Property management can be rewarding work, both personally and financially. There are, however, unexpected expenses that can pop up along the way, especially if you’re working with a property management company.
The truth is property management is hard, especially if you’re managing multiple properties. From collecting rent to taking care of maintenance requests to anticipating and minimizing vacancies, the daily routine of a property manager can rapidly become overwhelming. Hiring a property management company is a quick antidote but is that really the best option? Times are a’ changin’. And with the right (free) tools, modern property managers can successfully take on more responsibilities without taking on the added stress.
Here are just some of the benefits going at it the DIY way:
Ever heard expression “too many cooks in the kitchen”? Yep. Between the multiple tenants or vendors often involved in any single task, the lines of communication can quickly get tangled. Digital platforms offer property managers an easy way to avoid depending on a middleman while maintaining direct communications to streamline workflows and meet deadlines. These should include built-in e-mail, SMS and reminder notifications so you can avoid being a bottleneck and keep things running smoothly at your convenience, wherever you are.
Managing your properties yourself is the only way to access the immediate insights you need to understand what’s going on at any time. Who are the great tenants? How many leases will end in the next 6 months? What properties provide the highest or lowest returns? Digital platforms like Rentigo let you monitor and track your properties so you’re always on top of the most important issues facing your business. Going digital also means this information is continuously updated to help you avoid the possibility of inaccuracies that might naturally occur with reports generated by a third party.
Managing multiple properties means different processes and communications are often running in parallel on an almost daily basis. Digital reporting and tracking tools will automatically surface the issues that require immediate action so you can prioritize and address them as they come up. Having access to a bird’s eye view of your properties at any given moment can also save you significant time and costs, by helping you immediately identify any inefficiencies or problems in order to course correct as you go.
Increase your ROI
In most cases, property management companies will keep you informed about vacancies. However, only you care about increasing your properties’ ROI. Managing your own properties means you can access the information you need when you need it to maximize your property’s value or identify the right time to increase the rent. Driving your ROI is a continuous process that requires familiarity with your property, knowledge about the local market trends and the personal motivation that only you – as the property manager – can bring.
Your Tenants Will Thank You
It’s not a surprise that property management companies have different priorities than you do. At 8%-10% generated with each new rental, and fees associated with maintenance, evictions, placing new tenants and more, their income depends on it. An added perk of being the direct point of contact is the luxury of prioritizing things your way. This includes making sure your property is well maintained and keeping your tenants happy – at all times. If you hire a company to do it for you, you can believe your tenants will know the difference.
And of course there’s the obvious and most compelling reason of all to empower yourself with the right tools: no more property management fees. Eliminating this ongoing expense directly benefits your bottom-line.
It can be daunting to manage properties on your own. The right digital property management tools on your side can help make the transition easier than you think.
Curious about how Rentigo can help? To learn more about our free property management platform please contact us at [email protected] or 1-888-497-5499