3 Ways to Make More Money with a Property Manager
You might be wondering about whether or not you need a property manager. And we get it: it’s a lot to think about, and more importantly, it will incur additional expenses. Of course, management and everything in this world has a cost but what do you get in return for it? To ease…
You might be wondering about whether or not you need a property manager. And we get it: it’s a lot to think about, and more importantly, it will incur additional expenses. Of course, management and everything in this world has a cost but what do you get in return for it? To ease your worries, we will talk about the top 3 ways you make more money by having a property manager in this article.
For us here at Green Ocean Property Management, we see and track year after year how our landlords are doing and how much they make – even after management fees – compared to when they first started. Things like increasing rent compounds year to year contribute to this growth. That is why if you don’t increase your rent year after year, you lose out on not only that initial increase but the compounding aspect of it as well.
#1 Increasing rents
A lot of landlords that are self-managed don’t increase their rents because they have good tenants. They don’t want them to leave, and they don’t want people to have complaints. These reasons are understandable but not justified. So what ends up happening is that we will go and talk more, look at the market, and see what other types of properties are on the market as well. We look into how much the renting is and try to figure out how to reasonably increase it every single year.
This will help make sure that we keep up with both inflations as well as any type of expenses. But most importantly, it makes you more money as a landlord, and you don’t have to worry about emotional ties or any other aspects that might come along with it.
#2 We have preferred vendors
By having preferred vendors that we have negotiated rates with, we save you more money. We send these vendors hundreds of thousands of dollars every single year, and we have great relationships with them. With that, it allows us to make sure that they are not putting false bills or charging absurd amounts.
We have preferred rates that allow us to pass it back onto you, the landlord. Because of that, we save money. Many times we already know the set type of prices, such as a hot water tank; we can provide some price off of that, and even save you time.
#3 We keep tenants happy
The third biggest way we save you money comes down to keeping tenants happy and avoiding losses. That includes handling security deposits correctly, making sure your property is safe – no slips and falls – or even situations such as no heat or no hot water. If you don’t have a reliable vendor to work with, it is going to drag on for a long time. You might have to prorate the rent or worse, not get any rent during that time frame. We are able to typically do that very, very quickly, so we can avoid that situation for you.
If you or anyone else you know is looking for a proactive property manager that, with these 3 ways, will help make you more money, please think of Green Ocean Property Management: where you get more than a property manager, you get peace of mind.
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