping tenants informed and prepared for any emergencies.
Good communication with tenants involves regular updates about maintenance, building notices, and local events. However, frequent communication should not feel like spam. A few simple tools that can help with frequent tenant communications include building websites, signs, and seasonal updates. All of these tools can be automated, so you’re sure to be heard. It’s a good idea to use multiple direct media, including email, text, and phone calls.
Ability to make upgrades
When it comes to improving the value of your real estate investment, bathroom upgrades can improve your bottom line and improve tenant retention. Property-management experts recommend upgrading bathrooms. Not only will they impress prospective tenants, but they also increase the property’s value. If you’re unsure of where to start, here are 10 upgrades that can instantly boost tenant retention:
Whether you are a real estate investor looking to make a profit or just want to reduce your costs, property management services can be an excellent option. Increasingly, people are placing more importance on building specifications and other factors that are related to their health and wellness. This will increase demand for properties that incorporate wellness and sustainability features. As a result, property values could increase over time. This is because real estate is historically one of the least volatile investments and offers a significant upside during up-cycles.
As the real estate industry undergoes a period of transformation involving changing technologies, services, and roles, valuation professionals will continue to face challenges. Changing market conditions and regulatory requirements are changing the way valuations are performed. Technological advances are changing how clients view their investments, and staffing and recruitment challenges are altering the nature of the job. The COVID-19 pandemic is adding to the complexity of a profession already facing many challenges.