Whether you live there as a primary residence or use it as a vacation or investment property, there are many good reasons to consider the benefits of property management for your mountain home.
Here are just a few reasons why you should consider finding a quality property management service to keep your mountain home in tip-top shape.
Peace of Mind
Peace of mind is the umbrella benefit of property management. Few things feel better than knowing that your property is in expert hands, so you can relax and focus on the enjoyment that comes with such a magnificent homestead, as they take care of all the minutiae involved in the daily management of your property.
Property managers are especially beneficial if the property owner does not live near a vacation or investment property. Furthermore, they may live close by but don’t want to personally handle all of the additional responsibilities associated with being the owner.
Nonetheless, even if you live in the house full-time, these services can take the burden of maintaining the property off your hands, allowing you to enjoy your home to the fullest extent.
A benefit of hiring a property management company for your mountain house frees you from time-consuming and tedious tasks, which can significantly reduce stress.
Would you rather spend time doing something enjoyable, dealing with after-hour emergencies, finding reliable contractors, chasing after late rent, or the process of eviction?
After all, time is money. After working hard to invest in a mountain home, either for business or pleasure, a property manager provides the gift of free time.
Do with it what you want. Travel, investigate other investment possibilities, work on your hobbies, or do nothing at all.
Even if the mountain house is new, things can go wrong. Pipes freezing in winter, leaking faucets, or even storm devastation can require immediate intervention.
Property management companies have electricians, handymen, landscapers, and a host of other home repair and maintenance professionals at their beck and call for just such circumstances.
Knowing that routine maintenance or repairs that result from an unforeseen event are handled by competent professionals will ensure that your property is always promptly repaired and potential problems are identified and corrected before they become major problems.
Even if you have the skills to provide the maintenance, you may not wish to expend the time and energy. Just because you can do something doesn’t necessarily mean you must.
You worked hard to possess a mountain home; it is important to maintain the property to protect your investment. Every effort should be made to ensure the value of your mountain house remains at a maximum. This is the prime focus of a property management company, along with your satisfaction.
Rental Property Management
If you rent out your mountain home, occasionally or full-time, property management services excel at the responsibilities involved in handling this process.
They keep abreast of current market values and competitive rental rates as one aspect of their services and can set and collect rent, maintaining records on your behalf. Knowing the fluctuating supply and demand of rentals locally ensures the maximum return on your investment.
They also manage tenant customer service, assess late fees, and terminate leases for nonpayment, which requires time and can be stressful for property owners. The performance of these duties is standard business practice; ideally, they should be performed by a business.
There are two major benefits of a property management company concerning tenants:
Interviewing and obtaining legal background checks are essential for optimal property management. This becomes particularly time-consuming if the plan is frequent short vacation rentals as opposed to long-term rentals.
Screening potential tenants that may not pay or could potentially damage your mountain home is essential.
A Tenant Retention Policy
A reputable property manager will offer a certified tenant retention policy to fit your needs. A superior property management company will offer a consistent and systematic program.
Remember, a happy tenant will often stay long-term, or serve as repeat business.
Furthermore, the management company will be bonded and insured. This provides the security that your investment funds are being handled appropriately and legally.
It is, however, important not to confuse the terms “bonded” and “insured.”
A company that is bonded creates trust that the contracted services will be provided as promised. Being bonded also allows the company to accept public jobs.
Insurance allows the company to operate legally and protects it in the event of an accident of a contracted worker on site.
A single negative experience with a tenant can become a legal and financial burden. A benefit to having a property management company is their legal experience – you can rest assured that the company’s knowledge can identify areas of vulnerability and sources of potential litigation.
Utilizing a systematic approach to risk assessment, you are protected if such an event were to occur. The cost of one tenant litigation would probably cover the cost of all of the property management services.
Shorter Vacancy Periods
Another benefit of property management is that they ensure a reduction in the amount of time that the house is unoccupied. Vacancy translates to less return on your investment.
There are several means by which a property management company minimizes vacancy. Here are a few:
Through their extensive knowledge and experience, property management companies know exactly what needs to be done cosmetically to the house between rentals.
Utilizing their network of qualified and experienced professionals, there is no lag time during the repair process.
It is time-consuming and often stressful to keep abreast of advertising and appropriate marketing for the property. It involves a considerable amount of multi-tasking and the use of several advertising platforms to handle it properly.
A property management company will have employees dedicated only to marketing. In addition, due to the number of properties a successful property management company markets, advertisement costs less.
The Bottom Line
Your mountain house is an incredible treasure, the realization of a dream. Now is the time to protect that effort.
Understanding the benefits of property management for your mountain home relieves much of the concerns for the future of your property, providing a safer and low-stress atmosphere whether the house is your primary residence, a vacation home, or a rental property.
Maximize the potential of your home by placing the responsibilities in the hands of a professional, experienced property management service.