Residential property management is all about reducing the amount of work that your business needs to do so that you can increase your profit margins. Outsourcing certain services will free you up to perform important administrative work, in addition to improving tenant services and owner satisfaction. Many DIY landlords try to attempt to do everything themselves to save on costs, but this ultimately stretches them thin. Below are some services that make property management very useful:
Hire Yard Servicing Rather Than Letting Tenants Handle It Themselves
Yards matter -- a lot. Many tenants aren't going to take care of their yard, even if they did know how to. A regular or even quarterly yard servicing will, at very least, make sure that the property's trees stay alive and their turf remains strong. It can take months to recover an improperly cared for yard, and it can be very difficult to rent out a property that doesn't look its best.
Get HVAC Maintenance Regularly Rather Than Between Tenants
Heating and cooling systems can go out at any time. When they do, tenants usually need them repaired fast. Rather than spending your time getting quotes from companies regarding the repairs -- as you would need to do if you needed an emergency service right away -- you can instead get an emergency maintenance contract with a local HVAC company. These companies can also do your periodic duct cleaning and filter changing, to make sure your renters remain healthy and happy. When renters rent year after year, you can't be sure that this is getting done.
Appliance Servicing and Warranty Contracts Rather Than Replacement
Appliances span the gamut from ovens to washing machines, but they have one thing in common: when they don't work, tenants are usually unhappy. If the appliances in your units are out of warranty, you'll be limited on what you can do... unless you have an appliance service contract. An appliance service contract is also known as a Home Appliance Warranty, and it covers repairs to appliances under a flat rate cost. This is less expensive than just replacing an appliance, which many landlords will do.
Plumbing Contracts Rather than Costly Emergency Plumbers
Plumbing emergencies are incredibly dangerous. Not only do they distress the tenant, but they can permanently damage the owner's property. In condominiums, the plumbing issues can even damage other properties -- and that can be bad news for the DIY landlord who wants to handle it on their own. Emergency plumbing services will respond quickly and will be able to give you the best rates. Many emergency plumbers are incredibly costly, as they need specialized equipment and are on call 24/7. With a plumbing emergency, you simply can't waste any time.
With all of the services above, you should never receive a late night phone call again. The less time each individual property takes up, the more properties you can manage -- and the more money you can make. While these services may cost money, you can often negotiate bulk billing in order to cut costs. By maintaining a certain level of care in all your properties, you can increase your maintenance fees as well. For more information, visit a property management company like Wilson Management Group.