As an experienced or new landlord, one of the biggest decisions to make is whether to hire a property management company. There are many landlords who go it alone and are happy to take 24/7 maintenance and tenant calls. But for those who find the hassle of this time-consuming, hiring a property management company could be the ideal solution.
Why hire a property management company?
There are many reasons why landlords choose a management company, and one of the biggest is the screening of tenants. Securing responsible, reliable tenants is challenging but for a management company it’s simple and straightforward. They complete thorough credit checks and evaluate references minimising the risk of unreliable tenants. Another area covered by a property management company is paperwork. They will ensure all safety checks are compliant and up to date, something that often falls last on a landlord’s list. Property management companies work on one fundamental rule – to increase a landlord’s return on investment. They work hard to increase occupancy rates, after all, that’s where they make their money too!
What does a property management company do?
Management companies offer different levels of service such as finder’s fee, partly managed, and fully managed. This ensures the landlord has complete flexibility and is only paying for the services needed. Landlords usually find the tenancy agreements provided by a management company are very robust and cover all of the areas required by law. This can cost landlords valuable time and money using a solicitor to regularly update new agreements. And, most importantly it covers notice periods, an area few landlords would ever want to overlook. Most landlords shudder when they receive tenant calls notifying them of maintenance issues. Not only does the wallet make a small cry, but there’s also the issue of getting the repair fixed as quickly as possible. This is where a management company will take the burden and manage the issues quickly and cost-effectively – music to the landlord’s ears.
Reputation and reliability
Choosing whether or not to use a property management company is a big decision and it’s not for everyone. But, if you do decide it’s for you then ensure that you’re using a trusted, reputable company. Just remember satisfied landlords will happily recommend agencies, so do your research.
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