The value of time-Property Management

When an investor begins the process of residential property management, they often under estimate the amount of time involved with managing the property. Between finding tenants, completing timely and necessary property maintenance and keeping appropriate financial records, there is a great deal of time an investor unexpectedly spends managing the property. With a professional Residential Property Management company, investors can enjoy extra free time by spending surprisingly very little on the added assistance of an experienced professional.
Where the Time Goes
Property management often has the opportunity to be a major gain for an investor, but the time lost managing the investment sometimes does not pay for the profit. For example if an investor chooses to be the single point of contact for a tenant, they will find themselves answering the phone for clogged drains, for code enforcement issues from home owners associations as well as all of the contacts and work involved with finding tenants or renewing tenant contracts. All of this is easily eliminated with the help of a residential property management company.
A residential property management company has the staff, resources and skills to efficiently manage your property. Instead of the investor searching through the phone book or internet for multiple contractors to bid on a repair, the property manager already has a bank of qualified resources ready to complete the job. Designated marketing channels are already created by a residential property management firm, with leveraging opportunities and advertising expertise to help provide continuous rental contracts. Losing multiple months of rental income because of a lack of qualified rental occupants can adversely affect the overall profit of some rental properties extensively.
Hiring a property management company to assist with the day to day functions of a property investment is far less expensive than some investors may think. The typical cost of a residential property management firm is only 6-10% per month depending on the amount of services required at the rental. This is a very minimal fee compared to the time an investor would spend self-managing the entire rental property.
Mike Lautensack is the owner of Del Val Property Management LLC, a FULL service residential property management company located in Philadelphia, PA.