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3 Top Reasons to Hire A Property Management Company

Jan 27, 2023

Owning and renting out a property can bring you a great deal of secondary income. However, maintaining the property in good condition, addressing tenant needs, and fulfilling the state and city requirements are other sides of the coin that can cost you a lot of time, energy, and money. That’s why you may consider hiring a property manager to remove the hassle.

Here are three top reasons why hiring a property manager can help, especially if you want to maximize your profits and increase the value of your property.

Maintenance and Repairs

A property manager has a great responsibility to oversee the ongoing maintenance of your properties, such as getting bids, providing repair advice, controlling the work, and resolving complaints when services aren’t performed correctly.

These agencies are usually well-connected with licensed, bonded, and insured contractors vetted for reasonable pricing and work up to code. The built-in network of contractors that a property manager brings to you is an opportunity that DIY landlords miss.

Preventative maintenance programs are another effective way property managers assist you. This service ensures your tenants’ repair needs are addressed promptly before getting extensive and costly issues.

Financial Services

Property management agencies handle rent monies, reserve funds, and security deposits. They’re also responsible for writing checks on the owner’s behalf and ensuring the payment of bills.

In contrast, community association managers collect homeowner dues and pay for the maintenance of community-owned facilities. These duties require financial discipline, orderliness, high standards of integrity, and safeguards to establish transparency and accountability. The laws vary from state to state, but many states forbid the co-mingling of funds and list out rules for how tenant and owner funds are handled.

Out-of-State Property Management

Owners who don’t live in the same state where their rental property is located can benefit the most from a property management service.

For example, these companies perform periodic inspections while you’re out of state and respond to complaints as necessary to keep your property in good condition.

Besides, local property managers usually work with nearby service providers, making repairs quicker and cheaper for you. This also brings more tenant satisfaction because maintenance issues will be discovered and resolved on time. 

Always remember that the likelihood of lease violations may increase when tenants know the owner lives out of state because they believe there’s a lack of accountability.

Real estate investments are too significant not to keep a close eye on.

If your rental resides in the Chicago metro area and you live far from your property, you may want to consider Fairview Realty Group to oversee your rental operations. All you need is to submit their form on the website and have a sales agent call you to discuss your needs and concerns.

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