Reasons to Use a Property Management Company for Your Multifamily Property

Reasons to Use a Property Management Company for Your Multifamily Property

  • Jon Grogan
  • 03/10/23

There are many benefits to using a property management company for your multifamily real estate. Investing in real estate is lucrative but can be very time-consuming if you do not have any assistance. Property management companies take the stress away and allow you to focus your attention on other projects in your life without having to worry about handling tenants' issues and concerns. If you’re taking on a multifamily property, keep these factors about property management companies in mind.

They are the point of contact

Just because you are investing in a multifamily property does not mean you should have to worry about being contacted by tenants every day for small issues or questions. A property management company acts as the point of contact for your tenants and takes care of their needs without interrupting you. Many property management companies will be on call 24/7 for any maintenance issues that your tenants may have, which will increase tenant satisfaction and decrease turnover. Additionally, property management companies have many contacts in the industry who they can call to handle any situation that arises.

Instead of having to maintain the properties you currently own, you can look ahead for more investment opportunities, enjoy stress-free days, and have confidence that your properties are being looked after by professionals.

Professional marketing services

A property management company will be able to market your multifamily home on a local, state, and international level to maximize visibility and get tenants in the home swiftly and efficiently. For example, they could market to buyers looking for homes for sale in Manhattan Beach and have showing requests as soon as possible. These companies are able to get you the best tenants in the shortest amount of time and will schedule and attend showings and open houses any day of the week.

They make sure rent is paid on time

Property management companies deduct their fees from a property’s monthly rent, and as such, they are highly motivated to ensure that rent is paid in full and on time. These companies will have efficient collection processes in place to ensure that everyone is getting paid when they should, giving you one less thing to worry about.

Using a property management company helps to enforce rent payments, as tenants will always have someone around holding them accountable. If rent payments are not made on time or not paid at all, the company you are working with will know how to handle the situation swiftly and efficiently to keep your investment secure.

Avoid legal issues

There are a variety of fair housing and landlord-tenant laws that must be adhered to in order to avoid potential lawsuits. Having a property management company work for you means you have a team of people who know the laws on your side, saving you time, money, and headaches. Additionally, certain companies will take care of potential lawyer fees that would come along with evictions or property damage, giving you an extra layer of security.

This can be especially helpful if you do not want to have to handle evictions on your own or collect rent and security deposits. The knowledge and expertise that property management companies have with the specific local and national laws surrounding real estate rentals will be a great help to you throughout the process and allows you to push any worries aside.

Expert communication

Real estate is a very personal industry due both to the amount of money invested and the fact that it deals in homes. Having a property management company act as the middleman between the tenants and the owner allows them to remove the personal aspect and increase the effectiveness of the conversation.

When both parties are personally and financially invested in a property, it can have an impact on the way they are able to communicate with each other. This can be especially noticeable when a tenant has a complaint or issue that needs to be addressed. Property management companies have expert experience in acting as facilitators and handling situations in a way that makes both sides as happy as possible.

Monitoring income and expenses

Your property management company will keep track of all your expenses and your income, providing you with an itemized statement each month. You can also receive a yearly statement for your records as well as for tax purposes. These companies are designed to simplify your investment experience and create a system that you do not need to maintain for it to be efficient.

Access to connections

Working with a property management company means having access to all of their connections and knowing that whatever your tenants or the property itself may need, the company you work with can swiftly take care of it. For example, they will be able to call a trusted electrician or plumber at a moment's notice, schedule any type of repairs, and perform general maintenance and upkeep.

Getting started

Investing in real estate is an incredibly rewarding, lucrative experience that provides impressive profits in no time. If you are looking for new investment properties, multifamily or other, Jon Grogan is ready and willing to assist you in the process. He has nearly a decade of experience as a real estate appraiser and is the owner of Jambi Property Management.

Jon has an incredible passion for the real estate industry and strives to see his clients have as much success as possible. He makes sure to maintain steady and reliable communication with his clients through all stages of the real estate process and will always be able to help you with whatever needs may arise. Jon is familiar with Hermosa Beach real estate as well as surrounding areas and can help you have the best investment experience possible.

Whether you are in the market for a new investment property or are looking to rent out a property you already own, Jon can help you with it all. With him on your side, you will have access to all of his professional connections and will be perfectly set up for real estate success. Please feel free to contact Jon today to get started on this next chapter.

*Header courtesy of Jon Grogan

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