Signs You Need to Hire a Rental Building Manager

Perhaps your rental properties have grown to a size more than you can effectively manage alone, or you just feel the need to take a load off your plate, to balance your life. Hiring a building manager whose expertise covers nearly everything you need to keep your rental business in its best shape, is a smart move. Not sure whether you need one now? Here are three signs.

Your properties’ maintenance needs is consuming much of your time.

You’ve listed 30 errands to run for the week, yet you’re not even sure if you can accomplish them all. You find yourself arranging to fix a broken heater in your building late on a winter night. It takes your handy man a long time to repaint units or clean carpets after a resident moves out, so you find yourself spending more time in coordinating maintenance issues rather than spending time with your family.

You live too far from your property.

The drive is long just to get to your rental building, and you’re wasting time. The rest of the day you have to accomplish tasks, such as fixing the plumbing pipes, replacing the broken window, and welcoming a new tenant.

By delegating these property management tasks to professionals, you can focus more on managing your income flow. If you’re moving out of New York, yet you intend to keep your property, you can consult with a building management company to find out how they can help you with your investment.

Maintenance Concerns for Your Building Management

Hiring a building management company to help you do your landlord duties on your properties can be a boon for your business. However, you can’t just fully hand over the responsibilities, without you checking in regularly. As the owner and landlord, you need to make sure that your properties are properly taken care off, while you allow yourself time to focus on other equally important matters. When choosing a building management company, consider these concerns:

Preventive Maintenance

Building repairs should never go unnoticed or you’ll end up confronting bigger problems. The company you hire must have a system in place to address this. Regular inspections should be conducted to ensure that the building is safe for tenants.

Why You Should Consider Property Management

Having your rental property managed by a property management company mainly gives you convenience. It frees you up from the time and effort you would’ve spent if you manage your property yourself. This is especially great if you have more than one. However, the benefits don’t end there. Here are some of them:

Tenant Selection. Not only does a property management company have the experience and expertise to find the right tenants, it can also do so quickly. This dramatically reduces the risk of getting a problem tenant.

On-time Rent. This is related to the above, since quality tenants are less likely to be late in paying rent. Also, the property manager practice consistent rent collection and also strictly enforcing lease policies if ever a payment isn’t received.

What’s Inside Your Property’s Financial Reports?

A building management company can take care of preparing regular financial reports about your commercial properties. These documents basically tell the Board and your accountant how much money each property has made and/or lost at the end of the month. The reports are a lot more complicated than that, however. In any case, here are the two things you would usually find in these reports:

What Can You Expect from a Property Manager?

Perhaps you have invested into some real estate, or you are interested in investing in real estate; it is hard not to see the allure of earning “easy” profit by leasing residential units or office spaces to tenants and clients. Running commercial property for lease, however, is anything but easy. It involves a lot of patience (especially when dealing with multiple clients), observation (to keep track of developments), and knowledge of maximizing operational expenses.