Hiring a Property Manager

If you are managing a single property, you may be able to undertake all of these responsibilities. However, to handle all of these facets of property management, you must assume that you are a master contractor, a legal expert, a marketing guru, and a savvy investor. Few people excel in all these areas. Even fewer people have the time, energy, or resources necessary for this type of multi-level management.

This is why a property management company is valuable.

Breaking it Down: The Role of a Property Manager

Like any other business in any other industry, the role of the property manager has expanded. While each company provides slightly different services, property managers now offer the following:

Investment and rental consulting
Rental analysis using multiple calculations and standard practices
Assistance with accounting and budgeting
Assistance with legal matters including compliance and lawsuits
Complete and ongoing property maintenance and vendor procurement
Marketing and promotion
Tenant relations and communication
Tax preparation, filing, and submission
Online cloud-based shareable software and resources
Exhaustive real estate research to help buyers discover investment opportunities

Cost vs. Investment: The Benefits of Hiring a Property Manager

Investors are no longer satisfied with property managers who operate in reactive mode and just fix problems or put out fires. Instead, they want PMs that proactively find ways to improve a property’s market value and increase the cash flow from the rental. So, the days of just taking rent payments and fielding phone calls are long gone.

What investors want to know is how partnering with a PM is going to turn into a lucrative business venture. Therefore, a property manager becomes more than a mere expense. Instead, a PM is yet another component of your overall property investment.

If you are currently looking for a property manager in the Detroit metro area, you need to explore how their services correlate with your business success. What are some key services that you should look for that can either save you money or increase your cash flow?

Rental Analysis

A rental analysis is a multi-level, in-depth look at the investment potential of a rental property. The analysis combines hard calculations with market research to reveal the pros and cons of a purchase. There are several ways to approach a rental analysis. A property manager knows how to conduct an analysis and interpret the data that it produces.

Tenant Screening

A poor tenant can cost you hundreds or thousands of dollars. A property manager knows how to vet and screen all rental applicants properly. By the time you narrow down your best candidates, you will have a thorough overview of their background. Property managers can perform the entire screening process for you.

Vendor Procurement and Scheduling

Property managers like JMZ work with an extensive network of contractors and service providers across metro Detroit. We know who the most dependable contractors are and how much they charge for their service. Therefore, we can save you money and keep you from being overcharged for property maintenance.

Compliance and Property Inspections

Renters and investors can easily get entangled in legal issues. There are strict government regulations regarding tenants, building maintenance, taxes, and other financial issues. A property management company exists to help you eliminate any legal risks associated with your property rental. This includes scheduling and reporting property inspections routinely.

Real Estate & Investment Research

Property managers specialize in market research. JMZ real estate specialists track real estate trends and monitor the pulse of the rental market in the Detroit metro area. We focus on areas such as:

We can advise you on investment opportunities, as new properties become available. Whether you are a local investor, out-of-town, or out-of-state, JMZ can help you build your portfolio and strengthen your business.

Marketing & Promotion

In many ways, a property management company performs many of the same tasks as a real estate agent. For instance, JMZ managers list available homes, vacant apartments, and open apartment communities straight from our website. We also list luxury furnished housing to accommodate short-term occupants.

In addition, property managers also develop marketing strategies for attracting tenants and showing properties to prospective renters. We take a vested interested in ensuring your success as a landlord or property investor.

Property Maintenance

Proper upkeep of your home or apartment ensures a high market value. When your property looks good and has a solid structural foundation, you will attract higher paying renters and increase your cash flow. Property managers help you with your investment by scheduling regular maintenance and taking care of repairs.

Property Management Services in the Detroit Metro Area

If you are looking for a property management company in the Detroit metro area, then contact JMZ Management. We offer a wide range of services for investors and landlords. We can help you maintain your property and ensure that you find the right tenants to fill your vacancies.

Download our free Guide to Finding the Best Michigan Property Manager for more helpful tips and a company comparison checklist you can use when interviewing your next partner in property management.