Determine whether or not you need property management in 4 easy steps!

[vc_row][vc_column][vc_gallery interval=”3″ images=”12369″ img_size=”500×200″][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]While there are probably far more reasons to hire a property management company than most people realize, it’s worth doing some mental math before handing management over to professionals. Whether you’re in the market for an organization that manages commercial properties, or need assistance managing properties through a homeowner’s association, we suggest taking some time to consider the following points before diving in headfirst.

• Distance – For those of us who live close to the properties we’re responsible for, we have to ask ourselves a very specific question: how close is just right? It’s a bit of a goldilocks situation in that it requires a specific answer. Living too far away from our properties greatly increases the travel time necessary for any of the normal inspections necessary for month-to-month maintenance. In most cases (except for the most disciplined of us), this translates into less visual inspection. And less visual access to our properties can quickly turn into a situation where we’re neglecting important maintenance through our own negligence.

• Temperament – One unfortunate side of property management is peripherally dealing with struggles between tenants. There are a whole host of unexpected situations that can arise, from domestic disputes to late-night parties, to straight-up vandalism. These are the parts of property management most people don’t consider at the outset. If you’re a seasoned property owner, you’ve likely already been forced to deal with some of these issues first-hand. It’s important to understand your own temperament in these situations, so you can better understand your own capacity for dealing with conflict.

• Number of Properties – The number of properties you manage typically has an inverse relationship with the amount of time you’re able to put into each property. This often leads to situations where repairs and maintenance are either missed, pushed forward, or simply forgotten. We always encourage our clients to think of properties as a diversified portfolio. Just as it’s difficult to consider managing stocks when they’re constantly dropping in value, so too is it difficult to calmly add to ones portfolio of properties over time if they’re constantly behind on taking care of baseline tenant needs. The bottom line is, if you’re ready to scale your property portfolio, you’ll need to some assistance along the way.

• Maintenance Savvy – Repairs and maintenance are just part and parcel of property management. Things break, so you need to fix it. If you’re an incredibly handy person, perhaps you can fix most of these issues yourself as they arise. But for areas you may know nothing about, you’re at a distinct disadvantage. What if the pressure release valve on a building’s hot water heater starts to flood scalding water onto your basement? If you’re unfamiliar with this particular issue, you’ll likely pay more for something than is needed. Furthermore, if you’re the Mr-Fix-It for all of your properties, your problems are magnified and compounded through simple addition. Having a property management company on your side that can make sure all maintenance is up to date on time can save you busloads of money down the road.

If you’re just managing another house with tenants, chances are you don’t need a property management company. But if you’re managing more than a single property, you’re going to want to take a hard look at the items above to be sure you’re not spreading yourself too thin. Especially if your goal is to further scale your portfolio of properties over time. You’ll want a partner by your side, ready to do the heavy lifting so you can relax and make important decisions with the support you need. Let us know if you’d like to discuss any of the above – we’re here to help you achieve your goals![/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_cta h2=”Done your community need help with issues like this?”]Give us a call (240) 349-2117 or check out our contact page

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