5 Reasons to Use Property Management: What They Do and How It Helps.
You know those months when you have driven from one of your properties to another, and another, and another, using the journeys to mentally prepare yourself for what awaits you behind each front door? You will be running the same inspection with the same checks, asking the tenants the same questions and fixing the same problems; by the time you reach your last property, you’ve gone brain numb, missing obvious faults and forgetting fundamental safeguards. Wouldn’t it be so much easier to stay at home and receive a report from other people who are doing the leg work for you?
Britain is now building more flats than houses; in 2016, over 49,000 flats were constructed whereas detached houses totalled in at just over 42,000. More flats mean that buy-to-let homes are becoming increasingly popular as landlords build up their portfolio and a tough economy is turning more young adults into renting for long-term solutions. Due to this, property managements have spotted an opportunity and have generally increased their fees by around 33% – but do not let this throw you off. They can put their prices up because their services are useful and, in some cases, needed. Below are the 5 main reasons we believe landlords should hire their services.
- Money Management.
If Maths was never your strong subject in school, or if you have always struggled with confrontations, property management will handle all the numbers for you. Not only will they kick everything off by collecting the security deposit when tenants move in, but they will also take all rental payments and send the money on to you once the tenants have coughed up. Their wages will probably be coming out of what the tenant owes you, making it is in their interest to gather all payments on time.
- Tenant Technicalities.
Experienced property managers will have seen all sorts with regards to tenants. They will have a good eye for red flags, spotting the rowdy ones, the sloppy ones, the lazy ones and the one most likely to cause grief to their landlord. Think of this as Tenant Screening, where they remove all risky renters from consideration. Mirroring their responsibility to fill the property with people, it will be their task to empty it again – they deal with terminating leases and (should it ever come to it) the details of evictions.
Not only that, but property managers will also be the point of contact for your tenants, hearing all complaints and queries, saving you a lot of ear ache.
- Inspections and Inquisitions.
Landlords should pay frequent (and impromptu) visits in order to check on their properties. This is just so that you can check on its condition, making sure there are no severe cases of wear-and-tear and that tenants are not mistreating it. However, you may find yourself too busy to visit each house or be too far away if an emergency occurs at one of them. This is where property managers would come in; they would visit the property, check out the health and safety and determine the condition of the building, reporting back to you with any repairs that need seeing to and their opinions on how the tenants are treating it.
This would also be an advantage because they could bring their suggestions of improvements to you. Perhaps there are possible modifications that could bump up rent price, or upgrades which are necessary for happy occupants.
- Property Protection.
This is slightly different to the inspections – they are just for checking on the property and freeing up your time. Protecting the property involves dealing with any problems. The maintenance of the property is essential since disgruntled or dissatisfied tenants can make things difficult for you, so you need to make sure the house is in perfect working order – that means no loose roof tiles, no broken windows and no leaking pipes.
With experienced property managers, you will get their contact list of services, a whole network of handymen including plumbers and locksmiths. They will know the best people to trust your property with – after all, it is your asset, and you need to know you can trust someone to do their handy work properly.
- Further Afield.
If you have property management to be the caretakers of your houses, then you don’t have to worry about being back home in time for tea after spending all day on the motorway or weaving through country lanes for a half-an-hour check-up. You can have properties dotted all over the place if you no longer have the responsibilities of paying regular visits and responding to emergency calls from tenants. You could live in Birmingham or London, and have properties by the coast, up in Scotland or even over-seas! (If you do have a property in another country, then property management is not just helpful, but essential.)