If you are a property owner – rental, commercial, self-storage – this information is for you. Grab your coffee, have a seat and take 5 minutes to read. This one will be full of information, but a fast read.

If you are new to real estate investment with only a handful of properties in your portfolio, you may be attempting to manage your properties on your own. Your business model may be a hands-on model where as the owner, every job falls to you. That’s great to be an owner-operator, and we work to support you as you do that. As such, you likely know that your job is a little bit of everything including maintenance, rent collection, tenant relations, lease compliance, accounts receivable, accounts payable, service contracts, accounting, legal compliance and more. There are likely days when you wake up to find a new task is waiting for you that you hadn’t considered before. Being an owner-operator can often be like drinking from a fire hose. Let’s dive in.

 

What is a property management company?

A property management company handles all aspects of managing your property(ies). They work as contractors to manage your properties while you focus on other work. A property management company will

  • screen tenants,
  • handle lease negotiations,
  • work to retain tenants,
  • address lease compliance,
  • assess and address property maintenance,
  • track expenses,
  • collect rent,
  • assess fees,
  • budget and maintain accounting.

Generally, a property management company consists of a team of 3-5 employees managing specific aspects of the properties for multiple businesses. As they handle tasks related to your specific needs, they free up your time to do other work. Additionally, a property management company will work with other sub-contractors to complete needed repairs and maintenance on a property. They will ensure completion of work as well as payment.

In short, a property management company is a few extra employees that contract with you to work toward the success of your business investments.

 

When should I hire a property management company?

There is no set time to decide to hire a property management company. The better question to ask is this: how am I limiting the growth of my business by not hiring a property manager? Depending on the number of properties you currently own, a property management company can be a great investment to enable you to focus on growing your business.

Property management companies offer tailored solutions based on your specific needs and many can meet your budget needs as well. You may find that the expense of the service is beyond worth it in time freedom that you gain as a business owner. You can always make more money, but you can never create more time.

In deciding to hire a property management company, consider these three questions:

  1. How much time am I spending on the tasks listed above related to my properties?
  2. What is my current tenant retention?
  3. How close do you live to your properties?

All of these questions deal with the amount of time that must be invested into your business that may be preventing you from doing other things.

 

Weaver Realty provides excellent property management services with proven results to reduce expenses. We work with you to meet your specific needs and find solutions that make sense for your business growth. We are ready to work with you today. Call us at 904-733-0039 to find out how we can help you manage your properties.