Landlords: Advantages to using property management services
Rhys Owen, Senior Property Advisor, highlights a few of the advantages that landlords can enjoy when enlisting the services of a property management company...
There are plenty of advantages to using a reputable property management company, and the beauty of property management services is that a landlord can choose to hand the reigns entirely over to the company or simply choose individual services that serves their needs. In fact, many landlords and real estate investors who enlist these services wish they did so a lot sooner.
Below you’ll find just some of the benefits landlords can take advantage of when using property management services:
Finding respectable tenants
New landlords often believe that sourcing a tenant is as simple as listing the property, waiting for a call from a potential tenant and then welcoming them on board if they like the property following a viewing. The truth is there needs to be far more involved if you want to ensure that any prospective tenant is well-vetted and meets all the requirements you’d want in the people living in your investment property without any red flags. If a bad tenant gains a tenancy agreement and the keys to your property, it can be rather difficult to make them leave. Furthermore, a property management company will also help you avoid rental scams that are often targeted at private landlords.
An experienced property management company will follow a reliable and thorough screening process to ensure prospective tenants are likely to:
- Rent for the long-term
- Pay their rent on time each month
- Look after the property
Avoid legal problems
The legalities that need to be strictly adhered to within the letting industry is constantly changing and evolving, so it can be extremely difficult for landlords to consistently keep themselves up to date with the latest letting legislation - something that could potentially land a landlord unknowingly in hot water. It’s difficult enough to fully understand the existing legislation, let alone keep on top of the changes! A single bad tenant can cause a landlord a series of financial and legal headaches. A professional property management company can immediately take that worry away as they are fully equipped with all necessary knowledge and it’s their job to remain on top of any changes.
It’s worth bearing in mind that the money you could save by avoiding just one lawsuit could potentially be more than enough to cover the management services fees for many years.
Shorter void periods
Lengthy void periods are the bane of any landlord’s life, proving both costly and stressful. A property management company can help shorten those void periods by:
- Preparing and re-marketing the property for let as soon as the current tenants provide their notice or near the end of their current tenancy contract.
- Do in-depth research to ensure the property is always marketed at the optimal rental price.
- Use effective marketing tools and techniques to ensure your property reaches the largest number of suitable prospective tenants possible.
Efficient rent collection services
It’s vital that rent is received on time and in full every month to ensure cashflow is consistent and reliable, and it’s important that tenants also understand this. A professional property manager can be a buffer between landlord and tenant, allowing them to manage all financial matters and chase any rental arrears, and in some cases you’ll even find a guaranteed rent service available. In the unfortunate event of things leading to an eviction being necessary, your property management company can be there to assist with this process. There are strict laws that regulate the eviction process and doing it incorrectly can be a huge mistake
These are just a few of the advantages a landlord can enjoy by hiring a property management company but there many more, such as taking care of all repair and maintenance issues so that your investment property can maintain and hopefully increase its value over time, not to mention the personal benefits of less stress, more free time and more freedom to travel anywhere you want at any time without the worry of having to take a phone call from a tenant.
Are you a landlord interested in property management services in Cardiff? If so, our friendly team of letting experts here at CPS Homes are ready to help. Get in touch to discuss our services in more detail by calling us on 02920 668585, e-mail enquiries@cpshomes.co.uk or by popping into one of our three Cardiff branches.
