8 Reasons Why Landlords need Property Management
When you’re a landlord and you want to develop your portfolio, it’s a good idea to look into hiring a property management company (PMC). If you’re still unsure as to whether or not to hire them, here’s a list of the top 8 benefits of property management companies:
1. They will help you determine the property value
As a property management company knows all about the current market conditions, they can advise on what the property value should be by comparing it to others in the area, as well as how high the demand is.
2. They‘ll ensure that rent is paid to you on time each month
A property management company can get in contact with the tenant, ensuring that they pay on time. They will resolve any issues that arise with payments in a professional way and if it can’t be solved, help to get the tenant evicted.
3. They’ll sort out any maintenance problems quickly and efficiently
As your property management company will have access to a variety of tradesmen, they can fix any issues that occur – such as problems with the heating quickly and efficiently. Over the period of the contract with you they will also carry out checks on the property – so you know that everything is working correctly.
4. Safety regulations
The company will assure that the property is meeting all of its safety regulations (such as recently having a gas safety inspection) and can arrange for checks to be carried out so that it is safe for tenants.
5. They can screen tenants for you
When you’re a landlord, you will want to make sure that you only have the most trustworthy tenants. The property management company will screen potential tenants, carry out credit checks and reference to make sure this happens.
6. They’ll help with day-to-day operations
One of the main reasons as to why landlords hire a PMC is that they don’t have the time to deal with the day-to-day operations of running a property. If you hire a PMC that lives nearby to your property, you’re assured that any issues that arise will get sorted quickly.
7. Low tenant turnover
You don’t want your property to be uninhabited for a long period of time. A property management company will ensure that your property is advertised is put onto the market quickly when it is empty.
8. They’ll market your property effectively
Following on from the above point, an experienced PMC can market your building by crafting compelling advertisements to entice tenants into renting your property.