6 Benefits of Hiring A Property Manager
A Commercial Property can be an excellent investment, however being a landlord is a full-time job and requires many hats. For this reason, many investors choose to hire a property manager, assuring the property’s long-term profitability and efficient management.
Here are a few of the benefits a property manager can offer:
- Tenant Screening: An experienced property manager will help ensure tenants are a right fit for the property and that they are compatible with neighboring tenants. This additionally aides in tenant retention, as those who are happy and feel their needs are met, are more likely to stay for longer periods of time.
- Marketing and Advertising: A full service property management service will have access to several platforms, and possibly a designated team, to market any vacancies your property may have. This will offer a significant advantage when it comes to filling your properties quickly and avoiding long vacancies
- Maintenance: Repair and Maintenance expenses are inevitable, whether its basic repairs or emergency failures. An experienced property manager has a network of vendor contacts, as well as the problem-solving skills, to find the best solution in a timely and cost-effective manner.
- Accounting: Financial Reporting is the key to measuring a property’s performance. Property managers will provide comprehensive reports including budget vs. actual variance analysis, profit & loss statements, general ledgers, and bank reconciliations.
- Rent Collection: Having a third party between the owner and tenant is often an effective way to aid the rent collection process. A property manager will consistently follow and enforce the owners rent collection policy, handle tricky situations, collect late charges and serve any legal notices.
- Legal Issues: Any property may be encumbered by legal issues or subject to code requirements and government regulations. Knowledgeable property managers are familiar with local, state and federal regulations and codes and can help identify compliance issues that may require further legal counsel.
An experienced Property Management Service can increase the efficiency and profitability of an investment, while also relieving the property owner from some of the time and stress that is entailed.
Vice President / Senior Advisor
Dave’s background includes extensive experience with over 20 years in real estate investments. Dave’s expertise in real estate investment is a critical factor in assuring favorable rates of return for clients of COBE Real Estate.
Dave obtained a bachelor’s degree in Japanese from Brigham Young University, and a Master of Business Administration degree from Brigham Young University. He is active in several local and national groups including the Downtown Mesa Association, National Oil Recyclers Association, The East Valley Partnership and The Boy Scouts of America. He is also an active supporter of PREHAB of Arizona, La Mesita, and the Mesa Story Telling Festival.