Some property owners hesitate to hire a professional because they think management involves simple things that they can cover. However, property management is more than just collecting rent.
Property management involves a myriad of technical work that experts can do more efficiently than most owners. From tons of sophisticated paperwork, sourcing legal protection, reliable maintenance, tenant selection, to customer service, and eviction, property management is far from an easy endeavour.
Here are TEN reasons why you should hire a property manager, especially when you are running a letting business.
REASON 1: It makes things easy for you.
Most property owners are not experts in property management, and the job has a steep learning curve. If you hire a property manager, you won’t have to take your hands off of whatever other business you are doing.
You can spend your time doing whatever you want while also earning money from your property being in use for letting.
REASON 2: You’ll avoid turnovers.
Turnovers cost more than you think. When a tenant leaves your property, you have to renew the paperwork and re-market your space – these cost money.
If you keep having turnovers, you will be wasting a ton of money on nothing.
Turnovers can be caused by having the wrong tenant in the first place or bad management. You might think you are a good landlord, but having to tend to the numerous elements of tenancies can lessen the quality of your work.
With an outsourced expert, you can be sure that all aspects of the tenancy are covered. A property manager will handle your customers for you – from selecting tenants to catering to their needs.
REASON 3: Earning becomes more efficient.
With a property manager, your customers are tended to, and your property is excellently maintained. The attention given to your property will make it sustainable for letting which will provide you with long term earning security.
The longer you run your letting, the more reliable you become in the market. You will have fewer turnovers, your space will be in demand, and you will get the best-paying clients.
REASON 4: You get to save more money on maintenance.
Property maintenance is a vital area in property management, and it can be costly, especially if you don’t have the right connections and sources of service. With a property manager, you can access the best quality service with the most reasonable pricing.
For sure, a property manager would be already a patron of several crucial maintenance suppliers. They already have an agreed insider price that is more affordable than the standard.
If you DIY your management, you could be paying for unnecessary premiums for maintenance. Outsource an expert who knows the right people with the best prices.
REASON 5: You’ll be giving top quality service.
Like all businesses, the most crucial aspect of your letting is the quality of your service. Are your tenants satisfied, happy, and willing to stay and pay?
If you do the management by yourself while working on other projects, your quality of service will significantly flop. Hire a property manager to do everything for you so that you can focus on your passions.
Also, if you are letting several spaces, the management job will be highly demanding. You would have to deal with a myriad of personalities, maintenance problems, complaints, and tons of complicated paperwork.
REASON 6: Paperwork is excruciatingly tedious.
The list of certifications, authorisations, safety compliances, legal documents, licensing, and more annoying paperwork needed for legitimate letting are endless. If you don’t have the expertise and patience, you will end up not completing the papers you need.
Without complete paperwork, the worst you can end up with is in jail. You can avoid litigation, incarceration, or business closing when you let an expert handle your paperwork.
REASON 7: Excellent financial management.
When you have an outsourced property manager, you no longer have to tend to endless receipts and organise who pays what. Your outsourced expert will collect rent, determine who pays for bills and specific maintenance work and do the accounting for you.
Managing the finances of a letting business is one of the biggest pains of the job, and it is easy to do it wrong. Make things easy for yourself by hiring an expert.
REASON 8: You can avoid accidents.
There is too much to do when running a rental business and you could be in a stretch if you do it yourself. You might miss things like the expiry of the hardware in your property or if the smoke detector is no longer working.
If you forget to ensure that your property is danger-proof, you can end up in the wrong end of a lawsuit. With a third party, you won’t miss any safety protocol.
REASON 9: Your business will have excellent marketing.
Property experts are sought by people looking for a space to rent or buy. Searchers know that they are the most reliable professionals who can recommend the right property.
If you are enlisted in an excellent manager’s catalogue, you have access to a good number of potential customers. Also, the manager can match your property to the best-paying tenant who values your property more than others.
REASON 10: Eviction will be easy.
When you decide to use your property and cease renting it out, you can do so easily with expert help. A manager will assist your tenant in finding a new place to make things easier for both parties.
The paperwork will be done efficiently, and there will be no pain in the turnover.
