The Benefits Of Having A Property Manager Who Is A General Contractor
Having a property manager who is also a general contractor can be beneficial to you and your business. Let’s explore some of the benefits and what you need to know before hiring this type of service provider for your real estate investments.
Time & Money
Having a property manager who is also a general contractor means they have the right connections to get maintenance tickets fixed quickly. For example, a manager’s network of preferred vendors might lead to better pricing, faster fix times and more dependable service. This can save you time and money because they’ll be able to use their network of contractors to get them done right the first time. Another advantage of having a property manager who is a general contractor is that they know all the current laws and regulations that are important for landlords and tenants in their area. This knowledge is critical because these laws can make or break your business. A good property manager will also be familiar with current fair housing laws and local laws that are important to landlords and tenants. They’ll be able to follow these rules and avoid any legal issues in the future.
As you may have guessed, the biggest benefit to having a property manager that is also a general contractor is that you don’t have to worry about any of your property’s maintenance needs. They will take care of everything from painting to roofing, and even installing a security system or two. You’ll likely see a nice increase in net operating income, and you won’t have to spend all your time or energy on things like repairs or marketing. You can get back to focusing on the things you do best, like finding and closing deals or developing new opportunities. For instance, a property manager who is also a general contractor is the smartest person to call for recommendations on upcoming commercial or industrial projects in your area. They have access to a wide range of local and national construction firms, and can help you find the right one for the job at hand. That’s the best way to make sure you don’t miss out on any of the most profitable properties in your local area.
When you hire a property manager, you don’t have to worry about chasing down hires, addressing emergencies, repairing damage, coordinating leases and dealing with contractors. This frees up your time and energy to focus on the other aspects of your business that you’re more proficient in, allowing you to increase profits and enjoy a more stable income stream. Having an experienced property management company on your side can also lower your tenant turnover rate, which will make it easier to generate cash flow and recoup your initial investment. Additionally, they will help you to price your properties at a level that will pull in prospective tenants and keep them there. This is critical to maintaining occupancy rates and boosting your ROI.
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