Benefits of hiring a property management company
1. Choose the right tenants Managing your own
One of the biggest benefits of property management is that this agent will handle tenant screening.
Experienced property managers see hundreds (or thousands) of applications, so their trained eyes are more likely to notice potential red flags when reviewing an applicant’s documentation.
Thanks to their experience, kazakhstan phone number library they can quickly identify tenants’ strong points, ensure timely rent payments, maintain the property, and more.
Therefore, allowing them to manage the tenant screening process can improve your chances of landing a reliable tenant.
2. Solve the problems Managing your own
If a problem arises on your property, it’s not always possible to drive to the unit to inspect it yourself (especially if you’re in another district or city).
In that context, a property manager can address issues at any time of day and arrange for a service provider to repair or replace the item.
Or, if you have a tenant who always seems to have a complaint, whether it’s about noise from neighbors or the dog doing its business in the front yard, key elements for an effective branding strategy you can breathe easy knowing that the property manager is the point of contact for those types of calls.
3. Market your rental
Property managers are experts in rental marketing, including writing rental listings, taking high-quality photographs, bgb directory and hosting open houses.
They also have local real estate knowledge and can help you set a competitive rental price. Hiring a property manager with marketing experience can help fill your property sooner and reduce vacancy time.
4. Reduce tenant turnover
Good property management companies know how to keep tenants happy. They are responsive and available, and they address issues when they arise.
This is a huge benefit to you, as satisfied tenants are also less likely to look elsewhere and are more willing to accept reasonable rent increases.
5. Ensure timely payment of rent
Because property management companies deduct their fees from the monthly rent, they are motivated to keep those payments coming in. Consistent rent collection is key to receiving payments on time. Using a property management company will help enforce rental policies in case the tenant defaults.
Likewise, if tenants consistently fail to pay rent on time (or at all), the property manager will know how to handle the situation, including issuing an eviction notice if necessary.
You might be interested in: 5 easy ways to invest in properties
6. Avoid potential legal problems
Property managers understand landlord-tenant and housing laws, which can help you avoid potential lawsuits and save you time, money, and energy in the long run.
Typically, they’ll also handle attorney fees associated with evictions or property damage issues. Therefore, if you’re not comfortable handling things like evictions, signing and terminating leases, and security deposits, you may need the expertise of a property management company.
8. Reduce your workload
Having someone else handle the day-to-day management of your rental property and tenants means you’ll have fewer complications and commitments to worry about. You’ll have more time and peace of mind to take care of all the other things in your life.
Disadvantages of hiring a property management company
1. Cost of service
The biggest obstacle people see when deciding whether to hire a property manager is cost. This is because property management is a paid service, and that investment can be a deterrent.
Most property management companies charge a monthly fee, which is usually a percentage of the monthly rent. In addition, there may be a leasing fee used to market your apartment, such as listings, photos and videos, etc.
There may also be miscellaneous fees, depending on the company. Some charge a cancellation fee, additional maintenance fees, renewal fees, etc.
2. Lack of participation
Some homeowners prefer to be involved in every decision made regarding their property. This can be difficult if you choose to hire a property management company because their system works best with a hands-off approach.
Property managers are unlikely to involve you in minor tenant issues, maintenance problems, or other trivial matters. This is because they are equipped to handle these problems and have learned the best way to do so.
If you’re someone who needs to be hands-on at all times, self-management might be a better option for you.
If you’re looking for an investment property, remember that Edifica Real Estate has 15 years of experience developing projects in the most established districts of Lima and other cities.
Our apartments feature an excellent location and multiple common areas such as a lobby, cardio room, social room, pet shower, bike zone, and much more.
You’ll find the best apartments under construction or ready to move in. If you’d like more information about our real estate projects, please contact us and we’ll get back to you shortly.