A residential property management firm can be invaluable to a property owner. This is largely because a property owner often has a vision of watching their real estate investment grow, with a solid rental fee coming in and with a big profit waiting once the property value has escalated over time. What the property owner is almost never prepared to handle is the little clause in their rental agreement with their tenants that requires repairs, replacements and immediate assistance for home repair issues. Waiting to get multiple quotes for repairs of your own residence is one thing. Acquiring timely quotes and actual repairs for a tenant is an entirely different one with potentially significant legal ramifications.
Even minor repairs can become major problems, such as a drain that backs up and warps a floor or a deck with splintering boards that someone has fallen through. An experienced residential property management company will have the right contractors just a phone call away- something that will be essential when working with a contractual obligation to provide safe living standards. Some of the greatest difficulties in working with contractors include finding ones that are reliable as well as finding contractors who bid a fair price. A real estate investor is typically not as familiar as a residential property manager would be when it comes to market prices for particular repairs.
A residential property manager would also be more likely to have an understanding of the processes required for a repair to ensure it is solid and that you are getting your money’s worth. Having the skills to proactively repair a potential issue can pay off considerably. For example, a professional property manager would be able to gauge whether a few bathroom tiles needed to be replaced or whether the drywall was actually the source of the damage and a more extensive repair would eliminate the potential for issues such as mold.
A property owner should seriously consider the skill set a professional property manager can bring to the table in order to ensure the real estate investment is adequately handled. It will only take one preventable repair issue or botched contractor job to make it clear the added knowledge and skills of a property manager would have benefited the overall real estate investment.
