How Can Property Management Benefit Your Rental Property?

How Can Property Management Benefit Your Rental Property?

February 13, 2017

How Can Property Management Benefit Your Rental Property?

As any landlord knows, taking care of your rental property is a constantly demanding chore. It’s your responsibility to keep the property in a safe, well-maintained condition, and just as with any house there’s any number of things that can go wrong. Whether it’s an unexpected leak in the roof, a dodgy power circuit or a loose floorboard, there are dozens of minor (and not so minor) jobs that need taking care of, and the professional landlord will need to have a way to take care of them.

Of course, if you have the time to spare, it’s often possible to rectify these problems yourself. A landlord who’s handy around the house can often take care of the more mundane issues, as long as they’re not worried about rolling their sleeves up and getting to work. However, this can be extremely awkward for landlords with a professional career, who can’t afford to spend several hours during the week taking care of repairs at their rental properties. Even for landlords who make it their profession, having to attend to the needs of a large number of properties can leave them running ragged, and with little time to work on the all-important admin of their business.

This is where a good property management company comes in; their job is to make sure that your tenants are living in a safe, well-maintained property, to handle any problems that come up, and to resolve them without your intervention. This means that all you’ll need to do is collect the rent cheques, and pay for any repairs necessary to the property.

What Does a Property Management Company Do?

A property management company does more than just organise the handyman; they cover the entire suite of tenant services, and mean that you can have an entirely hands-off approach.

Rent Collection: Property management companies will have a dedicated mechanism for the collection of rent. This means you needn’t use your own personal account for collecting rent, and maintains your privacy. In addition, the property manager will be experienced at dealing with late rent payments, and will work to ensure that these are kept to a minimum.

Tenant Liaison: Your tenants will likely need to get hold of you during their tenancy, for answers to questions about the property or to alert you to damage that’s been done. Fielding this communication can be awkward, especially if you’ve a busy professional life, so having a property manager to handle these for you is a great way to minimise the impact that your tenants have on your personal life.

Repairs and Maintenance: As we’ve mentioned previously, not every landlord will have time to organise their own repairs. They might find it tough to source a reputable local handyman, or might find themselves paying over the odds for one; a property manager, however, can usually secure cheap rates from repair workers, because they have so many properties which need working on. Repairs carried out by a property management company are timely and held to a high standard, and there’s a peace of mind guarantee for the landlord that if something goes wrong, it’ll be the manager’s job to sort it out.

Advertising and Marketing: An empty property doesn’t do anyone any good, so every landlord wants to keep void periods to an absolute minimum. This can be tricky to achieve, though, especially as a new landlord. A property management company will usually be experienced in promoting properties for the market, and will know precisely where and when to position your property for maximum exposure.

Paperwork and Organisation: Getting your tenants signed up is the goal of any landlord, and a watertight tenancy agreement is the foundation of a good tenancy. There are many boilerplate tenancy agreements available online, but a property management company will be able to supply a professionally written, bulletproof agreement that covers you in every eventuality, and can assure you that your requirements are met. They’ll also carry out the vital process of drawing up and revising the inventory at the commencement of each tenancy – an up-to-date inventory is crucial for every landlord.

Is a Property Management Company Right for You?

Not all property managers are equal, just as not all landlord are equal. You may find that the services they provide don’t match your requirements, or that the prices for their services are more than you’re willing to pay. However, if you take the time to research your options thoroughly, you may still be able to discover a manager who can take the strain out of running a rental property.