When it comes to managing properties and residences, it is becoming more and more common to let property management services handle a variety of the responsibilities of owning a property, particularly maintenance and finances. There are currently an estimated 206,328 property management companies operating in the the United States, generating a combined revenue of $69 billion every year. Moreover, the industry is continuing to grow: from 2009 to 2014, the U.S. property management industry grew by an estimated 3.1% annually. Therefore, if you are having difficulty managing your property or properties, it may be in your best interests to hire a residential property management firm.
Hiring a residential property manager or residential property management company is primarily designed to reduce some of the responsibilities of renting out property by outsourcing them to a third party. One of the ways this outsourcing is accomplished is by giving property owners access to certified professionals that can help maintain the property or properties. By utilizing these established vendor relationships, as well as efficient staffing and proven practices of preventing property damage, a property management company is often able to help landlords and owners minimize their costs: research shows that the best property management companies are able to lower their clients’ month energy bills by up as much as 50% by analyzing the property’s power needs and using their knowledge, experience and networking capabilities to provide simple, low cost upgrades.
But while residential property management companies are perhaps best known for their efficient and regular maintenance and repairs, they also prove themselves invaluable by offering a variety of accounting services. A property manager will help their client manage the property’s tax reporting and other financial duties, reducing the chances of financial difficulty and further reducing owner responsibilities. If you are having difficulties managing your property, the choice is clear: contact a residential property management company today. Research more here: rpmlv.com
