It is worth telling that it is not an easy task to be a landlord. Landlords have to look after things to make their apartments look attractive and promising to live-in. What makes it more appealing is the proper management of things. But landlords can’t look after every problem that a tenant faces and manage the entire apartment. The job of being a landlord is no doubt one of the most appealing jobs anyone would ever want to do, but it also sounds almost tiring when you have to do every part of the task as a landlord.
At times there are some problem-tenants that seem the most significant problem on their own and are mostly rude. It is high time that a landlord should go for a Property Management Company to solve problems that he/she couldn’t. And here are 12 best reasons why a landlord should go for a Property Management Company.
1. Understanding and Screening Tenants
No one wants tenants who have a background of criminal activities, or even criminal attitudes. In many countries, it is illegal to ask tenants of their earlier criminal records or arrest histories.
It also sounds discriminating to ask tenants about their family, the number of kids they have or how many people are going to show up in a single house, to live-in. A landlord might sound rude asking all these, but these managers have the audacity of doing so while being polite.
2. A Problem Tenant
No matter how good a society is, there is always this one tenant who creates problems for all other tenants living in the apartments and, while the landlord might not be available all the time to solve their problems the managers responsible for sorting out such issues, are trained for such purposes.
3. Solving Tenant Disputes
Most apartments are shared by 2 or more tenants together. This reduces the monthly payment from each person’s pocket while also reduces the workload when there is just one tenant and has no more energy left within him to cook for himself after rubbing himself out throughout the day.
But what if one or two of the tenants decide(s) not to stay with the others anymore? A landlord cannot show up at 2 AM night. The leases contain the certification and documentation by these renters about where they want to stay in. No one would wish not to get paid after serving for days together. A property management company can show up at any moment and start solving this dispute like he does every time.
4. Late-night phone-calls for keys and odd stuff
Sometimes, tenants who work-out late at nights or partying-out late nights might show-up exactly when landlords are having a good time on a bed or taking a nap, for their room-keys.
Sometimes they have an extra key for when they lose it, for some reason. While this sounds like a huge problem to landlords, property management companies have candidates who are recruited for management of such silly things too. There is always this odd tenant who might call up odd hours of the day to ask for things he/she can do him/herself.
Consider you are stressing out for a few minutes after running errands for hours together and you hear your phone ringing, and you see there is this guy on the other side asking to help him get the power back, which would be a minor circuit breakage.
This can sound as pretty rude to tell them that they are going the wrong way doing so, but it is not that very hard for property managers to show up and make these tenants understand that everyone has their problems. Well, Tenant Management can be a pretty hard subject of an issue to you if you are having issues with talking to those who are loud, rude and disrespectful.
5. Legal Evictions and Lawsuits
When your tenant is unwilling to pay the rents on time, or otherwise catches up to petty fights with neighbors regularly, it is always an excellent method to show up to them and show them the door. However, evictions are not easy tasks as you have to take care of all the problems with the tenants, understand how they are harmful to other people in the society or apartment.
Only then you can approach a lawyer to file a lawsuit against the problem tenant and evict them. The problem rises to a greater extent if you are from an orthodox community and the problem tenant is a female.
You cannot forcefully evict them; otherwise, you will be the one paying for it, right? You need valid proof that the tenant is on the wrong side while you are just trying to save your name and your apartment. You have to understand the laws which apply in your respective countries so that you are not the one who lies on the wrong side.
Familiarizing with your local judiciary systems and with familiar lawyers is always the right choice. However, to save yourself from getting into any such condition or problem all you need to know and to do is to hire a property managing individual or a company and they will take care of everything that goes wrong.
These guys are known to offer excellent legal and liaison services so that the landlords or house-owners do not fall into the pit. They always have a unique connection to communities responsible for maintaining the proper name of their own.
6. Repairs and Management
Ever seen a landlord not taking responsibility to repair things that went wrong inside an apartment? Well, that must be because they have a department of property managers who know what to do in-case any emergency strikes up.
Managing an apartment of 10 to15 2BHK rooms won’t be easy for a landlord alone and requires a few more hands. The managers will serve as good helping-hands to ease up the tasks.
It is common to see at least one house facing some issues with their circuitry or plumbing systems or security systems going bad for few or no reason at all.
A manager will always look after it to maintain the right pay balance for himself. Calling an experienced electrician or old bald plumber isn’t that hard, but if they do not show up on time, the tenant might have to go through a terrible day due to things that keep growing bigger and worse.
A maintenance management system is a must if you want to attract more potential tenants and renters. Otherwise, get ready to lose a few just because your only work served them as a nightmare.
7. Vending and Shopping
Vendors are the ones who take care of goods and services that need placing on your apartment’s doorsteps. Tenants who have a family with them always need goods and things to take care of, to feed their kids and spouses.
In that case, if a vendor does not show up on time, then it becomes hard for them to manage the other half of their days.
While you are not responsible for that but you are the landlord, and thus you need to solve these problems too. A property manager can look after this problem as well because they know how to find a solution with the vendor and make tenants not get angry over things that can piss them off.
However, vendors who have a problem of not showing up when needed are the ones who need to get away from you too, so that you can find a right and slightly better vendor. This will not only keep married people happy but also help you to undergo good days of your life being a landlord.
Vendor management needs to be taken care of even if it seems easy, so because vendors usually are honest and sincere to their work and always try to be polite in chat. Also, property management companies have contact with vendors as well as contractors, professionals, tradesmen, suppliers, etc.
8. Climate, Weather or altitude problems
IF you have your apartment in an area prone to tsunamis, hurricanes, falls or landslides then you have to take care of all these things so that the place doesn’t become undesirable to live-in.
It becomes necessary to look for sources and solutions to such problems, and you cannot ignore the fact that one day your apartment is going to collapse because the area will submerge underwater, salt, etc.
But you can take steps to save your apartments, in case you hire a property management company who can take up the responsibility of renovating, reconstructing and making tenants understand that this problem can also be solved if they cooperate.
You see, you need the help of your tenants once again and if you manage to get in a good relationship with your tenants, then they can become your asset in helping you save your apartments, buildings and your money.
9. Property Managers are compliant
You will love their way of approaching every task you give them, and they will always be online to help you get your things done in time.
Screening tenants, verifying backgrounds or standing up for legal issues, you can always trust them. Though they work for money, yet they are honest and are reliable.
10. Marketing purposes
Property management companies know what exactly they should do to attract and appeal more tenants to live in the apartments they are being given the charge of.
They can craft compelling advertisements and stick to social media as a medium of digital marketing to attract tenants and to increase your revenue.
You might not even know what potential your apartments have, but with years of experience, they necessarily understand what does it take to attract more and the right tenants.
11. Increase revenues and maximize profitability
There is a thin line between property managers and professionals. Professionals are known to charge pretty hefty charges to take care of your property while property managers charge anywhere between 6-10% of the total revenue you earn from your tenants being a landlord.
This management system allows you to manage your other businesses or otherwise helps you spend quality time with your family.
12. Setting the right rates and depositing rents on time.
You are not efficient enough to compare what other landlords are charging and on what basis you should set a rental rate. You are not able to collect the rents on time, but you also tend to show up on every door, at the end of each month when the tenant would himself be counting his expenses and bills.
If you are a new landlord, there are so many issues that have to be faced. Read our blog especially explaining issues faced by new landlords.
In all of those cases, what you should do is to hire a property management company and rely upon them to be the best and right fit for all these jobs.
With various reports and conditions, these managers can share with you the correct ranges of prices that you need to set so that neither is it too high nor is it too low. They are also held responsible for depositing the fees on time.
Now that you know why the need of Property Managers is justified, are you willing to continue with them on the condition that they are going to charge a good percentage out of your rents and revenues to feed themselves?
If your answer is in affirmative, then you sound good to go with another precaution that you are not precisely a landlord anymore and that you do not have full property access of your own now. Not anymore. Good luck finding a good property management company who will be eligible to keep your business going on with excellent results and fewer complaints.