A lot of investors see property management fees as an expense, but those fees actually pay for themselves in a number of ways. Today, we are sharing a few reasons that explain why, at the end of the day, hiring a professional property management company in Wichita will actually save you money.
This is the most significant savings even though it might not show up on your financial statement. Opportunity costs explain what it costs for you to take care of your property. If property management isn’t your full time job, they the time you spend working on that investment is time you aren’t spending on your own career, your family, or any other responsibilities you might have. When you cannot focus on those other things, you’re paying a price. This is a significant expense that’s hard to quantify, but this alone is worth the property management fees in most cases.
As a self-managing landlord, the bills from third party vendors can climb pretty high. Professional property managers take care of a volume of properties, which allows us to use our relationships with high quality vendors to negotiate discounts. These savings can be as much as 20 percent, even for minor projects. So if you chop 20 percent off your annual maintenance costs, you’ll see that those savings alone will pay for your management fees.
Reducing Vacancy Times
Even with the best intentions, you probably cannot get your house rented as quickly as a professional property manager can. That extra vacancy time adds up and costs you money. When you leave it vacant for even a week, that can mean a loss of $300 or $400. Your manager will bring in rent faster and more consistently.
If you have any questions about how we can manage your Wichita properties in a cost effective manner, please contact us at Property Management Partners.