A property manager can handle everything to do with letting a property, from finding tenants to collecting rent and arranging maintenance. So if you’re a landlord who’s too busy, too inexperienced, or simply not interested in handling the day-to-day management of a rental property you own, here are 5 reasons why a property manager could be right for you.
1. They save you time
Being a landlord can be a full-time job, especially if you have lots of properties to look after, but many people simply don’t have the time to do it properly. Perhaps you only want to let out properties as a side business, or maybe you prefer renovating homes rather than managing them – whatever your reasons, if you really don’t have the time to be a full-time landlord then you should certainly consider a property manager. They can take over the everyday management of your property, leaving you to spend your time on the things that matter to you.
2. They have experience
It’s a property manager’s job to know the ins and outs of the lettings business, and this is especially useful if you’re an inexperienced or first-time landlord. From marketing your property to drawing up contracts to collecting rent on time, property managers have done it all before and know just how to handle every aspect of running a rental property. By getting their expert advice you’ll know that everything is being done correctly, and this can give you tremendous peace of mind.
3. They are flexible
Many property managers allow you to choose what level of involvement you need for your property. If you only need help finding tenants, many management agencies will do just that: they can find and vet tenants through established tenant-screening systems, and then leave the management of the property to you. Alternatively, if you need assistance with everything that comes after you let out your property, management agencies will usually offer complete packages too, which deal with everything from collecting rent to resolving disputes. With a flexible property manager, you can choose exactly what services you need.
4. They help in difficult situations
Even if you’re interested in being a hands-on landlord, there are some circumstances in which hiring a property manager is clearly the best option. Maybe you are letting out a property in a different city or that you cannot get to easily – in that case, having someone nearby will usually be better for both you and your tenants. Similarly, some properties require a little more administrative red tape than others, so if it’s your first time letting out an HMO or a property in an affordable housing program, talking to a property manager who has that in-depth knowledge will certainly save you time and energy.
5. They know the law
Being a landlord can be a truly interesting job, but even experienced landlords need help if something goes wrong. Of course, issues like consistently late rent payments, evictions and squatters are relatively rare, but if you’re worried about the legal aspects of letting out a property, knowing that there is an expert on your side could be a very good reason to hire a property manager. They can give you extra reassurance, especially if you aren’t confident about handling legal disputes yourself.
If you think that a property manager might be right for you, and you have a rental property in Bristol, get in touch with Gough Quarters to find out more about their management services. There’s the Tenant Find service, which includes marketing, arranging viewings, tenant-checking, and organising the first month’s rent and deposit, and the Managed option, which also includes day-to-day maintenance and repair.
Keys (‘A Sign of the Times?’) by Keith Williamson on Flickr, under Creative Commons Attribution 2.0 Generic License
Bristol Harbourfront by Harshil Shah on Flickr, under Creative Commons Attribution-NoDerivs 2.0 Generic License
Painted Houses near Bristol Harbourside by velodenz on Flickr, under Creative Commons Attribution-NonCommercial-NonDerivs 2.0 Generic License