Hiring a reputable property management company has the potential to transform the way you manage your property and the relationships you have with your tenants.
As a landlord, hiring a property management company might feel like an unnecessary extra cost. Surely, you reason, I can do those things myself and save a whole lot of money.
But things aren’t always that straightforward. Hiring a reputable property management company has the potential to transform the way you manage your property and the relationships you have with your tenants. In fact, the money you spend on your property management company can quickly pay for itself.
Here are five of the biggest advantages of hiring a property management company.
- Shorter void periods
No landlord wants their property to stand empty when it could be earning money. Having a skilled property management company on your side makes this possible – giving you a better overall income.
Curious to know how a good property management company can minimise your void periods?
- They will support a good relationships between you and your existing tenants – happy tenants are less likely to leave in a hurry.
- They have a network of potential future tenants they can call on when your existing tenants give notice.
- They know the local market and will be able to pitch your property at the right people for a swifter commitment.
- Fewer legal problems
The law is constantly changing – this can be a headache for many property investors. Property management companies stay on top of the changes and are aware of potential future changes as well. They also have the contacts they need to clarify details which might be unclear. This means that using a qualified property management company helps to derisk your lettings. Instead of finding that your property is non-compliant or that your rental agreement has loopholes, you can rest easy knowing that every eventuality is covered.
- Better quality tenants
The holy grail of property lettings – a high quality tenant – can be hard to find. But using a property management company makes the search easier. They won’t just help you keep hold of existing tenants but will also improve the quality of potential tenants. That’s because a property management company know how to market your property to make it attractive to your target tenants. Quality photography, appropriate pricing and a database of potential tenants means you get to choose from a shortlist of interested parties. You can quickly filter out those with a poor financial background or weak references, leaving you with tenants who will respect your property and pay on time.
- Financial predictability
If – like many landlords – you rely on your rental payments to pay a mortgage or provide you with a monthly income, then financial predictability is essential. Late and missed rent payments can also be laborious and stressful to follow up on. Work with a reliable property management company and this is less of a problem thanks to their strict rent collection procedures. You can be confident that tenants will be reminded when their rent is due and that overdue rent will be chased up promptly. Not only that, but if tenants are unable to pay their rent, you can rest easy knowing that your management company will know how to deal with the problem effectively and fairly. Your management company will also have an accurate sense of what your property is worth and be able to price it accurately, meaning you could be able to command more in rent.
- A better work/life balance.
You can’t put a price on freedom. And that’s what you get if you choose to work with a property management company. As well as leaving you free from rent collections and the admin involved in advertising your property, they can also handle repairs and maintenance on your behalf. Urgent callouts to repair the boiler or replace a lost key won’t affect your other plans and you can also rest easy knowing that time-consuming end of tenancy cleans and inventory checks are handled on your behalf. You won’t need to rearrange your plans to account for new tenants moving in either – your property management company will look after everything for you.
Using a property management company isn’t as expensive as you might think – especially when you consider the benefits that this kind of service offers. The Home Club provides high-quality, award-winning property management services. Get in touch to hear how we could support you and your properties.