One of the biggest mistakes many landlords make is overlooking the prospect of using a property management company. Often landlords decide to manage the property alone, however, the assistance of a professional could be hugely beneficial. Property management companies deal directly with the tenants, saving landlords a great deal of time and money during the entire rental process. Knowing that both your tenants and property are being handled correctly is an ideal solution if you are a new landlord in need of extra guidance. Choosing a property management company is an important decision, therefore always research your options.
We have outlined the 5 key factors of property management:
Point of Contact for Tenants
Instead of landlords having to deal with tenants, a property management company can sort out any issues on their behalf. Their services can cover a 24-hour basis and can assist when landlords are unavailable themselves. Dealing with complaints can also be a strain when renting out a property, however, a management company can deal with these sorts of calls without the landlord needing to have too much direct involvement.
Less Chance of Tenant Turnover
Due to the quick and effective services that a property management company provides, there is a slimmer chance of experiencing a high tenant turnover. Should any changes occur on the landlord's side such as increases in rent, tenants may be more willing to co-operate if they believe they are in good hands.
Fewer Legal Problems
Veteran landlords may be aware that nightmare tenants can run up plenty of legal issues which can cost both time and money. Property management companies are up to date on the latest laws, therefore landlords are able to leave all worries to the professionals who can deal with legal issues in the correct manner.
Ensures the Rent is Paid on Time
Allowing a property management company to take over means that the pressure is taken off when it comes to collecting rent payments from difficult tenants. Should tenants not pay their rent on time, property management companies have the power to enforce lease policies and take the appropriate steps to ensure landlords are fully covered.
Lower Maintenance Costs
By hiring a property management company, landlords may also have access to the company's in-house maintenance team who will keep the property in good working order. It is a much cheaper option than hiring externally. Also, the maintenance team will become familiar with tenants and should ensure that the job is completed correctly and professionally.
Why do People use Property Management Companies?
Landlords who deal with all tenant issues without assistance may experience greater pressures than those who decide to use a property management company. There is less stress involved, giving landlords freedom wherever they choose to live, rather than having to settle nearby to solve tenant queries and issues.
If you are interested in hiring a property management company and you are based in or around St Albans, check out Daniels Estate today to find out more about our professional property management services.
References:
http://www.managemyproperty.com/articles/what-are-the-benefits-of-using-a-property-management-company-9
https://www.zillow.com/rental-manager/resources/5-benefits-property-managers/
http://www.nolo.com/legal-encyclopedia/landlord-hire-property-management-company-29885.html