Whether off-site management may be the better decision for your property. There are many advantages to having off-site management for your investment properties. Outlined below are the perks choosing an off-site multi-family property manager will have for your investment business.
One big benefit to an off-site property management company is that it is often cheaper. In some cases, having an on-site manager can be the equivalent of hiring a new employee rather than simply contracting out management services for your multi-family properties. You may be responsible for paying their annual salary and any benefits in full. In the case of an off-site firm, another manager can cover for your regular manager on sick or vacation days so your tenants will have continuous service. For many properties, it is often simply not cost advantageous to have an on-site manager.
Off-Site Management Can Manage More Properties
An on-site manager limits you in ways an off-site manager does not. As an investor, you likely have more than one property you want managed. These properties may not be very physically close to one another. This means having on-site managers for each one may not be very efficient. It could even get confusing. On Q Property Management can manage your entire portfolio from their office. This makes the process of managing existing properties much simpler and easier for investors.
More Variation In Contractors
On-site management usually means there is on-site maintenance as well, which will not allow you to choose the best contractors for the best value on different jobs. On Q Property Management has access to many qualified contractors in the area. They will be able to get bids from a number of different contractors so you can get the best value and service for each job. They will also be able to get someone there right away rather than having to wait for on-site maintenance to become available.
There Will Be A Central Command
This is particularly helpful if you have multiple investment properties you need managed. This way you will not have to call around to each on-site office – you can simply call the main management office and speak to all the people you need to. This will also make it easier on your tenants, because they will never be confused as to who to call if they have a problem or where to send payments. All of your properties’ management information will be in the same place as well so accessing files will be easier and more convenient.
Off-Site Management Firms Have Additional Resources
At an off-site management firm, managers communicate with each other and bounce ideas back and forth. This makes it more likely your manager will arrive at the ideal solutions for your property and make the best management decisions. An off-site manager working at the firm’s main office also will likely have access to a wider pool of outside professionals who can be valuable partners for a real estate investor. For example, they will work with real estate lawyers, insurance companies, financial advisers and other parties that are important in the real estate investment business. Access to those resources will help your properties thrive, and aid you in avoiding or minimizing serious legal or financial mistakes.
Off-site managers typically have less autonomy than on-site managers do. This can prevent on-site managers from taking advantage of owners or doing things that could place owners in a position of legal liability. You will also not have to put in the time, money and effort to perform necessary inspections to ensure the manager is doing his or her job correctly. Off-site managers are watched at all times by their supervisors and co-workers, which lends you some extra security and peace of mind.