The benefits of using a property management company
If you’re a landlord or you’re about to become one, it’s important to consider how your property is going to be managed once there are tenants in it. It’s something that so many landlords overlook, and they then end up regretting it later.
There are many benefits that come with choosing a property management company. Otherwise, you’ll end up dealing with a lot of issues yourself. In reality, these things can be taken care of by a property management company acting on your behalf. Here are the benefits of choosing this option.
An Accessible Point of Contact for Tenants
Having a point of contact for tenants is obviously essential, but many landlords can’t dedicate their time to be an accessible point of contact that’s always there and ready to respond to tenants. With a property management company, they can offer a 24-hour service and respond to tenants on your behalf. That covers times when you wouldn’t ordinarily be available.
Listening to and reacting to problems and complaints from tenants is a lot of work and it’s not to be underestimated. For most problems, a management company can take care of these issues for you and they won’t need you to be involved or consulted, meaning you don’t have to do much work at all when there’s a management company on the case.
Lower Chance of Legal Issues Arising
As a landlord, you won’t want to get involved in any unnecessary legal battles. That’s clear. However, this can happen but can be avoided or have the risk reduced by working with a property management company.
Unlike many landlords, especially ones new to all this, property management companies know the law, what it means in practice and any changes to the law that might happen. If you put trust in them, you’ll know that the situation is being dealt with by knowledgeable professionals. You won’t have to worry about doing it all alone.
Tenants Will be More Likely to Stick Around
When you’re trying to rent out a property, the last thing you want is a high turnover of tenants. If you’re offering a slow service to tenants when they have a problem, they’ll be much less likely to stick around and might look to rent a property somewhere else instead if they’re not happy with your performance as a landlord.
But if you choose a property management company, they’ll be able to dedicate more time and manpower to responding to issues tenants have. And as a result, your tenants will be much happier and more likely to stick around. Tenants want the peace of mind that comes with knowing they’re going to be looked after when a problem arises.
Ensures Rent is Consistently Paid On Time
Having the rent you’re owed paid on time is a top priority when you’re a landlord. However, this is one of the most common problems landlords face when renting out their properties. CHasing rent can be tiring, frustrating and often awkward, and that’s not what anyone wants to be dealing with.
Having a property management company working on your behalf means that you don’t have to waste your time chasing overdue rent payments. Instead, the property management company takes care of that for you. They can enforce the rules and ensure you get the money you’re due on time. It’s a tough task so it’s nice to have someone else do it for you when necessary.
Access to an In-House Maintenance Team
Maintenance can be frustrating, and there will often be things that you don’t have the tools or capabilities to take care of yourself. But those fixes still need to be made due to your legal obligations as a landlord. The best solution to this and the one many landlords take advantage of is working with a property management company.
It’s a lot cheaper to have access to an in-house maintenance team as part of your agreement with your property management company than to hire an external team to take care of maintenance for you. The team will also be able to become familiar with the tenants living in your property over time.
Anyone who’s experienced problems as a landlord knows how tough it can be. And having an extra layer of management and support definitely makes your job a whole lot easier than it would otherwise be. So if the benefits discussed above appeal to you, be sure to consider using a property management company for your tenanted homes.
Generally, if you have a number of properties, it’s always best to hire a property management company to keep on top of all of your legal requirements and maintenance. Based in Milton Keynes, LevelUP property management can manage properties around London and the home counties. Get in touch with us today for more information.