There are so many purposes for a property management company to be hired in order to help you look after your properties as a landlord. Hiring a property manager can not only help you when it comes to taking care of the properties themselves, but also the tenants within them. We want to talk to you about 6 reasons landlords should hire a property management company.
Ensuring Rent Is Paid On Time
One of the more obvious duties of a property manager is making sure that all rent is being paid by tenants on time. Having a property manager allows there to be a buffer between yourself – the landlord – and a tenant who may be late in paying their rent, removing some of the stress from the situation for yourself. They will also be well versed in these types of situations and be able to employ tactics to help with a resolution, or should the situation be unresolvable, they can then proceed to start with legal proceedings.
Not dealing with tenants face to face
Being able to have a property management company in place to deal with all interactions between yourself and tenants can ease a lot of stress felt as a landlord. It can also mean that any uncomfortable conversations regarding things such as late rent can be dealt with professionally by a third party that you trust.
Screening of tenants
The screening of tenants is one of the most important steps there is when it comes to the process of filling a property. Ensuring that credit checks are done and references are evaluated can be a part of the property management companies process and can help to make sure the person being looked into is going to be a trustworthy, reliable tenant.
Legal Safety Requirements Ensured
There are several legal safety requirements that need to be met in order to begin letting a property. These include checks such as: an energy performance certificate (EPC), a gas safety check, an electrical inspection (EICR) amongst other things. These are all things that a property management company would advise you on and arrange any necessary checks to make sure everything is in order eg: the fire alarms and carbon monoxide detector are working etc.
Robust Tenancy Agreement
A tenancy agreement is required by law and it is an agreement between the tenant and the landlord. It is a way to avoid future disputes and protect the property whilst outlining any obligations that may fall either in the landlord or the tenants remit. They can help with drawing up a tenancy agreement, and with all of the information that may need to be included to have a successful start to a tenancy.
Better Property Maintenance
When things go wrong within your properties eg: the heating goes or there is a leak somewhere it is important that quick action is taken to fix the problem and prevent damage. Having a property management company to sort these situations swiftly and professionally can improve the maintenance of your properties tenfold. Should these issues arise when you are unable to take fast action, say for example you are on holiday or unwell, a property management company will have an extensive portfolio of tradesmen they have access to.
There are an abundance of reasons landlords should hire a property management company and it can be the deciding factor between a well maintained property and a neglected one.
You can read more about what property management companies do here.