Keeping up with the administrative, repair, and maintenance responsibilities for your commercial or residential investment property has gotten to be so time-consuming that you’re considering outsourcing the work to an Atlanta property management company. At Beacon Property Management Services, we understand this isn’t always an easy decision to make. We encourage you to consider the questions below to help determine whether working with an Atlanta property management company is the best choice for your business.
Can You Handle Dealing with Stressful Situations on a Regular Basis?
There is much more to managing a rental property than preparing units between tenants and then collecting the rent each month after a new tenant moves in. Although people are paying to live on your property, they sometimes forget they don’t own it and can’t act in any way they please. That means you may frequently find yourself dealing with such issues as:
- Fights between tenants
- Domestic disputes
- Loud parties that go on into all hours of the night
- Illegal activities such as drug dealing or prostitution
- Attempting to bring in additional people or pets to live in the unit not listed on the lease
- Tenants threatening lawsuits for a variety of reasons
- Tenants causing significant damage to a unit due to destructive behavior
- Refusal to pay the rent and knowing how to work the system to avoid eviction
Unfortunately, these situations come up more than any property owner would like and you probably don’t have the time to deal with them. You may also not have the personality to deal with frequent conflict without it causing extreme stress to your own physical and mental health. Hiring an Atlanta property management company can be a good choice since you won’t have to deal with such issues yourself.
What is Your Physical Proximity to the Properties You Own?
You may be able to keep up with the demands of managing your property if you live on-site or at least in the same neighborhood. This makes it possible for you to handle such issues as rent collection, maintenance, repairs, disputes, and even emergencies yourself without having to make a special trip.
The further you live from the property, however, the more difficult it will be to maintain from a distance. This also means that it will take you a while to get there if an emergency situation does arise. Since neglecting the property isn’t an option, choosing to outsource management functions can make sense when you don’t live close enough to handle issues on your own.
Do You Have Personal Experience with Handling Maintenance and Repairs?
This aspect of property management might not be a problem if you have experience as a handyman or have hired someone you trust to take care of these functions. Unfortunately, property owners can find themselves in the position of working with unlicensed, inexperienced, and unreliable contractors because they don’t know who else to turn to and hire someone in a hurry. Since lack of quality maintenance and repairs is a major reason for tenant complaints, turning these responsibilities over to an experienced Atlanta property management company could be a worthwhile investment for you.
How Are Your Accounting and Recordkeeping Skills?
Creating tax statements for renters, profit and loss statements for yourself, and other financial documents takes time and skill. Many property owners without a background in finance start out by hiring an accountant to take on these tasks. You may be able to get accounting and bookkeeping services for less when you hire a property management company because it can provide you with bundled savings. Be sure to compare rates among stand-alone accountants and property management firms if this is a service you need.
Another thing to consider from a financial standpoint is whether managing a property yourself is the best use of your time. You may discover that paying someone else to do it frees up your time to pursue more profitable ventures.
Do You Feel Like You Have a Good Understanding of Rental Laws and Contracts?
Keeping up with the legal requirements of managing a multi-unit complex can be even more challenging than the physical demands of repairs and maintenance, tenant relations, and financial issues. That is because laws in this area are often complex and change frequently. They can also differ from one municipality in the Atlanta area to the next. If you feel your understanding is lacking or you just don’t have the time to invest in learning the legalities, working with a property management company experienced in this area can be a good option.
Is Your Current Vacancy or Tenant Turnover Rate Higher Than You Would Like?
Advertising vacant units, answering telephone and email inquiries from prospective tenants, and showing the units are essential functions of successful property management. They also require a considerable investment of time. If you don’t do well with these tasks, some units will sit unoccupied for too long and reduce your profit margin. You also incur a lot of expense when tenants don’t stick around for long because it means you must continually repeat this process.
Allowing a property management company in Atlanta to handle these functions frees up a lot of your time. You also benefit from the company’s experience in attracting and screening the most desirable tenants. In terms of tenant retention, the company you hire can assist you in developing and implementing a strategy to increase the likelihood of your tenants remaining happy and in place.
Are You Considering Adding More Properties?
Perhaps you do just fine managing one property but would like to expand your investment portfolio. The only thing that has held you back is fear that you don’t have the time, energy, or resources to keep up with more than one building. This is the ideal circumstance in which to consider hiring a local property management company. You have the freedom to continue managing your initial investment if you would like while relying on the firm you hire to manage the others.
Are you ready to learn more about the comprehensive services available from Beacon? Contact us today to request a consultation.