Understanding the Challenges of Property Management

Property management services are ideal for out-of-state owners or large investors; however, the value of a property management service is not contingent upon the size or location of your real estate portfolio.  You can add value to your investment by hiring a property manager if you have 1 or 1000 rental units and if you […] The post Property Management Is Complicated appeared first on Atlas Real Estate Advisors.

Property management services are ideal for out-of-state owners or large investors; however, the value of a property management service is not contingent upon the size or location of your real estate portfolio.  You can add value to your investment by hiring a property manager if you have 1 or 1000 rental units and if you live next-door or hundreds of miles away.  Here are a few reasons why:

1.   Local laws are complicated

Becoming a property owner and leasing a unit opens the door for many legal concerns. The housing industry is one of the most regulated. A property manager eats, breathes, and lives local ordinances and will assist in protecting you and your asset(s) against legal issues. Knowing local, state and federal fair housing laws is a must.

2.   Real estate is not your primary business

Most property owners have a family they like to spend time with and a primary job that is not real estate.  It is not a pleasant experience to be disrupted during your work-day or woken up at 2am when there is a leak or a tenant gets locked out of their home. Good property management firms have 24-hour emergency service so that you don’t have to deal with this problem and others like it.

3.   Reliable contractors are hard to find

Property managers with experience have an established list of preferred vendors and get better rates and response time on maintenance calls than an individual.  This is due to the amount of business they provide the contractors and the fact that they’ve spent years identifying reputable and reliable vendors with the best prices.  .

4.   There’s more to it than collecting rent and paying the mortgage

Property management firms have access to market trends and comps that allow them to achieve the maximum monthly income for the owner. But, many owners of investment property forget to budget for tenant turnover, eventual replacement of mechanical systems, potential increases in HOA dues/taxes and other miscellaneous expenses that impact the bottom-line.  As professionals, experienced property managers can help you project the long-term viability of your investment over time and plan accordingly.

If you have questions about property management or would like to discuss management of your residential or commercial real estate investment(s), please call our sister company, Rent Athens LLC, at 706-389-1700 or email us at Info@RentAthens.com anytime.

The post Property Management Is Complicated appeared first on Atlas Real Estate Advisors.