What is the Real Cost of Professional Property Management in Boston?
Rental property owners often want to know what the true cost of a property manager is. I talk to numerous homeowners in the small market, which includes those owners who have a two family, three family or four family property; anything below eight or nine units. The biggest fear for these property owners is always cost. They worry that if they hire a property manager or a management firm, it will cut into their bottom line and reduce their cash flow to the point that they can’t afford it.
It can be a challenge to add professional costs to your business when you’re already working with slim and tight margins. But the reality is this: When you have a professional property manager on your side to help with the optimization process, you won’t lose money. You’ll actually earn more money, especially if you have a good property manager.
A professional manager can optimize the amount of rent you collect. They can also help with fair housing issues and with managing potential evictions. If you have compliance issues with your local board of health, a property manager will understand the intricacies of the housing laws and how to protect you from code violations. It won’t take you long to realize that property managers offset the cost of their services. They not only save you money, they make you money.
If you are interested in talking to a property manager and you want to discuss your specific situation and whether professional management is a good fit, please contact us at Hancock Realty.