10 Common Hassles A Property Manager Can Handle
10 Common Hassles A Property Manager Can Handle will help create ease and enjoyment in owning an investment property or properties. As a landlord or a rental property owner, it isn’t always easy handling your property on your own. Why do we say this? Because there are a host of issues that can impede your decision of taking charge of your property yourself. True, the long age adage says that no one can take care of your property better than you, one fact is, getting a property manager that sees your property as they see theirs, can help take your mind off the property, focus on other issues and avoid certain hassles.
Some of these hassles you get to avoid when you hand over your property to a reliable manager, are listed below:
- Inadequate Appraisal: As a real estate property owner, especially if it’s your first time, there is always the tendency to either over estimate or under estimate the rent to be collected be it on a weekly, monthly or daily basis. However, where you have a property manager to help you with this, it becomes easier to get an independent and an honest appraisal of the property.
- Knowledge of real estate laws: Let’s say you are a medical doctor or an accountant. It becomes harder for you to keep abreast of the laws guiding the real estate market since your field is not closely related. The case could be slightly different where you are a lawyer. Therefore, a property manager is there to help and serve you more efficiently since they are much more familiar with the various rules and regulations guiding the business.
- Legal issues: Just like mentioned above, your property manager knows much about the rules and regulations guiding the industry. Thus, if and where you have a court case, you are assured that your representative who is the property manager, knows the rules and can defend you properly where the need arises.
- Advertising your property: A property manager is one who is well grounded in the real estate business. He knows the right places to place adverts and the right people to reach out to. He might even have a list of tenants who need to buy or rent a property. When you have such a property manager, your property never stays too long on the vacancy listing as they play all their cards to ensure that they get you a suitable tenant.
- Selection of tenant: On the issue of selection of tenants, the process involved is not always an easy one, especially where you need high quality and reliable tenants who will cause you no issues. Professional property managers know the right questions to ask, and how to spot these tenants.
- Drafting agreement contracts: Before leasing out your properties to anyone, there is the need to draft out contracts that clearly delineates the roles and responsibilities of both the tenants and the landlord. Without this, you might find yourself handling almost every little issue. However, with a property manager, the hassle of drafting out an agreement contract, is avoided.
- Property maintenance: As a landlord, it is your duty to carry out repairs whenever the need arises. It could be a bad air conditioner or a termite infested door. These could be quite hard to handle on your part due to a few issues. A property manager can take the burden of this off your chest, and let you focus on other things.
- Rent collection: One major reason for giving out your house in the first place, is for collecting rent and increasing your income. A property manager makes sure rent is collected and as at when due, thus freeing you from the hassles involved in rent collection.
- Retaining good tenants: It’s quite difficult to find good and reliable tenants. However, once you are able to get one, you have to play all your cards to ensure that they remain. A good property manager is there to spot these good tenants and endeavor they remain, by making sure they deliver the highest quality of service to them.
- Terminating contracts: Where the need arises especially in the case of a bad tenant, rent contracts need to be terminated. A property manager helps you do this without the need to feel bad or guilty, which may not be the same with you.