30 May, 2021
8 Ways a Property Manager Can Save You Money
Handling your property management can prove more time consuming and costly than you’d expect. You mightn’t be prepared to spend the time and invest in the resources that it takes to find suitable tenants yourself, and a property management company will be the perfect partner for you in that case. Taking a DIY approach to property management in an attempt to maximise your profits, particularly if you’re a first-time investor, isn’t wise and could prove fatal to the success of your investment in the long run.
If you still aren’t convinced, here are 8 ways a property manager can save you money, and why they’re always worth the cost.
Managers Uphold Regular Maintenance
With the involvement of a property manager, the state of your building is under constant review. Any issues with the structure, your pipes or your appliances will be caught and resolved early on! This regular maintenance guarantees that breakages and problems won’t escalate, so repairs will be smaller and cheaper.
Managers Handle Rent Collection
An experienced property manager is much better equipped to handle rent collection than a first-time landlord. Your property management company will be well-versed in the law of your lease, so they won’t accept late payments from any tenants. If you know you’re very empathetic and you’re unlikely to be able to demand payment, you’re in safer hands with a property manager.
Managers Boast Legal Experience
When you choose to hire a property manager, much like working alongside a property investment consultancy, you benefit from their expertise. An exceptional property manager knows exactly what is legally expected from you as a landlord, and what qualifies as acceptable behaviour from a tenant. You should be able to resolve any disputes much quicker with this information on hand.
Managers Allow You Free Time
Without property management responsibilities, you have more time to yourself! Whether you spend this in a full-time job or use it to seek further investment opportunities, you can focus on making more money rather than running around after your tenants. You’ll have heard the saying time is money, so saving your free time equates to more profit!
Managers Select The Best Tenants
High-quality property management companies will thoroughly screen potential tenants for your property, including a background check and employment verification. Any renter that your manager helps you settle on is more likely to respect your property, pay bills on time and cooperate with you as a landlord. A respectful tenant is crucial to a successful investment!
Managers Can Find Renters Faster
Your property manager will often be in conversation with property sourcing companies, reducing the amount of time it will take to locate suitable tenants for your building. The less time your property goes without an occupant, the less money you waste on upkeep and maintenance without rent payments!
Managers Have Useful Networks
Larger property management companies often employ a maintenance crew to handle general repairs and servicing around their buildings, and your manager may include their service in your fee. Smaller property managers will at the very least have a beneficial relationship with reputable tradespeople, and you may get discounted rates!
Managers Know What Tenants Want
When you’ve been trying to fill your property for months and nothing appears to be working, a property manager could be all you need to step in and secure a sale. Any property management company will be well-researched in your target audience and their desires in a property, so they can suggest tweaks to your building that will make it more attractive. Just one extra parking space may score your sale!
If you’re ready to benefit from an excellent property management company in the North East yourself, get in contact with us at Blue Skies Property Investment.
