Becoming a landlord is not easy with all the different tasks you need to do to ensure that your rental property continues to generate income. Fortunately, you don’t have to run the business on your own with the availability of property management services.
Advantages of Getting Property Management Services
A property management company can handle your rental home and take on your responsibilities as a landlord. They can deal with everything essential to keep your business going – marketing your rentals, screening tenants, resolving maintenance and repair problems and even evicting tenants when needed.
In addition, a reputable property management firm brings know-how and experience that can improve the profitability of your rental property and grow the business.
With their expertise, you can rest assured that your property is in good hands. Moreover, you can look forward to earning additional money without the stress associated with being a landlord.
Despite the benefits of getting a property manager, many are apprehensive about hiring one because of the cost.
Here’s the thing:
While property management fees are not cheap, they are not overly expensive. For example, reputable companies like MTS only charge 3% which is well within industry standards. Moreover, with what they bring to the table, they are well worth the money you spend. So, instead of looking at it as an expense, view it as an investment for the growth of your rental business.
Is Getting Property Management Services the Right Choice for You?
Admittedly, while hiring a property manager offers a lot of benefits, it is not for everyone. For one, if the rental fees you are getting are not sufficient to cover the management company’s payment, then it doesn’t make sense to hire professionals.
Similarly, if you want to be on top of everything – running the business and all that, then hiring pros may not work for you.
So, how do you determine if getting property management services is the right choice for you? Consider hiring pros if:
You Are a Novice Landlord.
There may be an abundance of guides on how to lease properties and tools that make letting homes easier for owners, but these are not enough.
Remember, you won’t become an expert nor learn everything you need to overnight and just by relying on the information you found online.
Leasing properties can be complicated. Without the know-how and experience, succeeding at this endeavour can be difficult.
You Are Busy
Managing ‘homes for lease’ is time-consuming. The work won’t end after tenants sign the lease agreement. There will always be something to do – collecting rent, answering tenant’s queries, taking care of repairs, inspecting the property and so on.
Suffice to say, it can be taxing to be a landlord, regardless of the number of properties you have. If you have another career or other businesses, you might not be able to give your rental property the attention it needs to flourish. So, it would be best to hire an experienced property manager who can keep things organised.
You Have Multiple Properties
Managing one property is already challenging. What more if you have five or ten? You might have been successful in handling several rental properties, but this doesn’t mean that you no longer need help.
Reputable property managers can provide insights and employ strategies which can improve your business and even grow it further. Moreover, with them on board, you can take some time to relax or perhaps, start new ventures.
You Can’t Fill the Vacancies
Nowadays, the availability of social media sites and property portals makes it easier to advertise ‘homes for lease’. But posting online is not a guarantee that you’d get tenants fast or get one at all. You still need to create well-made marketing ads, and property managers know exactly how to make them.
Aside from having an extensive network, these pros know who to market the property to. Furthermore, they know how to get the attention and stir the interest of potential tenants. So, you can count on them to fill the vacancy quickly and more importantly, get the right tenants for you.
You Live Far from the Property
If you live abroad or several hours from the property, it is wise to let a local property management company handle your rental home. Having quick and easy access to the house is an integral part of proper property management.
While being a long-distance landlord is not prohibited, it can be a source of stress, especially when you need to deal with maintenance issues. Sometimes, failure to address these types of concerns immediately can cause frustration for your tenants.
If you meet the ‘criteria’ above or are in the same situation, then don’t think twice about getting property management services. Just ensure that you hire a reputable company, so you’ll fully reap the benefits of this choice.
Thinking of getting property management services in Ireland? Don’t know where to start? Call us at 014959020 and let’s discuss how we can help you with your rental property.