Experienced Wisconsin investors know that working with a professional property management company can lead to higher property values, rental incomes, lower expenses, and fewer frustrations. If you’re wondering how a property manager delivers services that make a difference to your investment, we’re here to explain how it works.
The effective delivery of leasing, management, and maintenance services is easy to notice. When you have a professional property manager using their expertise and resources, you’ll notice that you have well-managed properties and/or qualified tenants in place, rent is coming in on time, and well qualified, reasonably priced maintenance services being coordinated are protecting the value and the condition of your largest asset.
Here’s how it works.
Professional Property Management and Leasing Operations
The first thing you should expect from your property manager is management that enhances property values and/or a leasing process that helps you reduce your vacancy time by assisting with prequalifying potential tenants. Property managers deliver outstanding management and/or leasing services that enhances value.
Managing and Responding to Routine and Emergency Maintenance
With regular inspections and a developed network of vendors, contractors, and service professionals, owners do not have to worry about finding the time to respond to routine maintenance. Your property manager will handle any repairs that need to be done, and you’ll have access to their list of preferred vendors, who are licensed, bonded, insured, and committed to providing a high standard of workmanship.
Preventative maintenance is another hallmark of a property management company that has an excellent system of delivering services. No maintenance problem ever became easier with time. You’ll want a property manager to responsively take care of small issues before they become complicated and expensive disasters. You want routine inspections and preventative services. Your property and/or your tenants need to be prepared for seasonal changes.
All of these maintenance services contribute to the protection of your investment property. Professional managers can do it much better and for less money than individual landlords.
Managing the Day-to-Day Management:
For many condominium and homeowner associations and landlords, collecting dues and/or rent seems like it should be pretty easy but when the budgets we assist in preparing they are run well and don’t allow for excessive charges that unnecessarily deplete personal resources or degrade the attractiveness of your rental property(ies). When dues and rents are set at the most favorable rates and but are not paid on time, it can quickly become a problem.
Property managers will enable and enforce a consistent rent collection policy. They’ll also enforce association declarations/by-laws or lease agreements. Regular property inspections will give you the peace of mind that your property is well taken care of while of meeting all of your expectations and obligations.
If associations dues are late or a tenant falls behind in rent or is discovered to be violating the lease in some other way, you won’t have to worry about disputes or confrontations. Your property manager with your approval will leverage established legal counsel relationships will handle everything, from communicating with tenants to serving the proper notices to following up. Your management partner will keep you informed of all developments, but you won’t be bothered with taking care of the details.
Financial Management and Property Management: Reporting and Bookkeeping
A property manager will also deliver accurate, transparent, and detailed financial management services. You can expect your partners to manage the tracking of your income and expenses so you know exactly how your association accounts and/or investment property is performing. Good property management also coordinates tax preparation with established accountants grounded in real estate fundamentals for reasonable prices.
Protecting Owners and Managing Assets
Property managers aren’t only protecting your property. Property managers are also protecting associations, landlords, owners, and investors who hire them.
Experienced real estate owners and investors know that property can be a lucrative and rewarding investment. However, it can also be fraught with liability and unexpected costs. The best way to manage risk is with a professional management company. We know the laws, and we make sure you and your property are compliant. We educate ourselves throughout the year, and we stay up to date on all the changing regulations and requirements.
Finally, a good property manager knows how to provide management services that form an integral component and optimizes the value of your property(ies). In turn, property management, when done right, will assist can help you make good decisions that lead to higher profits. Make sure you’re working with a management company that’s committed to maximizing the value of your property.
Many landlords who don’t understand the true scope of services that property managers provide worry about the cost of professional property management, but it actually ends up saving you money. You’ll find that you can realize more value with better management and fewer vacancy and turnover costs. Your maintenance expenses will be lower and you won’t have to worry about costly errors that can easily be made. Your property is protected and more profitable when it’s being professionally managed.
Effectively delivering property management services includes a good management and/or leasing process, cost-effective maintenance, and positive tenant relations. If you’d like to talk more about how these types of services can help you have a more pleasant and profitable property management/rental experience, we’d love to discuss our work with you.
1513 Property Management is veteran-owned and woman-owned. We’re committed to serving our property management clients, the tenants who rent homes from us, and entire communities. Let’s talk about the future of your investment property. Contact us at 1513 Property Management. We work with condominium/homeowner associations, real estate investors, landlords, and property owners of all kinds throughout Wisconsin.
