Hiring property management services will definitely cost some money. They don’t work for free, after all. However, this may as well be a very good investment in the long-term because the partnership is anchored on profitability. The pressure to increase profitability, efficiency, and your return on investment shifts to a third-party service provider.
Northern Virginia property management is one such third party service provider with a vivid experience in real estate management services. You may think that their services are expensive, but considering the scope of the property management service, their value more than makes up for their cost.
But what do they do, really?
- Northern Virginia property management companies manage tenant payments
- They take care of the repair and maintenance, so tenants live comfortably.
- Handle the marketing efforts to ensure that your spaces are fully occupied the whole year-round.
- Handle tenant-complaints.
- Make sure that commercial property complies with all the legal requirements and standards.
- Conduct background checks on all the tenants to make sure they have no criminal background, aren’t saddled with bad debts or have not caused any problems for their previous landlords
Robust Growth for the Industry
So many companies are realizing this and have ever since retained the services of property management firms. In fact, the industry is estimated to grow by 2023, hitting $22.3 billion by that time. The growth is attributed to the upward mobility of the real estate sector.
Clearly, there’s a demand out there for property management services. And the explanation is quite simple: the system works. With that said, here’s how you evaluate a property manager before hiring one.
How to evaluate a property manager
When you look for a company, for instance, Northern Virginia Property Management Services, to hire a property manager, you need first to see if they add value to your investment. There are two ways to look at the value of a property manager—financial and non-financial.
- Financial value – Here’s one example. When do you raise the rental prices of your property? This is a tricky proposition because raising it too high will alienate your potential clients.
Leaving the rental price as it is will result in the landlord losing money. The timing is quite important. Certainly, you can’t raise the rent significantly when the economy is struggling just for the sake of maximizing the rent and minimizing the number of days your space is rendered vacant. A property manager should be able to conduct research and decide property rents based on the market value at any given time.
- Non-financial value – Some of the services of property management can’t be quantified with the help of monetary value. The stress of running the whole property, the pressure to make sure all tenants are paying on time, all the damage is repaired, utility bills are paid—all this shift to the property manager. It also gives you more time to spend on yourself or your family. So, make sure your property manager guarantees these services.
A good property management company also has its own battery of lawyers to take care of all the legal issues that may arise in running the property. The only number that should matter to you would be the dollar figure signs at the end of each month.
At the end of the day, you get the peace of mind that your property is in good hands when you hire a worthy property manager. With a good property manager, you don’t worry about the “management fee” at all. Good business practices and improved ROI means the partnership practically pays for itself.