Being you own landlord may seem like a good idea on the surface but there are lots of pitfalls to commercial property ownership that a property manager can help you with
You may think that property managers only manage commercial properties with multiple units. But that isn’t always the case. Many property managers have a balanced portfolio of small and large properties under their care and there are many benefits to engaging a manager to look after the affairs of your rental properties.
Your Manager Will Ensure you Have Quality Tenants.
Tenant screening can be a difficult process. If you are new to the rental property business you may not know what to look for in a good tenant. This means that you could end up placing an unreliable tenant in your valuable property.
An experienced property manager will not only help you find a tenant that will pay their rent on time, but will also stay longer in your property so you don't have to be constantly finding new tenants. These perfect tenants will cause less damage to your property and will report maintenance issues in a timely manner so that any issues can be fixed before they become bigger problems.
You Will Encounter Fewer Legal Issues.
A good property manager knows how to protect you from potential lawsuits involving your property. There are many different laws regarding landlords and tenants, and your manager will be fully conversant with these.
By ensuring that your tenancy agreements are watertight and cover all of the important aspects of your property, you will minimise the risk of having to take legal action against a tenant.
Your Property Will Have Shorter Vacancy Periods.
An effective property management consultant will have a full staff of trained professionals on hand to help arrange all of the business that your rental property requires.
Your manager and their team will undertake some of the following tasks on your behalf.
Prepare and maintain your rental property.
Suggest any cosmetic improvements that may be needed.
Determine the optimum rental rate for your property.
They will advertise and market your property and show prospective tenants around the property.
Your management consultant will have staff available to do all of these jobs for you. This means that the moment your property becomes vacant it will be in a good enough condition that a new tenant can beinstalled as quickly as possible.
An Efficient Rent Collection Programme
Collecting and disbursing rents is one of the primary functions of a commercial property manager. Sometimes, tenants will fall short or lag behind on their rent payments. Your property manager will devote some time every week to calling your tenant or tenants to make sure that their rent is paid on time.
Collections can be a daunting process of ignored calls and all sorts of excuses. Having a property manager allows someone else to take over this time-consuming and often stressful job.
Lowering Your Property’s Maintenance Costs.
An effective property manager will have a full in-house maintenance crew ready to step in and fix maintenance problems at short notice. They will also have access to reliable contractors and tradespeople for any work that has to be outsourced.
Having a team of maintenance staff on call means that you ultimately save money because you won’t have to source contractors on an ad hoc basis. In addition to this, you property manager’s staff will be able to take care of maintenance jobs before they become bigger and more expensive.
Your property manager will help you to evaluate your property’s maintenance requirements, develop a maintenance schedule and prepare any documentation that is needed.
Get Your Freedom Back with a Property Manager.
Engaging the services of a commercial property manager will allow to to free up time for more important things such as asset management. A property manager will enable you to switch from micro-managing your property to enjoying your free time and ensure that your rental properties run as a well-oiled machine.
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