For real estate investors, a little bit of savings on their properties can go a long way. That’s exactly why it’s worth partnering with a property management Pittsburgh company if it can save money on asset management. An established, reputable property management company with offices throughout the US can save real estate investors money in a variety of ways. They can negotiate great deals on maintenance and repair costs, work with vendors to establish same-day issue resolution, and increase renter retention. All of that can contribute to big savings for real estate investors. Here are the key factors to look for in a best-in-class property management company.
Lower Repair and Maintenance Costs
One of the primary reasons that a property management company can contribute to lower repair and maintenance costs is the resources they have available. It’s an advantage normally only available to massive businesses, but the right property management company can bring it to your portfolio. A property management company with significant market density can negotiate a deal on “bulk” maintenance with a vendor to service a number of units. It’s a mutually-beneficial arrangement that’s good for the tenants, the owner, the property management company, and the vendor.
Contractors Completing Same-Day Requests
Vendors are certainly happy to accept maintenance and repair contracts with a reliable Jacksonville property management company, particularly when the business operates throughout major cities. In fact, the prospect of winning a contract for multiple rental units is compelling enough that local vendors are certainly willing to compete for them. The result is great vendors providing great same-day issue resolution for tenants. This allows real estate investors to provide current tenants with 24/7 live resident support and to advertise the same to prospective renters.
Happier Tenants Equals Renter Retention
In addition to allowing for more competitive rental rates due to lower maintenance and repair costs, there’s another benefit of that level of resident support. Tenants who have access to live support and same-day issue resolution are simply more likely to be happy with their rental situation. Renters who are content are more likely to continue renting. Continued rental retention is a considerable financial advantage for a real estate investor. Needing to rent a space to a new tenant means, of course, that no money is being generated by the unit while it’s empty. Then there’s the cost of advertising that space, paying for the cleaning of the unit, hoping the new tenant is a good renter, and so on.
Smart Home Technology Allows Quicker Response
Real estate investors should look for a property management company that offers tenants smart home technology integration for resolving issues. Equipping rental units with smart home technology integration offers a number of advantages. It’s an attractive feature for prospective renters, and it allows tenants to communicate their repair or maintenance needs much faster. Combined, those can prove a considerable increase in retention. Basically, finding the right property management company can be the best choice a real estate investor or landlord makes.
About Second Avenue
Second Avenue has established a reputation as an innovator in the property management space. They are a best-in-class single-family property management platform and service. Second Avenue specializes in offering effective, cutting-edge solutions for anyone who needs to buy, rent, manage, or sell residential real estate. Their team of experienced property management experts, their expertise in market density, and their proprietary technology platform are second to none. The world-class Second Avenue team of dedicated local managers offer unmatched rental support and 24/7 service. When you need property management in Pittsburgh that investors rely on for higher yields, you need Second Avenue. There are several Second Avenue offices across the East, Midwest, and South to help you, from Miami to Chicago.