Property management is an underrated part of the real estate industry. People don’t know how important it is for tenants and property owners. However, during the world pandemic, property managers came into the spotlight, and everyone realized how important they were. So why was property management overrated in the first place?
They’re Too Good at Their Job
Property managers are the silent worker bees of the real estate industry. They show up every day and prevent genuine disasters. People are more likely to notice and remember negative things in this world. While you never know what good things you had going until you lose them. You may have never noticed why your property manager is important because they did their job too well. Here are some examples of how they do their job exceptionally well and make it look easy!
Always Keeps Your Units Full
When was the last time you had to go through rental applications or interview a potential tenant? Not since you hired your property manager. Some people have never been through the process of finding tenants at all. They cannot truly appreciate how challenging this process is. However, property managers don’t quit or settle for the wrong tenant. They know the importance of ensuring that all of your available units are full. When your units are never empty, it’s easy to credit things like your location instead of the property manager.
Never Violates Any Regulations
During the pandemic, there were several different regulations placed on different areas. The responsibility to ensure the safety of the tenants and that none of these regulations are violated fell on the property manager’s shoulders. This aspect of property management was crucial for multifamily and single family properties alike. Property managers went above and beyond, while providing safety and convenience to their tenants and clients throughout the pandemic.
Always Keep Tenants Happy
Has your phone ever blown up with complaints? Ideally, your number shouldn’t be in the hands of your tenants at all. Although, it’s not uncommon for long-standing tenants from before you hired a property manager to have it. They can also spread that number around to other tenants.
If your tenants are unhappy, they can keep calling you and keep disturbing you. If they are truly troubled, it could become a real nightmare. However, if your property manager provides timely support for their needs, it is likely that you will never hear a peep from them.
Always Collect Your Rent on Time
Rent collection used to be a massive hassle for owners. Tenants would start hiding and avoiding you. Rarely the whole process was short and sweet, meaning you said hello, received your rent, and went on your merry way. However, usually, tenants demand extensions on the due date. They can even get rude if you insist, and evicting them is another hassle.
Nowadays, people hire property managers immediately, so they aren’t aware of the trials and tribulations of rent collection. For them, an amount shows up in their bank account every month, which they tally with the reports they receive from their managers.
Property Management Is Not Flashy
Another reason property management is underrated is that it’s not fancy work. It consists of the day-to-day aspects of preserving your properties and ensuring that everything runs smoothly.
The general public doesn’t consider property management when considering the real estate industry. They think of things like real estate sales and investment first. These are flashy jobs with big paydays which have been around longer than property management.
However, when it comes down to it, both of these things depend on property management. It is the crux of all things in the end. If the property is not managed correctly, it needs more repair and remodeling, making the margins thinner when selling it.
Property managers ensure that buildings are maintained and repaired immediately. They repeatedly inspect them, and they also improve them over time. This service guarantees that when the time comes to sell the property, everything is good as new.
Some people invest in properties only to earn rent from them. They have many investment properties in the care of an investment firm that takes the rent money and further invests it to generate lots of profit. These investment firms usually hire a property manager to keep track of the physical properties and collect rent while they manage the money.
Conclusion
Property management is underrated because it keeps working in the background, ensuring your experience as a property owner is a breeze. Also, it’s not as fancy as other jobs like real estate sales or investment broker. Although, without great property management, these other industries wouldn’t survive.