Beyond the day-to-day value property management services can bring to your tenants and your real estate business, the right management company can also help you develop and add to your portfolio.
Whether you’re a first-time property investor or already run a large building portfolio, you can scale your business by partnering with a property management firm.
This post will explain more about the business benefits of hiring a property management firm for your building portfolio.
Access Resources in Under-Served Markets
Property management companies have teams with varied qualifications and experience levels. Hiring the right firm gives you access to accounting experts, maintenance professionals, development leaders, and marketing teams.
When expanding your portfolio into new markets, you can depend on the property management company’s resources to help find qualified local experts to drive your business. This means you won’t have to spend your time researching the local industry. You’ll already have the tools at your disposal to attract high-quality local tenants.
Develop and Refinance Existing Properties
With the right property management expertise at your side, you can update your current buildings according to the demands of local tenants. Whether the goal is to add more parking space to the property or add luxury bathrooms to each of the units, a property manager can oversee the upgrade process, coordinating the construction work and ensuring the process stays on time and on budget.
You can then update your rental pricing and leverage the increased value of the property to finance new additions to your real estate portfolio.
Manage the Tenant Relationship
One of the most challenging elements of real estate ownership for portfolio holders, particularly those with extensive portfolios, is managing tenant requests and communicating with tenants regularly.
A property manager can help reduce your workload by handling all elements of the communication process. They can handle new rental agreements, and chase down late fees. They can keep tenants up to date about changes to the building and new amenities being added. Your property manager can then escalate any urgent issues for you so your building reputation remains strong.
Market Your Portfolio
Property management services can help you take a hands-off approach to marketing your buildings. You can depend on the leading local property management companies to take control of your marketing strategies, from qualified prospective tenants and advertising in new regions and to new markets.
Companies like Pacific Quorum have marketing experts ready to establish your portfolio and real estate brand as a local leader. This process not only ensures you target the right type of tenant profile for your buildings but also helps enhance the reputation of your company throughout the region, providing recurring branding benefits for years to come.
Comply with The Latest Regulations
Real estate company leaders must abide by strict regulations in managing their growing portfolios and providing rental housing. There are regulations such as the Strata Property Act, which governs strata buildings throughout British Columbia. Property management companies have dedicated legal professionals and accountants on staff who are trained to understand and implement these regulations within properties in their portfolios.
The management company team can help you understand the impact of the latest regulations as you build your business and ensure you’re continually in compliance as the laws within the British Columbia real estate market evolve.
Turn to Pacific Quorum for Tailored Management of Your Growing Portfolio
Your growing real estate business requires tailored, precise management from experienced professionals. Our property management services empower your real estate business with the expertise and resources to not only take on your local competitors but grow your portfolio to new cities and regions across the country.
To explore our property management options, book a free custom property management proposal from Pacific Quorum.