What Are The Benefits Of Working With A Property Management Company?
There are many benefits to considering a good property management company
, especially if you are a homeowner's, condominium owners or subdivision association that collects dues and maintains public areas. A good property management company can offer many benefits, but here are the 7 that make them the most valuable:
Billing and Collecting Fees:
Because the cash flow is crucial to many associations, apartment complexes and rental housing portfolios, a good property management company acts as an intermediary that handles the billing and collections of fees, whether they are monthly or annually. Cash flow can make a difference in affording capital improvements, maintaining the integrity of the property values and maintaining the condition of the properties.
Budgeting and Financial Statements:
Many full service property management companies offer all kinds of accounting services and budgeting or financial statement auditing. This is crucial to keep an association or rental property complex in good repair and proper legal standing with lenders, owners and government authorities. Budgeting is important for capital expenditure items, also.
Repairs and Maintenance:
Having a property management company handle the repairs, no matter how major or minor is an advantage, especially when it comes to public amenities, like swimming pools, clubhouses, sidewalks and other common grounds. Individual units in a condo complex can affect other units, such as a top floor unit leaking into lower floors, so quick repairs can be crucial before they cause too much damage. If the need for a contractor becomes necessary, a good property management company knows exactly who to call to get a quick repair at an affordable cost.
Legal Compliance:
Full service property management companies have a legal team that is familiar with local ordinances, state laws and federal regulations. When it comes to associations, this can be crucial, when it comes to handling fiduciary duties on behalf of the ownership.
Leasing or Renting Units:
When it comes to rental units, a property management company is able to pre-screen and handle the documentation for potential tenants and finds those that would be a good credit risk and addition to the community, while staying in federal discrimination guidelines. The same is true when the need arises to evict a tenant in an apartment complex or condo complex with rental units.
Capital Improvements:
When it comes time for capital expenditures, a property management company will oversee bidding, job completion and payment of major projects, while making sure the projects stay within the budget. Because they often deal with the same contractors on a number of assignments, they can get a better deal than associations or owners that try to hire contractors on their own.
Hands-On Management:
A property management company will provide an on-site property manager that will oversee the property, association or subdivision. This is especially helpful for real estate investors that are absentee or located in other parts of the country. Sometimes, a property manager will live on-site or located close by.
A full service property management company can give you peace of mind, which might be one of the largest benefits, if you are the board of directors of an association or an absentee owner. Having somebody to look out for your interests and maintain property value and condition is crucial.
by: William Douglas
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