When trying to rent out a property, many landlords, especially those who are new to the business, try to save money by renting it out themselves. It’s understandable perhaps, but it is rarely a good move in the long run and often can have a very unhappy outcome.
Here are ten very good reasons why aspiring landlords, as well as some longer-standing ones, would find it beneficial to use the services of a property management company.
Go Pro and Keep Things in Proportion
Your property is probably worth hundreds of thousands of dollars. You may well have invested heavily in nice furnishings, top class appliances and comfortable and attractive furniture and you don’t want all of this ruined by unsuitable tenants. A good management company will take all necessary steps to prevent that from happening with potential savings that easily justify their fees.
It’s Not Who You Know – It’s What You Know
A property management company does very little else all day except rent properties. The chances are that you have lots of other things to do, none of which involve renting properties. Give yourself a break, leave it to the specialists and concentrate on what you know best and enjoy doing.
Is It Legal?
DIY Landlords often miss things that could, potentially, leave them exposed to legal action or could place them at a disadvantage if litigation should become necessary in order to resolve a landlord/tenant dispute. A rental property management company will have all the necessary knowledge “in-house” to prevent such a situation occurring. Don’t risk it; go with the professionals.
No Need to Expose Yourself, They’ll Do It for You.
Property rental companies will have established marketing strategies in place to ensure that your property will be viewed by the widest range of suitable prospective tenants. This is very difficult to replicate on a DIY basis.
Check It Out Now
Private individuals and part-time landlords will find it difficult to carry out the detailed and comprehensive checks that are necessary before taking on a new tenant. It’s not just the credit-check either; your new tenant might earn loads and pay his bills but what if he completely “trashed” his last rental property? This is another possible outcome you really shouldn’t risk.
Professional Relationships
It is difficult for individuals to establish business relationships with other pertinent organisations and professionals from whom expertise and know-how can be drawn when needed. Established property managers have these relationships in place, which have often taken years to establish.
