The Importance of Property Management in Real Estate
Real estate is a good investment that can generate monthly income. Owning and renting out multiple properties is profitable, but can also be stressful when it comes to keeping everything in order. Hiring a professional company to assist you with collecting money, dealing with tenants, managing contractors, and handling leases can take the burden off your shoulders.
What is Property Management?
Property management refers to the oversight and management of properties. Property management deals with rental, condominium corporations, homeowner’s associations as well as with commercial and land properties.
Rental property management deals with everything from the legal lease, collecting money, managing damage and repairs, finding tenants, and more. Working with a trusted and reputable property management company means one less thing you need to worry about.
Rent Collection
One of the most critical tasks for property management companies is collecting rent. If you lease multiple properties, it can be tiresome to collect rent from each individual tenant. Even worse is dealing with delinquent or late rent payments … or … mid of the night emergencies!
Allowing a licensed brokerage property management company to manage your properties means you don’t have to invest time and energy to collect the rent, and you know it will come on time every month. Trusting this task to a property management company gives you peace of mind and time to handle other projects throughout your day.
Mortgage and Utility Payments
At Emerald Management & Realty, we make transferring your utility and mortgage payments hassle-free. If you have multiple properties, handling the utility bills and keeping things organized can quickly become a full-time task. One of the advantages of utilizing property management companies is the ease of having bills like mortgage and utility payments rolled into the same service.
Accounting
Unless you have a background in finance and accounting, taking care of the exact amount that comes in and goes out each month can be a headache, costing you time and money. Having a property management team that knows how to keep accurate accounting records for each property can save you from losing money or paying extra when tax time comes around.
Keeping a detailed record of every dollar spent and collected is essential to prevent confusing books at the end of the year. It will keep your renters on the right track and alert you if any homes are causing you excessive money in utilities or repairs over time.
Leasing
It is difficult to market multiple properties at once. If you have several vacant properties that need tenants, our property management services can handle the marketing and application process for you. Allowing a respected company to take care of the application process can save you valuable time.
Security Deposits
Security deposits are extremely important, especially in pet-friendly rental properties. This deposit will cover any damages to the home and could save you money when tenants move out. In accordance with applicable legislation and tenancy agreements, property management companies retain these deposits and pay contractors directly if any repairs need to be completed after a tenant moves out, making this one less thing you have to worry about.
Inspections and Maintenance
It is expected that, over time, your homes will need some form of maintenance. Whether routine maintenance or repairing damage caused by tenants, having a rental property management team will take the stress off your hands. With many contractors and service companies on speed dial, your maintenance can be taken care of quickly.
Leave the Property Maintenance to Us!
If you are ready to take your rental portfolio to the next level, call us at 403-237-8600 or fill out our convenient online contact form. From accounting to maintenance to management to after-hours emergency support, the team of experts at Emerald Management & Realty Ltd. is here to help so you can focus on what really matters!
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