Why hire a property management company?
As a property owner you need to be looking at maximizing the profit from your investment as well as maintaining and increasing the value of your property, a tricky balancing act which most owners get wrong.
Owning an investment or income property can be financially rewarding. You are likely to discover that looking after your property takes up a considerable amount of time and effort. If you are managing your own property then you will need to dedicate hours’ worth of your time in making sure it is looked after properly.
If you are a hands on person, enjoy doing it yourself and live close to your property then it makes sense. This is not always the case and the majority of property owners don’t even live in the same town or even country.
Imagine a phone call from a screaming tenant saying a water pipe has burst and pouring water all over your property whilst you are at your regular job. You try to explain how to turn it off, however in all the commotion there is no sense or logic from the tenant. You call a plumber and they can attend the same day but can’t give a time, what would you do?
Provided you have done your research properly and invested time in sourcing the right property manager for you and your property needs. You will make more money with a property manager, here is how?
If your property has been advertised and booked by your property manager then it is their name and reputation at stake should there be any problems, so rest assured any issues will be sorted. Any reputable company will go that extra mile for their rental clients by making sure the property they have booked is well maintained, has all the relevant equipment and supplies and is clean and ready for occupancy. You will make more money in the long term due to the increased care of your property, and in most cases this won’t be charged for.
Time is money, do you actually know how many hours it takes to look after your property? I would imagine not. It can be a full time job tracking payments and deposits, dealing with complaints, dealing with general enquiries and help once they are at your property, preparing the property for occupancy, maintenance & repairs. By handing over these responsibilities to the professionals you can reap the rewards of your investment without the headache.
You property manager will be up to date with the market. Most professional companies will invest a considerable amount of time and money in to make sure they are one step ahead of the competition. As a novice you will have a lot to learn, costing you in lost revenue.
A professional property manager will know exactly where to market your property. They will have the knowledge to create a captivating advert, a massive advantage when it comes to filling up the weeks.
Property managers will work with a number of reputable trades such as, electricians and plumbers, and will have done their research on these companies. They are likely to get better rates due to amount of work they give them therefore saving you money.
They will be on call 24 hours a day. When an emergency happens at your property you have to deal with it immediately. Just because you are on holiday or have an appointment or a special event does not relieve you of your obligations to the tenant. It is fair to say these emergencies don’t happen all the time, however usually at the most inconvenient time.
The property manager is the buffer between owners and guests. This is especially true for owners who own rental properties in holiday resorts. When hiring a property manager the owner can keep a professional distance. Being involved can result in the owner being too lenient and offering friend’s rates. It is important to remember that the property is a business and should be treated like one. It is there to make money pure and simple.
To see how we can help you please feel free to call or email and one of our team will be happy to answer your questions.