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Why Use a Property Management Company

Personal benefits for owners

  • Less stress - Avoid having to deal with potential issues such as middle of the night emergencies, having to chase in rents, manage evictions, dealing with damage caused by tenants and the inevitable administration and paperwork that goes with managing a property rental.
  • More freedom - Live and invest wherever you want without the constraint of needing to be near your properties. Additionally you can live and travel without the requirement of always being available in the event that your tenants have a need you have to tend to. Once you have found a good management company, it doesn’t matter if you live in the same area. Some landlords live in other countries and simply receive their rent every month without ever seeing the property.
  • Free up more of your time - Time is money, and for many investors, their time can be more profitably spent in areas other than servicing their properties. When you focus on asset management you’re working on your business, when you manage your own properties you work in it. Using a property management company will free up more time to spend with family or friends doing the things that you enjoy.

Tighter rent collection process

Efficient rent collection and the chasing of late payments is crucial to a landlord. Collecting rent on time every month is the only way to maintain consistent cash-flow, and your tenants need to understand this is not negotiable. By hiring a property manager, you put a buffer between yourself and the tenant. The manager will be the person addressing any issues with the tenant, a task that for them is potentially easier and less confrontational because tenants realize that they, unlike the owner, are only doing their job and are obligated to enforce the lease terms.

Better tenant retention

While it’s easy to see the effects of lost rent, there are other equally serious problems with a high tenant turnover rate. The turnover process can involve a thorough cleaning of, and remedial works to, the property, not to mention the time and effort associated with marketing, showing, screening and settling in a new tenant. This is a time-consuming and expensive process that can often be averted by keeping tenants happy and well cared for.

A good property management company will have a time-tested tenant retention policy that ensures happy tenants with lengthy stays in your properties. These kinds of programs require a consistent, systematic approach, which is where a good property management team will shine.

Fewer costly and time consuming legal problems

Experienced landlords know it only takes one troublesome tenancy to cause significant legal and financial headaches. A good property manager is armed with the knowledge of the latest landlord-tenant laws and will ensure that you are not leaving yourself vulnerable to a potential legal difficulties in areas to include but not limited to:-

  • Safety and property conditions of the property
  • Property maintenance requirements
  • Inspections
  • Drawing up, revision and termination of leases
  • Handling of security deposits
  • Rent collection
  • Evictions

Regarding evictions, the regulations concerning the eviction process are strict. Getting the process wrong, or trying to evict a "professional tenant" can be a major problem, for an inexperienced manager. A good property management company knows the law and has proven processes for obtaining the best possible outcome given the circumstances. Never having to handle an eviction can, in itself, be a compelling reason to consider employing a property management company.

Lower maintenance and repair costs

Good maintenance and repairs keep tenants happy and preserves the value of your investment. By hiring a management company you gain access to their network of experienced and insured contractors who have already been vetted for good pricing and quality work. This can translate into significant savings compared to going through the yellow pages and hiring a handyman yourself. Not only is the company able to get volume discounts on the work, they also know the contractors and understand maintenance issues so that they are capable of intelligently supervising the work.

Overseas Landlords

Overseas landlords, if they haven’t arranged for an exemption, are subject to the HMRC Oversees Landlord Scheme that requires basic rate tax deductions from rental receipts, quarterly remittance and annual accounting to HMRC. A property management company will deal with these deductions and returns on the landlords behalf.

Many overseas landlords aren’t aware that if they do not employ an agent to manage the tenancy on their behalf then the responsibility for deducting basic rate tax on the rent and dealing with HMRC falls to the tenant. Obviously this is likely to make renting their property significantly less attractive to any prospective tenant.