Property management companies can be extremely helpful when it comes to buying and selling property, preparing a property for rent, and also managing a property once a tenant has moved in.
WHAT ARE PROPERTY MANAGEMENT COMPANIES?
As a landlord, you might find that you are unable to manage all of your properties by yourself. This could be for a number of reasons, including lack of time, lack of experience in managing properties, or simply the desire to have a professional handle matters instead. As such, you may find yourself seeking the assistance of a property management company.
Property management companies are responsible for many things, such as directly dealing with tenants, marketing the landlords’ rentals, collecting the rent, dealing with any maintenance or repair issues, handling any complaints from the tenants, and also serving eviction notices. All of these aspects can be very time consuming for a landlord, and that is why many choose to hire a professional to carry out these tasks on their behalf.
WHAT DO PROPERTY MANAGEMENT COMPANIES DO?
A property management company is responsible for all issues related to the landlord’s property/properties. Some responsibilities of property management companies include:
COLLECTING THE RENT
Having a property manager collect rent from tenants can be highly beneficial, particularly if a tenant is late with their payment or has proven to be difficult to deal with. A landlord can therefore save himself/herself a lot of stress by not dealing directly with the tenant themselves.
HANDLING MAINTENANCE AND REPAIRS
A property manager is also responsible for dealing with maintenance issues, big and small. By giving the responsibility of fixing such issues to a professional, the landlord avoids being awoken in the middle of the night because there is a problem with the plumbing or the electrics.
Instead, it is the property manager who will deal with these issues, allowing the landlord to have a relatively stress-free experience of renting.
DEALING WITH DEFAULTERS
Property management companies are also responsible for situations which may require legal proceedings, something which undoubtedly would cause a landlord a high level of stress if he/she were forced to deal with it by themselves.
MARKETING AND SOURCING TENANTS
A property management company will also be in charge of advertising the property and sourcing the tenants. The sourcing of tenants is particularly important to ensure no damage is caused to the property and that rent will be paid on time. Things which property managers consider in a tenant is their rental history and their current employment situation. By having a professional take care of this aspect of the property, a landlord can be confidant that a respectful and trustworthy tenant has been found.
CARRYING OUT THE REGULAR PROPERTY MAINTENANCE
The necessary inspections, safety checks, and renovations will also be carried out by the property management company. This includes ensuring the fire safety equipment is in full working condition and that gutters are not clogged, etc.
FINDING A GOOD PROPERTY MANAGEMENT COMPANY
In order to find the right property management company, you should ask for recommendations from other landlords, search online, and read client testimonials. It is important to recognise what you want from your property management company and see which company provides the services you require.