A recent study published by Psychology Today has debunked the myth of multitasking. It turns out that our brains aren't so good at doing two things at once, after all. If you're stepping into the rewarding world of property management, you will often find yourself trying to do not 2 or 3, but many things at once. Unfortunately, your brain isn't built for it! Hiring a property management company can free your mind and make your property management business more efficient. Here are some of the top reasons why.
1. Property Management: A Landlord-Tenant Barrier
As the owner of a property, you may not have the mental bandwidth to deal with a constant stream of complaints and requests from tenants. Tenants are your greatest asset, but they can also be the source of mountains of seemingly endless work. An expert property management company in Richmond can serve as a professional buffer between you and your tenants. They can not only handle requests but keep communication fluid and responsive.
Keeping tenants happy means you, the owner, don't have to. While it's enjoyable to satisfy your clientele, there's a thin line between having healthy interactions and an emotional stumbling block. Property management companies in Richmond can take the blow for you. When tenants have concerns—reasonable or not—a property management company can be a wet blanket on what could have been a blaze of emotion.
2. Properties with Professional Management Are Leased Faster
If an owner tries to juggle dozens of balls at once, potential tenants can see and feel the resulting tension. Not surprisingly, this makes them less likely to rent from an owner. Tenants prefer renting through a property management company! Here are some reasons why:
- Stronger infrastructure: The infrastructure of a property management company gives it the power to better handle tenants' needs than one individual acting alone.
- A professional presentation: A polished presentation puts a handsome face on your business and eases the minds of potential tenants. It also creates a sense of unity when you have more than one property!
- Availability: A property management company is less likely to have to cancel an appointment or schedule one at a time inconvenient for a client. Consistent availability helps smooth out and speed up the process of acquiring and converting tenants.
The desire to maintain control is understandable—particularly when it comes to an investment as significant as property. However, this is precisely why professional property management is such a valuable asset. An adequately organized management infrastructure helps keep the revenue stream flowing smoothly.
Also, in reality, as an owner, you aren't giving up control when hiring a property management company. On the contrary, you are gaining control over a broad range of responsibilities because you are hiring more hands, feet, and minds. You get more hands to do work, feet to run errands, and minds to turn problems into opportunities.
Property Management Companies Have Tools that Add Tangible Value to Your Business!
Property management companies in Richmond have two valuable assets that create new value for your real estate rental business: experience and resources.
Property management comes with a learning curve; skillful management involves a lot more than changing light bulbs and swapping out a water heater every few years. Satisfying the needs of renters is a complex and delicate endeavor.
For example, let's say you're new to the landlord experience, and you finally found the right tenant. After a couple of months, the tenant starts to complain; they are having an allergic reaction to something in the home. They have gone to their primary physician, an allergist, and the emergency room. All have said the same thing: It's something in the house.
You made sure the property is lead-free, and it was mold-free when the tenant signed the agreement. It will take some investigating to figure out the actual problem. The tenant adds that if the issue isn't corrected soon, they will be asking for reimbursement for medical expenses.
What do you do? Do you have time to comb through the home to figure out what the problem is? What if you discover evidence that the issue is something that is not your fault? Do you know how to manage the potential conflict in a tactful, respectful manner without conceding and incurring financial damages?
A property management company can take care of issues like this for you, all the while keeping you in the loop—and away from stressful conflict.
So save the multitasking for playing solitaire while at work! You're only one person, but the good news is you can effectively clone yourself several times over—if you hire the right property management company. The overwhelming list of tasks can be dizzying when you're new to property management. However, with the help of Mission Realty, you can keep your eyes on one task: watching your bank account grow.