Being a landlord comes with many responsibilities and challenges that are often overlooked. You need to look after tenants’ needs, arrange work orders, collect and process rent, and also deal with arrears and complaints, to name a few. These tasks can really use up a lot of time and energy. And taking care of everything while balancing your personal life can become extremely overwhelming. That’s where a property management team can really help.
Let’s look at some of the tasks and functions a property management company can help tackle for a landlord.
Not all landlords stay on-site at the property they take care of. Some will need to travel between several properties, while others may be situated in an entirely different city or country. A property management team can help take care of the hard to manage day-to-day tasks and functions, while reporting directly into the landlord as required. This can free up travel time for the landlord as well as ensure all issues are addressed quickly and effectively, which is otherwise hard to do from afar.
You can count on a property management team to easily take care of all the work orders and maintenance that the property requires. Property managers will have deep knowledge and experience working in the industry and your market, and will have a list of preferred vendors and a sizeable network to contact – something most landlords will not have at their disposal.
As a landlord, you may only be interested in growing your business, investing in new properties, and focusing on the business structure as opposed to the hands-on management of the property. Hiring a management team can help you do what it is you do best – focus on growing your business while they take care of the rent collection, capital expenditures, leasing, and other intensive management duties.
Hiring a property management team to help can be the right decision for a landlord that needs dedicated and hands-on expertise. Whether you are an off-site landlord, portfolio manager, or are just looking for some more free time, you can get all the peace of mind you need by sourcing a professional company to help.
Medallion Capital specializes in property management services for rental properties and condominium corporations. Get in touch to learn more and discover if our services are the right fit.