property management
Grosman Realty Ltd. specialize in the management of commercial and industrial properties. We recognize that as a client you are likely a business owner or operator as well. You need to rely on a team of professional that have the necessary skills, knowledge and experience to deliver efficient quality service while controlling your property’s cost so that you can focus on your business.
WHY HIRE A PROFESSIONAL PROPERTY MANAGER?
- 8 Questions for Determining if You Need a Property Management Firm
While every investors situation is different, there are certain scenarios and factors that typically pre-dispose owners one way or the other. The following questions are designed to help you determine if you should consider hiring Grosman Realty Ltd to maximize your profit and minimize your effort.
1. LOCATION
How far do you live from your rental property and how frequently can you visit the property on a regular basis? If you are close you may be able to make the regular visits required for maintenance, inspections, collections, etc., otherwise the further you live the higher your travel time and expenses will be. The larger the distance the more temptation there is to not keep a close eye on things, and that can be a recipe for disaster. You should plan making monthly scheduled visits and there is always the potential for a middle of the night emergency call that requires your immediate attention. In the long run, is this feasible for you?
2. STRESS
We all like to think of ourselves as level-headed and even-keeled, but at the end of the day it takes a special kind of person to deal with the ups and downs of property management Behind the seemingly simple task of collecting rent every month lie a number of unpredictable problems can push people to their limits. Ask yourself how you would react in the unfortunate event that tenants:
· Get in fights with other tenants or neighbors
· Conduct illegal business in the unit
· Carry on all night parties and revelry
· Decide to sue you
3. TIME
Managing rental properties can become quickly overwhelming, even for experienced investors. There is always something going on that requires attention and it takes very little time for things to get out of hand. Hiring Grosman Realty can provide an opportunity to regain control and restore stability to both your properties and your personal life.
As your portfolio grows so do the management challenges and it becomes easier for things to fall through the cracks. Investors with large portfolios stand to reap significant benefit by leveraging the efficiencies a property manager can provide. Size can also constrain investors' ability to consider purchasing new properties if they're already maxed out managing their current holdings.
Ultimately, your decision to hire or not hire a management company should hinge on whether or not it is a good fit with your lifestyle and makes sense financially. Individual investors will have to assess the opportunity cost of both options based on their unique circumstances.
Are you willing to be on call 24/7/365?
It’s important to answer this question honestly, because when an emergency happens at your property you can't ignore it. Your special event, important meeting, vacation, or personal crisis doesn't relieve you of your obligation to your tenant. These emergencies don’t happen all the time, but when they do you have to be willing to handle them immediately. Can you handle being called at 2 in the morning to fix someone's overflowing toilet?
4. REPAIRS AND MAINTENANCE
If you can't do it yourself, do you know who to call? Finding reliable handymen and contractors can take a while and in the mean time you may unknowingly hire people that are unethical, uninsured, do poor quality work, over charge etc. Maintenance and repairs are significant components of land lording and if you question your ability to ensure the work is done well and in a timely manner, you might want to consider hiring Grosman Realty to ensure that the work is done in as efficient and cost effective a manner as possible.
5. VACANCY
Advertising, fielding calls, and showing the unit can take a considerable amount of time, but are critical tasks as vacancies will quickly eat into your profit margins. If you question whether you have the skills or the time to make this happen, or if you have historically had an unacceptably high vacancy rate, you may want to consider hiring Grosman Realty Ltd. to look after this crucial task.
6. ACCOUNTING
From profit and loss statements to tax deductions, this area needs special attention and becomes an increasingly larger burden for larger portfolios. Some owners (especially those with a back ground in finance) will do just fine, others may opt to hire an accountant to help with the book keeping. By utilizing the professional bookkeeping services of Grosman Realty Ltd., you will be assured that this vital task is always well looked after.
7. COLLECTION
Many owners dislike feeling like the bad guy and try to be understanding by making exceptions. The problem is that this only invites additional abuses and excuses by tenants. Late payments must be dealt with immediately, and while sometimes a friendly reminder is all that’s needed, other times, it can be a very confrontational ending in legal proceedings and eviction.
8. LEGAL
Ensuring the property is run in accordance with the law is critical in both preventing lawsuits and shielding yourself from liability if you are sued. Familiarity with contracts is also very important as your rental agreement is the only binding agreement between you and the tenant.