What is a Property Manager and why do landlords need one?
When you own a property with the intention of letting it out, it may seem a little overwhelming at first with all the ‘red tape’ and regulations. Where do you find good tenants you can trust? How do you make sure you get your money on time each month? What processes do you need to follow if a tenant reports a problem? Property Managers can do all of that for you. Their job is to oversee the day to day running, and to make sure that the property meets regulations legal obligations while also keeping your tenants happy. Sound good? Here are some more reasons why you need one.
Tenant Vetting
Your Property Manager’s job is to find and vet suitable tenants to live in your property. With their waiting lists and knowledge on what to watch out for, you are more likely to get good tenants that aren’t going to cause you trouble or cause costly repairs than if you were to find someone yourself.
Communication
The Property Manager will act as your go between, and will communicate with the tenants and yourselves. You don’t ever have to speak to the tenants renting your house which gives you a completely hands off approach. They will deal with complaints and issues, and will work within a budget, so you don’t always have to stress about the small stuff, or worry about receiving calls from tenants at unsociable hours.
Expertise and Professional Knowledge
You get to dip into a pool of knowledge, so no more sifting through jargon to get the latest rules on what you should and shouldn’t have in your property. They will be on top of legislation changes, so can guide you through the confusion. They are also there to help you make the most of your property from a business point of view and with the contacts and regular trades they use for work, it can often save you money.
Rent
Property Managers will be able to help you set the rent, according to the local market. They will also have systems in place to make sure that your rent gets paid on time. Most property management fees will be charged at a percentage from the rent, so it will be even more important that they make sure this is paid on time. If there are late payments, you don’t have the hassle of chasing or looking through the rule book to see where you stand as they will do this on your behalf.
It’s a Long Distance Thing
Having a Property Manager means you don’t have to be on hand for any issues that may occur. This can be particularly useful if you plan on moving to somewhere that isn’t where your rental is, or if you have a few properties that need looking after, while you move on to your next project.
In short, having a property manager is there to make your life easier and less stressful. They take on the donkey work of owning a rental and will keep you in the loop of any issues or major changes to legislation that may be coming up. By employing a Property Manager, you are given the time and freedom to continue doing the things that you want to do, instead of spending your weekends, evenings and any spare time, dealing with tenant issues and problems that might arise!
Get in touch with Smart Lettings to see how we can take the stress from you in managing your portfolio!
