Property managers can be a great asset to apartment communities. Whether or not to hire a property manager is one Read More…
Protecting Your Investment – Debunking Common Property Management Myths
Property managers can be a great asset to apartment communities. Whether or not to hire a property manager is one of the most important decisions that apartment community owners may make. There are many misconceptions about property managers that prevent property owners from taking advantage of this resource. At Top Floor Insurance, we have over 25 years of experience with insuring apartment communities and other multi family properties. Having a property manager in place, could result in lower insurance premiums and could mean saving thousands in insurance premiums. Not to mention, a dedicated property manager can ensure that your apartment community is up to regulation and receiving the appropriate maintenance needed to keep tenants happy.
If you’re considering using a property manager, don’t be discouraged by these common property management myths.
- Property management is not worth the investment. This is one of the most common myths. The truth is it can be more expensive to manage your property alone, without the help of a property manager. Property managers not only have access to more resources than the average property owner, but they also have the ability to take advantage of economies of scale. For example, a property management company will have direct connections with maintenance workers, marketing professionals, landscaping companies, etc to get you the best rate possible. Property management companies bring a wealth of expertise in a wide range of areas to make sure you are getting the highest rate of return on your investment. Afterall, their success depends heavily on the success (and profitability) of the apartment community – so, they have “skin in the game”.
- Property management isn’t for small multifamily properties. This is absolutely not true. In fact, property management can be a viable option for all properties, regardless of the size. A property management company is paid based on revenue, not the size of the property. Finding a property management company that specializes in smaller scale properties may be best, but most companies offer property managers to meet the individual property owner’s needs.
- Property management is not that hard to do. Yes, you can manage your own property, if you choose to do so. However, this option is not for the faint of heart. Successfully managing a property takes experience and a plethora of resources. In it’s own right, it is a full-time job and cannot be done halfway. Your tenants expect that the property is safe and well maintained, without fail, at all times. Hiring a professional property manager alleviates your stress and ensures that every aspect of the day-to-day operations of your apartment community are taken care of.
So, the bottom line is…
Investing in a property manager could be a smart decision to ensure that your apartment community is running as efficiently and as profitably as possible. Well maintained apartment communities are able to get the best insurance premiums. Insurance companies are less likely to pass along significant insurance savings to apartment community owners that have dilapidated properties. Considering the time saved and the insurance premium reductions that result with the use of a property manager, it makes the decision an easy one!
At Top Floor Insurance, we are happy to review your insurance policy and find ways that you (and your property manager) can secure the best coverage you need, at the most affordable insurance rates possible. Contact us today for your FREE 24-hour price indication – it’s easy, fast, and we’ll save you money, guaranteed!