Why working with local Ann Arbor property managers makes all the difference.
Hiring a property manager is a significant decision for any property owner. It means entrusting someone else with a major asset while also paying them a portion of the revenues. However, for property owners who succeed in finding the right partner, the benefits far outweigh any possible downsides.
For one, property managers take on many of the day-to-day burdens that can soak up an owner’s time and attention. The commercial property manager is responsible for maintaining and repairing properties, responding to tenant complaints, handling evictions and legal complaints and oftentimes finds new tenants
For all these services, hiring a property manager is a smart investment. Most importantly, with a property manager on hand to handle the every-day details, the property owner has the freedom to make new acquisitions and expand their real estate holdings. However, when choosing a property manager, local expertise matters. A local property manager understands the area and uses that knowledge when marketing properties to tenants, hiring contractors and responding to emergencies.
If you are considering hiring a local property manager to look after your real estate, here are four reasons in favor of doing so.
1. They are better able to market properties to a local audience.
A crucial part of a property manager’s duties is to fill vacancies, which is no easy task. The property manager must not only vet the tenants to be sure they are qualified to fill the space, but must be able to attract qualified tenants in the first place.
A local property manager is better able to market a space to potential occupants. Is it in an expensive part of town, or an up-and-coming neighborhood? Is the square footage available suitable for retail, or for a small office? What are the local amenities like, and what kind of occupants will find them appealing?
Of course, many property managers could discover this information with enough research, but a local manager will understand it intuitively. That knowledge is part of what helps them do their job well.
2. They don’t just know the area—the area knows them.
It isn’t just that they know their way around, but also have a reputation to maintain. In a local community, this is no small matter. Reputations are hard-earned, and a property manager—or property management company—who has succeeded in establishing a reputation for fairness and honesty will work hard to maintain it.
Real estate is a high-stakes business. For commercial and residential tenants alike, moving into a space can be expensive, and finding someone to trust can be a stressful proposition. The same is true for property owners. Many tenants will be attracted to a property management company with a good reputation, and this, in turn, will make it easier for that company to fill vacancies and find contractors.
In short, trust matters. A local property manager has time to build trust within a community. A remote firm doesn’t.
3. They are available to make in-person property visits and respond quickly to crises.
Property management can is a hands-on business. With real estate assets, it isn’t enough to trust that properties are being cared for—sometimes an in-person viewing is in order. A local property manager can stop by to do a visual inspection of the premises much more readily than a management firm from out of town.
The ability of a property manager to run an inspection and follow-up is even more critical if a tenant turns out to be problematic. If there are signs that a tenant is abusing the property or breaking the terms of the lease, the situation is harder to assess without someone local to handle the issue.
Most importantly, if there is a crisis with the property, a local manager can be on-hand to deal with the situation within minutes. For instance, if a storm knocks out the power, or if a major snowfall damages a roof, both the tenant and the property may be at risk. Being available to respond helps keep everyone satisfied and safe.
4. They have a network of local contractors to handle maintenance, repairs, and renovations.
Management is maintenance. Inevitably, a property will deteriorate if not correctly cared for. This includes utilities, as well as the exterior of the building and the surrounding landscaping. Should something break, repairs will be in order, and if the interior of a building becomes dated, it may require renovations to make it appealing to new tenants.
Finding local contractors to handle these maintenance, repair, and renovation projects can be a costly endeavor. However, a local property manager will be better qualified to find these contractors and work with them to see the project through. Knowing which vendors have a reputation for excellent service in an area will give them an advantage over outside managers.
If you are looking for an Ann Arbor property manager, contact us.
Oxford Companies has been managing property throughout the Ann Arbor area for more than 20 years, and in the process, has established a reputation for fair and accountable property management. Our knowledge of both the residential and commercial Ann Arbor real estate market helps us make sound decisions on behalf of our clients. And our history in the area has helped us grow a reliable network of contractors and vendors so that we can better serve clients and tenants alike.
So, if you are looking for someone to manage property in the Ann Arbor, MI area, contact us. We will be happy to discuss our terms and policies with you.