Why do investment property owners hire property managers?
If you are planning on turning your home into a rental property you should know managing a rental property requires a lot of know-how, and it is time-intensive (real estate is only a semi-passive investment). Property investors hire property managers principally because they want time to do other things they consider important.
If the investor manages the property by themselves, they would most likely use a hands-on approach which would take a lot of their time. They hire property managers because they want a completely passive source of income and to make more money.
The property manager also has reasons for being in business. They want to maximize profits by having as many viable properties as possible under their management in the shortest time. The more quality rentals a property manager has, the more successful they will be.
But how the manager handles the management of a single property will determine if they achieve this goal.
The key to success as a property manager
You have two options for operating the properties under your management. You can take the hands-on approach used by most property owners. With this method, you undertake most of the property management tasks yourself. You save money when you do this since you cut down on how much you pay to workers, but this benefit comes at the expense of your time.
Moreover, a hands-on approach to property management limits the number of homes you can successfully manage at once. Also, since you are not leveraging the know-how of others, you lower the quality of the property to the level of your expertise. Furthermore, you make that property unattractive to renters who want minimal contact with a property manager.
The other way to manage a rental is by accessing the expertise of others to manage the property. This requires that you pay different experts to oversee the various aspects of the home. The downside of doing this is your costs will increase. But it also means the quality of the property will improve, which will, in turn, let you make more money on the home or office.
This second option is the better strategy for your property management business if you want to grow. Using the expertise of others means you can keep the property in the best shape at all times without investing all your time doing it. This method also significantly expands the number of properties you can successfully manage at a time.
Cleanliness; the litmus test for property management excellence
The cleanliness of a vacant rental unit or the cleanliness of the common areas in a multi unit residential property or commercial building is one of the main things potential renters and visitors check. A clean and tidy environment is the primary way people assess the quality of a property manager. Attention to detail when cleaning a rental indicates excellence in other areas of management.
However, as simple as cleaning appears to be, it is one of the most complicated things to get right when managing a rental property. That is because;
1. We all have different definitions of cleanliness
The property manager, tenant, and amateur cleaner all have their ideas of what cleanliness is. That will influence the manager’s or unskilled cleaner’s cleaning of the rental. It will also affect the tenant’s assessment of the property’s cleanliness. That is why cleanliness is a huge source of conflict between property managers and their tenants.
2. Cleaning is time-intensive
Cleaning a home or office takes time; there is no way to get around that fact. Unless you have the right tools and know-how, you will do an unsatisfactory job every time. The main reason property managers rarely clean their properties well is because they have too many things competing for their time. Amateur cleaners, on the other hand, are poorly equipped to do a good job.
1. Dirt is not always obvious
Dirt is not always visible, but its presence is betrayed by lingering odors in the home or office and allergic reactions among the people who use the space regularly. That happens because bacteria and allergens hide in places where only a professional cleaner will know to check. Also, some of the dirt hanging on the surfaces in the space requires specific cleaning solutions and methods to remove them.
How professional cleaners help property managers
Hiring a reputable professional cleaning company will solve all of the above problems. The professional cleaner will establish a consistent level of cleanliness in the home that exceeds the standards and expectations of both the manager and tenants.
· A professional cleaning company will make the property appealing to high-quality renters.
· The cleaning company will make the manager and property owner more money by making it possible for tenants to stay longer.
· Professional cleaners will save the property manager money by reducing the turnaround period for vacant units and reducing the amount of wear and tear on the property.