Calling all landlords, is it time to hire a property manager?

Renting out property is a great way to make money but if you are not careful it can also be a sure fire way to lose money and cause you stress and worry. Unfortunately, it is not uncommon for landlords to have problems with their tenants, whether that is due to a delay or refusal to pay the rent or due to problems with damage to the property or even antisocial behaviour. Will help is at hand! You might have heard about property managers but do you know what they really do and how they can help your business. Whether you have one property or a handful of properties, employing the services of a property manager could, in the long term, save you money as well as relief of stress and worry.

The following is a rough guide to some of the services that a property manager might be able to offer you as a client. When you go to a property manager the first thing they will do is to assess the property that you want to rent out and they will be able to tell you what the current rate of rental is for property in your area and what you are realistically likely to achieve from your rental property. They will consider the area that the property is in and all the local amenities so that they can set the appropriate rent level which should attract the right tenants for the property.

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Once you have agreed the rental that you require from the property, the next step is to find some tenants and again this is one of the tasks that a property manager can do for you. If they are a reputable company then this should be quite easy and straightforward as they will already have a list of possible tenants that are looking for suitable properties. In addition they are likely to have a means of advertising properties, whether this is an office front, newspaper articles or leaflet drops. Some property managers also offer the services of a makeover team that will come to your property and make some cosmetic improvements in order to attract the right client for the property and then be able to charge a higher premium for the property. This is obviously charged to you at an additional cost so it is worth weighing up how much money you will actually gain from this in the long term.

Once the tenants are in place the property manager will then have the responsibility for collecting the monthly rent from the tenants. This is often one of the aspects of renting out a property that can cause lots of stress, especially if the tenants are having difficulties in paying on time or at all. As the property manager is their point of contact it means that you do not have to be personally involved with money matters. By using a third party to play the role of rent enforcer you can reap the financial rewards of your rental property without having to deal with the emotional aspect.

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