6 Massive Reasons Landlords Need Property Management Services
Being a landlord is a challenging role, and it is understandable why many professionals look for assistance. If you are a landlord, you may want to provide a personal service to tenants, or you may be worried about the costs associated with using a property management service.
Each landlord is unique, and you face challenges and obstacles. However, we believe the vast majority of landlords benefit from calling on a specialist for help, and here are six massive reasons landlords need property management services.
1. You will feel confident tenants are vetted
2. Keep up to date with legislation
3. A reduction in void periods
4. You can increase rental values at your property
5. Maintaining standards
6. You don’t have to deal with tenants personally
You will feel confident tenants are vetted
When you have the right tenant in place, being a landlord becomes more straightforward. Vetting tenants is essential because this helps to weed out tenants who may not be able to pay, or have had difficulties with previous landlords.
Not everyone is happy researching a person or digging into their financial status or background. However, as a landlord, you must vet tenants, and if you cannot do this personally, you must call on skilled and experienced professionals. Hiring a property management service provider, working with a reputable referencing company leaves you feeling confident that tenants are vetted before being accepted.
Keep up to date with legislation
The set of rules and regulations which govern our industry are changing all the time, during 2019 we have seen major legislation changes with the Tenant Fee Act and HHSRR It is difficult for landlords to stay up to date, which is why it makes sense to call on a specialist for help.
Property management service providers care for properties for a living, and a large part of their duties relate to staying up to date with regulations and implementing these in rental properties. If you don’t know where to start with gas safety inspections, electrical inspections, Legionella risk assessments or how many carbon monoxide detectors you need, you should rely on a property management service provider.
A reduction in void periods
Void periods are damaging for landlords because when there is no tenant in the rental property, you don’t generate income. Property management service providers have a good track record in filling rental property, and they are motivated to find you a tenant for your home.
With some property management service providers offering a rental guarantee, you are confident you’ll receive rental income, whether your rental property is filled or not.
You can increase rental values at your property
While you will pay a fee or commission to a property management service provider, this is often more than compensated by receiving a higher rental payment. These organisations know how to present property, they know who the most likely tenants are, they know how to reach them, and they provide a high standard of service.
These are all critical components in receiving a higher rental fee from tenants, which is you can increase rental values when you call on a property management service provider.
Property maintenance is essential to keep your property in good condition, keep your tenant happy and save money on repairs in the long-run. If you don’t have the time or skills to carry out repair work, you may struggle to maintain properties, but a property management company takes care of this for you.
These organisations develop excellent working relationships with local professionals, so no matter the issue, repair work takes place quickly, and affordably. Knowing your property is being maintained is a great comfort for many landlords, so calling on a professional makes sense.
You don’t have to deal with tenants personally
Not everyone is comfortable collecting money or dealing with people directly. If you are worried about engaging tenants directly, leave it to the professionals. Property management organisations engage tenants every day, and they can manage this process for you quickly, and without any inconvenience to yourself.
Being a landlord is challenging, but you can make the process easier and more rewarding by calling on a property management service provider. If you’re a landlord in or around Manchester, contact homes4u, and we’ll be pleased to help.