Statistics show that the United States property management industry generates $69 billion in revenue every year and employs as many as 744,614 people. In spite of this, the business is apparently still growing, as research indicates that property management companies expanded 3.1% every year from 2009 to 2014. If you are a property owner who has experienced the various stresses of rental property management, there is a significant chance you have wondered if property management services could help you. But what tasks are typically performed by rental property managers? Read on to find out.
- Maintenance and Repairs– The most common responsibilities property owners face on a daily basis are typically related to maintaining and repairing rental units. This work is not only time-consuming and often expensive, but can also be the source of a great deal of strife between landlords and tenants. Rental property managers are able to provide regular maintenance and repairs for your properties, making the process more time efficient and less stressful for all involved.
- Staffing and Services–If your property utilizes various local companies and employees to help your rental units function as effectively as possible, you likely accept that sometimes, the expense is worth the results. However, no one wants to give more than they receive in a business relationship. A property management company can help by analyzing your established vendor relationships, checking your staffing efficiencies, and ensuring all of your services are worth their cost. If they are not, a property manager can typically help you find the best possible replacement.
- Energy Usage– If you’re tired of paying extensive fees to keep your buildings lit and heated, rental property managers can help. An experienced property management company can help a property owner lower their monthly energy bills by as much as 50%, simply by analyzing a property’s power needs and making simple, affordable upgrades.The potential savings from this service alone are substantial.
- Taxes and accounting– Tax mistakes can be costly. Rental property managers can help their clients manage the tax reporting and related responsibilities associated with owning rental units, reducing the risk of error. This is useful in preparing for a potential audit or simply ensuring the financial security of your property.
Owning rental property comes with a variety of challenges, from attracting good tenants to collecting rent. However, with the help of a property management service, property owners can reduce some of their responsibilities by outsourcing them to a trustworthy third party, letting them focus on more important aspects of life. If you want to lighten your task load, contact a property management company near you to discuss how they can help you and your rental property. More research here.