Picture the scene. It’s the middle of the night and your phone is ringing. There has been a problem at one of your properties. You drag yourself out of bed and drive to the apartment half asleep to sort it out. Doesn’t sound ideal right? Well that’s why it makes sense for a property manager to do that for you. You won’t have to deal with paperwork, contractors and other tedious tasks. You will be free to travel whenever you like, never tied to the location of your investment. And you’ll have much more free time. Which will free up innumerable hours for you to do things you really love.
If you are setting the price yourself, you will not have a thorough understanding of market rates and what you could really be getting for your property. A professional property manager will do all that for you, maximising your monthly income and usually earning you between 5-10% more than private renters.
Sometimes, collecting the rent can be tiresome. People don’t pay up on time, they are slow with deposits and they change the dates each month of payment. But one of the benefits of professional property managers is that they will do all this for you. They will track payments, collect late fees and maintain consistent payments.
Every country has different rental laws and regulations that can be hard to keep on top of. A professional property manger will know local and national laws and make sure you are always on the right side of them. You’ll avoid legal hassles because a high-quality property management company will be armed with a lot of knowledge that will protect you from potential lawsuits and vulnerabilities.
A property management company will know where to look for tenants and also know how to screen them properly. You are less likely to end up with a troublesome tenant if you use third-party management. They will take care of all the little details that you might otherwise forget, including screening the tenants for criminal backgrounds, verifying employment and finding guarantors. Property managers will also have a bigger pool of applicants to choose from due to their extensive marketing and advertising programs.
By hiring a property manager you will instantly gain access to a trusted maintenance network of licensed, insured, and bonded contractors. They’ll have been vetted for quality and pricing and you won’t need to worry about flicking through the yellow pages looking for someone to help. Because property management companies will have a huge catalogue of clients, they’ll also gt discount on maintenance, saving you more money.
If you are the landlord, you will need to be close to your property to ensure you can look after it and be there for your tenants. If you us a professional property management service though, you can live anywhere you like. And you can also expand your portfolio all over the world, without worrying about being nearby.
From social media posts to paid blog posts and SEO a professional property management firm will often have a whole marketing team dedicated to finding tenants and advertising your apartment. That means your apartment is never likely to be empty.