Property Management
Being a landlord can be overwhelming, especially if you are handling various rentals properties or if you are doing other businesses. Between maintenance of the property, collection of rent, filing of vacancies, and responding to tenants’ requests, there comes a time when you might need some help. And this is where a professional property manager comes in. Here’s a look at some of the services that a property manager does for a landlord.
Marketing your rental property
A very essential part of being a landlord is filling the rental property vacancies. Preferably, a vacancy should be filled fast to avoid gaps in income that could affect your financial cash flow and how your property is managed and maintained. One of the vital services that a property manager provides is marketing your property aggressively.
Although you might think that this part is easy, it can be daunting at times especially in today’s situation. Moreover, it involves more than just getting a new tenant into the rental property fast. The property manager knows the value of promoting the benefits of the neighborhood. Overall, you can also get higher rent due to the perceived marketed value in the area.
A property manager has a wider audience through digital marketing efforts, posting on professional listing sites, and connections within the industry.
Screening of Tenants
Choosing the best tenant for your rental property can take time but it is an important process that will pay off in the long run. It is important that you have a qualified tenant for your rental property. A qualified tenant who has the ability to pay rent on time, follows rental property rules and regulations, and has the potential of staying in the property for a long time in order for you to maximise your rental property income.
A property manager has a systemise process when it comes to tenant screening and this will help you catch a better tenant for your rental property.
Lease Agreements
After finding the perfect tenant for your rental property, making an official agreement is the next step signed by both parties. Landlords usually have generic lease agreements taken out from the internet and attention to the details of the agreement can be taken for granted and end up regretting in the long run.
If you have a property manager, a property manager creates a good lease agreement – carefully considered and specific rules and requirements are indicated. To avoid issues with the tenant regarding the lease, the property manager makes sure that the contract is signed, filed and when needed for reference, it is available.
Handling Maintenance of the Property
One of the biggest perks of having a rental property with a property manager is knowing that a professional is on top of all your tenants’ maintenance requests because no matter what you do, there will always be maintenance needs in any rental property from time to time. If a landlord hesitates or delays the problem, this could cause a bigger problem.
So, if you have a property manager for your rental properties, someone will handle the maintenance of the property for you as property managers often work with trusted vendors who are licensed and insured. And this will ultimately save you both time and money when it comes to property maintenance.
Rent Collection
Rent collection can often be a stressful job for landlords. But if you have a property manager, the property manager will do the collection of rent from your tenants for you.
In the unfortunate event that the rent is not paid or the payment does not clear, the property manager will also handle the late fees and collections – whatever rent policy is outlined in the contract. The property manager will ensure that the rules are followed without you getting involved.
Staying on Top of the Tenancy Laws
As a landlord, you must know about the landlord-tenant laws. It is vital to be always updated with the new rules and regulations of the government when it comes to tenancy in order to avoid breaking the law and ramifications that come along with it.
Having a property manager, you won’t have to worry about it as property managers make it a point to have strong landlord-tenant laws and any local regulations that may affect your rental property business. Having an expert by your side will help you keep up with the updates of the rules and regulations of the tenancy and how to address the issues.
Overall, working with property manager will help you simplify your rental business with the services offered, free up your time, and at the same time, provides support for you and your tenants. If you would like to learn more about our landlord packages, contact Bluestone Properties today. Call us 0208 355 3405, email us at info@bluestoneproperties.co.uk
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