Washington, D.C. (PRWEB) July 03, 2013
The decision to use a property management company to manage your investment property versus managing the property yourself can often times be a difficult one. Even if you feel that you cannot afford the services of a property management company you should think twice and take a moment to interview with a company to see what they can do for you. You may find that its cheaper to go with a property management company for both financial and mental health reasons.
Peace of mind
Trust is another reason that landlords choose to manage their own property. Can I trust anyone else to take care of my property?
“Owners can rest easy knowing that a professional property management company will provide bi-annual inspections during each tenants lease term to ensure that the property is being well maintained,” said Teresa Irby, senior property manager with Prudential PenFed Realtys Property Management Division.
Oftentimes homeowners will ask family members or friends to be a point of contact for vendors when needed. While it may seem like the landlord is saving money by lining up people willing to help manage the property: it may create more problems down the road. A friend or family member most likely will not have as much experience as a property manager when it comes to dealing with property maintenance and vendors.
“Peace of mind that maintenance issues will be handled quickly and efficiently is particularly important to those living abroad or across the country as well as in the next town,” said Donna Brewer, manager of business development at Prudential PenFed Realtys Property Management Division.
Landlords who choose to use a property management company to take care of all elements of their propertys lease and maintenance are taking advantage of a wide variety of services.
Tenant
If you use a property management company to secure a tenant for your property they will market the listing and screen applicants which includes working with credit reporting companies to evaluate applicants credit worthiness. The property management company has all of the tools and experience necessary to ensure a proper condition inspection prior to all tenant occupancies. “This information is invaluable to protecting your investment,” said Alana Alger, director of property management with Prudential PenFed Realtys Property Management Division.
Accounting
All of the accounting is handled by the full-service property management company. Were talking about tracking expenses and income, tax documents, and paying HOA fees. The landlord never has to worry about dealing directly with the tenant to collect rent. It is the property management companys job to ensure that the landlord is paid in a timely manner.
Maintenance
No landlord, while theyre on vacation, wants to get a phone call from a tenant at 2a.m. with a maintenance request to fix a leaking hot water heater. A property manager will always be on call to handle these situations for you. The property manager works with utility companies and vendors to make sure issues are resolved quickly and professionally.
“We strive to get the landlords the best deals out there. We have such good working relationships with vendors that it never takes long to contact someone and get the problem solved,” said Tina Williams, property services coordinator with Prudential PenFed Realtys Property Management Division.
Law
Tenants often dont understand the legal requirements of the landlord and a professional property management company is current on all local, state, and federal laws regarding licensing, environmental, fair housing, eviction, and more. The company will always be fair to the tenant while ensuring that the rights of the landlord are maintained. In the event of a lawsuit, the professional property management company will contact its affiliated attorney.
Taxes
Did you know that property management fees and leasing fees are tax deductible? All of the provided end-of-year statements and 1099s make tax preparation much easier.
“The relationship between owner and tenant is strictly business since it is mediated by the property management company. This truly makes your home more of an investment property,” said Tausha Magrum, leasing coordinator with Prudential PenFed Realtys Property Management Division.
It is important to remember that if you decide not to go with a professional property management company then you, as the landlord, will be responsible for everything.
“There is peace of mind knowing that your biggest investment is being watched over by a professional company. It is the best insurance you can buy,” said Alana Alger, director of property management with Prudential PenFed Realty.
If youre interested in learning more about what our property management division can do for you and your investment property, please call Donna Brewer at 800-550-2364 or email at donna(dot)brewer(at)penfedrealty(dot)com.
About Prudential Real Estate and HSF Affiliates LLC
Prudential Real Estate is a part of the HSF Affiliates LLC real estate brokerage family, which includes Real Living Real Estate and the new Berkshire Hathaway HomeServices brand available later in 2013. Prudential Real Estate franchises are independently owned and operated.
HSF Affiliates LLC, based in Irvine, Calif., is a joint venture of HomeServices of America and Brookfield Asset Management.
Prudential, the Prudential logo and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities and are used under license with no other affiliation with Prudential.
About Prudential PenFed Realty
Prudential PenFed Realty, wholly owned by PenFed (Pentagon Federal Credit Union), is a full-service real estate company with an annual sales volume over $ 1.7 billion; serving PenFed members as well as the general public. Recognized as a leading real estate company in its service area, it is ranked among the top Prudential affiliates nationwide. Over 1,700 top-notch sales professionals work out of Prudential PenFed Realtys 49 offices to provide complete real estate services in Delaware, Florida, Kansas, Kentucky, Maryland, North Carolina, Northern Virginia, Pennsylvania, Texas, Washington, D.C. and West Virginia.
Prudential PenFed Realty is an affiliate of the Brookfield/Home Service Franchise (Formerly Prudential Real Estate) Residential Property Services network. Its franchises are independently owned and operated. The network provides franchises with numerous benefits, including access to Prudential Real Estates Online Seller Advantage
