Reasons Landlords Need A Property Manager
Whether you’re a first-time property investor or have a healthy portfolio of real estate who is fed up with dealing with weekend maintenance requests, hiring a property management company to take care of your property and your tenants can be the ideal solution. Here are the reasons why you need to take on a property manager to manage your properties.
Better Screening Of Tenants
First impressions can be deceptive, and even the most honest-seeming people can turn out to be difficult tenants once they’re living in your property. This is why a flat fee property management company or letting agent will take the screening of potential tenants very seriously. A good manager will carry out credit checks and check references to make sure you have a better chance of ending up with a responsible, reliable, good-quality tenant. A tenant who pays their rent on time and who takes good care of your property is good for you, and less of a hassle to your property manager too.
Ensuring Legal Safety Requirements Are Met
There are a few different safety regulations that will need to be met before your property can be let. These usually include certificates for electrical and gas safety, a risk assessment, and the right number of carbon monoxide, smoke, and heat detectors. A property management company will advise you on all current safety regulations and can make sure any checks you need are carried out. They can also coordinate any work that is needed to resolve any issues that these checks find, such as acquiring additional signage for a large building (this site was useful when it came to getting these signs) to ensure that everyone knows where to go in case of an emergency, making necessary upgrades to appliances, etc.
Quicker Occupancy Rates
The job of a property manager is to help you to achieve the best financial return on your property investment. To be able to this, they will have to make sure that your property has quality, rent-paying tenants in place as soon as possible. A good property management company will work hard to get your property ready to go out on the rental market. They will make sure meets all the legal requirements and are presented to a high standard. They will advertise the property on letting sites so that it is seen by as many potential tenants as possible. At the end of a tenancy, the company should have a process in place to check tenants out of a property quickly and efficiently, and make sure they have left the property in a good condition or get it brought back up to standard, ready to let again.
Higher Rental Values
A good property manager or letting agent understands the market and keeps a close eye on conditions and property demands in your local area. The manager will be able to establish the current rental value of your property. They can give you advice on the best, and the easiest, ways to maximize your rental income on your property, such as a fresh coat of paint or new carpets and flooring to refresh tired rooms. They can even arrange for the tradesmen to carry out this work too.