5 Ways Property Management Protects Your Investment
Purchasing and renting out property is an excellent investment. Whether you buy commercial or residential buildings, there are many financial gains to be had in the real estate investment market. One crucial factor to success with property investments is to hire a property management company to oversee your investments. As a property investor, you may own multiple buildings in the area. Keeping up with the day-to-day operations of each facility is challenging and probably not feasible. Instead, focus on investing and becoming more profitable. Leave the rest to your management company. JMK Property Investment is a Miami investment property company that helps protect investments in various ways.
Miami Investment Property Monthly Financial Reports
When it comes to investing, every property investor has the same question. Are my property investments profitable? Property owners are always looking to have a positive return on all their investments. The key to analyzing a positive return on investment is to run monthly financial reports. Analyzing these reports will allow you to see both weak and strong spots in the financials. An understanding of profits, losses, occupancy rates, budgets, etc., can help guide your future investment decisions. Here are some of the essential monthly reports:
- Income/expense statements
- Balance sheet
- Budget comparisons
- Budget variance analysis
- Rent roll
- Tenant activity
- Aging report
- Check register
- General ledger
- Bank reconciliations
We know you might be thinking that this is a lot of reports! The creation and analysis of monthly financial reports are one of the many reasons investors need to work with a property management company. At JMK Property Investment, we put together monthly operating reports that contain all of the above. We also include a narrative that highlights significant findings in the reports that you should be aware of. Also, these reports can be catered to your unique needs. We are flexible and here to help protect your investment through organized monthly financial reporting.
A well-kept property will also rent better than a neglected one. For obvious reasons, tenants are not interested in signing a lease at a property that appears neglectedis worn or is falling apart. We know how difficult it is to manage maintenance and repairs at each one of your properties. JMK Property Investment will keep a detailed schedule of routine maintenance jobs at the property. Preventative maintenance procedures like getting the HVAC checked or spring landscaping will be taken care of right on time. In the long run, staying on top of maintenance will save you from needing more expensive repairs in the future.
Unfortunately, sometimes issues pop up, and repairs do need to be made. No sweat! Your property management company has got you covered! We collected Each year we take bids from contractors on a regular basis to make sure pricing remains competitive. Our goal is to get you the best prices possible for both repairs and maintenance. Any contractor we bring onto your property will beis licensed and insured. Rest assured that only the best will be working on your property.
Rent collection is crucial for property investors. How else can you be profitable without collecting rent? It is vital to have a manageable, organized way to collect rent. Collecting rent is the highest priority item for property management companies. A monthly statement will be sent to tenants, so they know that it is time to pay rent. Next, cash receipts are monitored daily to ensure tenants are paying on time. On occasion, there will be tenants who don’t pay their rent on time. Remember, your management company is here to protect your investment. We will follow up with a phone call and a visit if necessary. If the rent still goes unpaid, we can take legal action upon the tenant.
Tenant relations are one of the more critical factors for a property manager to focus on. A successful property investment must have happy tenants. Keeping tenants well taken care of helps prevent tenant turnover at the end of their lease. Situations like a water leak in the middle of the night or losing a key and getting locked out do happen from time to time. As a property owner, you don’t have the time or the means to come to the property and help with each of these issues. A management company, on the other hand, can run a 24-hour emergency answering service to help tenants anytime, day or night. The goal is to provide tenants with the service they need as soon as possible.
Higher Occupancy Rates
Last, but certainly not least, a property management company protects your investments by aiming for high occupancy rates. A building with low occupancy rates means you aren’t getting a high return on your investment. First, we aim to prevent tenant turnover by providing the best service possible to maintain high-quality relations with the tenants. If a space goes unoccupied, our goal is to fill it immediately. Through advertising and vetting potential tenants, we will have your space occupied in no time. High occupancy rates are one of the best ways to protect your property asset and ensure a higher return on your investment.
Owning and investing in properties is a full-time job. Managing each property on top of that is very difficult, if not impossible, to do. Enter a property management company. A Miami investment property manager like JMK Property Investment helps investors with the daily operations at their properties. By providing services like rent collections, financial reporting, property upkeep, and more, we help protect your investment so that you see a higher profit. For more information about what we do and how we can help you with your property investments, contact JMK Property Investment today for a free consultation.