What is a property manager?
Generally, your property manager will arrange things from the gardeners to collecting rent, organising repairs, and generating budgets. Property Managers are usually the point of contact for the homeowners and tenants. They would usually manage blocks of flats, industrial parks, communities of houses and shopping centres. This post will be four reasons you should consider hiring a property manager.
Below is a list of what property managers do:
- Generating budgets
- Collecting rent
- Arranging property maintenance of gardens and communal spaces
- Arranging repairs to properties
- Ensuring you compliant with housing regulations and property laws
- Maximising the profitability of your time and money
Reasons to Hire a property manager:
- You own too many properties to manage.
Having too much on your plate in life is exhausting! When owning blocks of flats or communities of housing, there is a limit to how much you can manage. This number can vary depending on how much you do in your life (work, family or more). As soon as you hit the 3-5 property mark, this is where you are likely to need a property manager to step in.
- You do not live near the property.
Living far away from good areas to own properties makes it challenging to manage. Hiring a Property Manager gives you a large variety of areas you can buy in, which opens up investment opportunities.
Living far away can also be a challenge when something at the property goes wrong and needs repairs. Your management company will know the building and have contact with residents. It enables them to arrange for contractors to go to the properties to quote and repair.
- Lack of experience or no passion for being a landlord.
Hiring a property manager means you can relax knowing the properties will be in their capable hands. It is their job, so they will keep everything running smoothly and efficiently.
Most property management companies hold Annual General Meetings (AGM) with the residents, which allows the residents to give feedback, ask questions and request things from the property managers. Allowing both the property managers and residents clarity about what will be completed and what improvements to make.
- Managing finances
One crucial thing is that bills are paid regularly and that the clients pay on time. Every company will have a method to track payments so that anomalies can be spotted and sorted. They often use a cash flow system to trace this. Property managers can also chase up missing payments from clients, saving you from that awkward conversation.