A while ago I published a parent’s guide to property investment. If this is something you have been thinking about doing, there’s something important I want to talk about today – and that’s why you should hire a property manager.
While property is an extremely lucrative investment, it only enables success for investors who put the time into making sure their property is running smoothly, and their tenants are satisfied. The problem with this is that many people – and particularly parents who are struggling with the juggle as it is – simply do not have the time to properly manage their property, which can result in unhappy tenants and loss of profits, and a big headache all round.
So if you’re a parent thinking about getting into property investment, how to you get around this? Well, you should consider taking on a property manager who can deal with all property operations, which will take the pressure off you. If you’re a parent thinking about getting into property investment and wondering if a property manager is for you, read the following benefits which will allow you to understand how your investment can thrive with some simple assistance – and take the pressure off you.
One of the many advantages of hiring a property manager is that they will keep a record of all paperwork, including rental applications, tenancy agreements, inspection paperwork and more. This will allow you to maintain efficient compliance, which is especially ideal if you own several properties. It is also beneficial in the event of any disagreements regarding contracts, as you can easily gain access to paperwork in order to offer the necessary evidence.
By introducing a property manager to take over your paperwork, you can focus on other elements of your business like advertising vacant properties. Property experts like RW Invest recommend some of the best property management companies in the north-west, which will help you achieve property investment success.
The majority of property management companies offer around the clock service, which means you will not have to get up out of bed in the middle of the night when a tenant calls. Instead, it is the property manager’s role to respond to any tenant queries, such as a leak or a noise complaint. They can then resolve this problem as quickly as possible, by calling in the necessary help or they may even do it themselves.
Most property managers offer regular maintenance packages, which could include check-ups on heating, water, and general property checks. This is a great way to reduce the number of tenant grievances, as the property is constantly being monitored for any faults, so there would be nothing to complain about. They usually offer a number of services like landscaping and general repairs, as well as any additional service that you may want to provide to your tenants. This will ensure that you maintain a great relationship with your tenants, as well as creating a great reputation for yourself for future tenants.
The main reason why you must sustain high-quality property management is so that you keep your tenants happy, because without residents, your investment would be pointless. Improving tenant satisfaction is also a great way of retaining return tenants. Therefore, you should make sure that the property manager you choose has a proven track record of this.
One of the best ways a property manager can do this is by offering ongoing communication with both you and your tenants. This could include face to face interaction by working on a front desk or over the phone or email. Different lines of communication will allow your tenants to feel more secure, making them more likely to renew their tenancy.
Are you a parent thinking about getting into property investment? Would you consider taking on a property manager? Do share in a comment below.
*This is a collaborative post