When it comes to residential property management, sticking with one tried and true property manager to oversee your multiple rental properties located in one geographical area can be a very constructive approach. Read on to discover why.
Advantages of Sticking with One Property Manager
- Avoid legal and record-keeping complication. While two or more different property managers might be quite capable of doing a competent job, it’s good to remember that a number of extra fingers in the pie can also potentially complicate tax reporting, legal paperwork and other administrative procedures. It could also result in extra accounting and management expenses from your pocket.
- A key aspect of management is the impact of personalities on the relationships between owners, managers and renters, as well as with hired contractors and others who provide important repair and ongoing maintenance services. Using more than one residential property management team opens the door to possible interpersonal difficulties and unwanted variations in services.
- Generally, any good property manager has established a positive rapport with local trade contractors and other professionals who do reliable work and coordinate well. When offered the opportunity to service a number of rental sites for one client, they will often be willing to offer better pricing and scheduling. Materials and supplies can be bought in greater bulk, leading to even more savings.
- Depending on the degree of overlap involved, splitting the work between more than one property manager can inadvertently leave some areas unattended and important avenues of loss or financial trouble unguarded. Whenever possible, it is more desirable to have no more than one person responsible at any particular level of management. This prevents any confusion as to who to turn to when asking for action and quashes any tendency to pass the buck
Reap the Rewards of One Property Manager
Having one exclusive property management team to represent all of your residential properties helps to keep matters on track and well standardized, as well as all reports and supervision efforts unified. Granting your business to one trusted and reputable party tends to instill a greater sense of loyalty and dedication. In the realm of residential property management, consistency and predictability are your allies.
Jennifer Fehr is the co-owner of Suncoast4Rent with her husband Tom Fehr. Jennifer is a Florida State Real Estate Sales person and works through Stonebridge Real Estate Co Inc in Clearwater, Fl (Pinellas County) to bring the personal touch to all your Real Estate needs, be it professional residential property management, consultation or sales.
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