There are a number of good reasons to hire a property management company in NYC to take care of the day to day operations of your rental property. We often talk to landlords who are on the fence about whether to go with a professional company or try to manage the property on their own. Today we are going to highlight five of the best reasons to hire a property manager.
Chances are good that owning and maintaining a rental property is not your full time job. You probably have a lot of other things to do, like go to work and spend time with your family. Property managers can make sure your time is protected. We are available to tenants around the clock and we can answer questions and solve problems whenever they come in. No landlord relishes the idea of a phone call at 2:00 in the morning from a tenant with a report that the water heater is leaking. When things happen at your rental property, you need to respond immediately. Here at HomeSpring, our maintenance team is available 24/7
We are always surprised when landlords say they don’t want to hire a property manager because of the money. Property managers can actually save you money. Think about the expense of an eviction or a lawsuit or a vacant property. Professional managers save you money by keeping you and your property protected. You’ll spend less on maintenance because property managers will get you better deals. You won’t have to worry about a house that’s vacant for months between tenants because a property manager will know how to turn it around quickly and price it correctly. You won’t have to struggle to organize your finances and receipts because your property manager will provide a detailed accounting statement every month. Also remember that your property management fees are completely tax deductible.
Finding the right tenant can be stressful. You need to advertise, show the property and sift through applications before finding the best tenant. Property management companies have successful marketing and screening procedures in place to ensure you get a tenant who pays rent on time and takes good care of your property.
When that tenant calls in the middle of the night with a water heater issue, you’re going to need a contractor you can call right away. If you don’t have one on speed dial, it’s going to take you a lot of time and energy to find someone willing to come right out and take a look. Property managers have these relationships in place already. They have a network of vendors, contractors and repair people who do good work for affordable prices. Also here at HomeSpring, we have our own in house maintenance team and there available 24/7.
It is experience that tells a property manager when a tenant isn’t being completely honest, what kind of pets should be allowed on the property and whether any advertising is violating the fair housing laws. Professional property managers have access to all the updated laws, forms, requirements and information that is critical for landlords. If you’re still not sure whether you should hire a professional property management company for your rental home, contact us at HomeSpring, we’d be happy to tell you more.