Do you wish it was easy to keep track of your tenants and everything else that goes along with owning an apartment building? It’s wise to consider property management services, and in the Twin Cities metro area, Kleinman Realty Co. could be your best option.
Understanding the role of property management and the services a management company provides can help you determine if it’s the right solution for your needs. Let’s explore further.
What Is Professional Property Management?
Property management involves partnering with a professional third party to manage the daily operations of a property. This can involve aspects such as maintenance, resident relations, rent collection, lease administration, and much more. Property management companies act on behalf of property owners to ensure efficient and compliant management, maximizing the property’s value and profitability.
Why Hire Full-Service Property Management Companies?
Partnering with a professional property management firm is a significant decision that can feel both exciting and daunting. Many full-service property management companies are vetted by the Better Business Bureau, but even if they are not, you can make an informed choice by doing your research and reviewing their websites.
Overall, it’s important to hire a professional property management company for these reasons:
Can Acquire Multiple Rental Properties
Most investment property owners aim to build diverse portfolios that include multiple apartment buildings, homes, or condominiums. However, managing and maintaining these properties while ensuring consistency can quickly become overwhelming. Many owners choose to hire professional property management firms that specialize in handling these management responsibilities efficiently.
Can Manage Properties from Afar
Owning rental properties far from your primary residence can present unique challenges. Regular inspections, handling tenant concerns, and addressing maintenance emergencies can be difficult when you’re not nearby. A professional property management company can bridge this gap, offering peace of mind by ensuring that your property is well-maintained and your tenants’ needs are met promptly.
Delegate Employer Responsibilities
Generally, a Minneapolis property management company operates as an independent service provider, not as your employee. This means they handle the workload of managing your properties, while freeing you from the administrative responsibility associated with staffing. The result is a streamlined approach to property management, without the added stress of you, the property owner, being an employer.
Unlocking Value
It’s important to understand that property management companies typically charge a fee for their services, which generally ranges from five to ten percent of the rental income. While ultimately this fee is an added expense, the cost can be offset by the time and effort it saves, as well as the potential for increased operational efficiency.
What Can a Property Management Company Do For You?
Property management companies might cost more to hire, but they should be viewed as an investment. A good management company will assist with the following:
Helps With Rent Collection
Real estate investors often benefit from having property managers handle the collection of rent payments, especially in cases where tenants aren’t paying on time or in full. By hiring a property management company, you ensure that a professional is proactively managing these payment collections for your investments.
Handles Maintenance Services
Tenants often call with maintenance requests at all hours. For a property owner, the constant demand can be stressful, especially when juggling multiple properties. However, a property management team is equipped to handle these requests as they arise. They can also schedule property inspections to proactively address maintenance concerns before they become larger issues.
Deals With Default Accounts
Whether you’re dealing with a non-paying tenant or property damage, it’s important to have someone who can take legal action on your behalf. Typically, a property management company will manage the legal process, and address any court costs or fees associated with this step.
Sources Tenants
A professional management company will market properties to attract potential tenants, and also help with tenant placement and screening processes. Utilizing a property management company to manage the leasing process, helps ensure you are complying with local laws and regulations.
Handles Bookkeeping
Real estate investors must handle the bookkeeping and financial reporting required to track rental income, expenses, and ensure timely tax payments. Partnering with a professional management company can streamline accounting, and ensure investors maintain positive cash flow.
Why Choose Kleinman Realty Co.
If you’re looking for a professional Minneapolis property management company to help with rent collections, leasing processes, and maximizing your real estate investments, Kleinman Realty Co. is an excellent choice. Contact us to learn more today.