Higher level of customer service for tenants
Once the tenants are screened, secured, and content with living on the property, the next step is the tenant management process throughout the course of their lease. Having a property manager or property management team on site or near the multifamily investment property is a luxury for an investor. This way, they can have a presence on the property and always be nearby if the tenants need something repaired or checked out. Building that rapport is necessary, but so is fixing and maintaining the property in a timely fashion.
With an investor trying to do this without a property manager, the process becomes drawn out, and difficult for tenants to get answers. They are playing a waiting game and worried about a third-party company coming into their home and fixing something. However, with a property manager, they are there quickly to diagnose the issue and may even fix it themselves. If not, they are at least making the calls to other companies and ensuring that the tenant is kept up to date on what is happening and when the problem will be resolved. With the level of customer service and availability that can be provided by a property manager, it is clearly the right move for handling any multifamily property that an investor may have.
Time and time again investors can burn themselves out when they try to do everything by themselves in this industry. It can be grueling days and long nights that end up deterring the investor from staying committed and staying in the industry. Investors must not let pride or ego get in the way and seek out help, advice, or connections anywhere they can to maintain success in the investment space. Property management companies have become so popular because they make the lives of investors that much easier. Investors can focus on securing more properties for their portfolio knowing that the property management company has everything covered elsewhere. As an investor, be ready to delegate responsibilities and expand your business. There are many other pros to having a property management company tend to a multifamily property, but these alone will make a noticeable positive impact for investors.
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- Source: https://www.mpamag.com/us/specialty/commercial/property-management-and-its-vital-role-in-multifamily-investing/451800
