Some believe property management services are reserved for out-of-state owners or large
investors. However, property managers are valuable whether you own one or 100 units.
Recently, Trulia.com published an article regarding their conversation with Michelle Horneff-
Cohen, President of Property Management Systems. She provided key insight into how property
managers can help protect clients’ investments and ensure them many happy years as a property
owner. Her four points are summarized below.
1. Local laws are complicated – According to Michelle a good local property manager
knows the local ordinance because becoming a property owner and leasing a unit opens the
door for many legal concerns. Housing industry is one of the most regulated. In addition to
collecting rent and bills, and handling repairs, a property manager must have knowledge of local,
state and federal fair housing laws.
2. There are many hassles to the job – Recently I received 8 calls between 5 and 6 am
because a tenant did not have water to his unit. This is not a pleasant experience. But this
is just an example of why having a property manager is helpful in making the owners life
easy. But this is a simple issue compared to a neighbors pipes breaking and flooding the
next door unit. Handling both units and managing the repair and restoration issues is part
of the job where an owner who works full time may not be able to handle.
3. Property managers know the territory – local property managers know trades people and
trusted companies. This gives owner comfort knowing items will get resolved with reputable,
reliable and honest services with good prices.
4. Property managers protect the investment of the owner – Because of their knowledge,
they are able to budget for plumbing, locksmiths, etc. They also know how to run market comps
and price the apartments correctly to maximize the income for the owner. Sometimes the owners
completely overprice an apartment where as property managers are able to price accordingly to
the market and ensure maximum occupancy as quickly as possible.
The real estate industry is highly regulated. Property manager have to be trained on all aspects
and certified when needed. At New Bridge Management we stay on top of changing laws to
protect and inform our clients. Sometimes we have to protect the owners against themselves.
Recently a unit we manage fell victim to breaking and entering. Not having all the facts, the
owner’s first thought was entering the premises to assess damages inside the home. We had
to inform the owner of the possession law and tell him that a 24-hour notice of entry had to be
posted before he could enter the premises.
If you are looking for a professional property management company that can bridge your needs,
wants and opportunities, give us a call at 209-668-6700.