Whether you have one property to let or an entire portfolio of rentals, fulfilling your role as a landlord, safeguarding your property investment and looking after tenants isn’t always easy. However, you don’t have to take on all of these responsibilities as a landlord alone, whether you are using property to supplement your income or renting out properties as a main business. Hiring a professional to take care of the property management process on your behalf unlocks several advantages. Below, we take a closer look at the benefits that outsourcing property management can bring as opposed to doing it yourself.
Save Valuable Time
Being a responsible landlord takes time and effort. In fact, looking after tenants can quickly become a full-time job, which isn’t ideal if letting property isn’t your primary occupation or you have multiple properties to manage.
By recruiting an agent like Rory Mack Associates to take care of property management, you can dedicate more time to other areas of your personal and professional lives. Professionally, the time that would have been spent managing your property could be used to focus on other business activities. If you currently manage property in-house, outsourcing will help you reduce staffing costs, allowing them to concentrate on other tasks, whilst the lower labour costs associated with property management translates to an even better and less risky investment.
Better Tenant Care and Compliance
Unless you’re a highly experienced landlord, chances are you won’t be able to provide the same quality of care as a property management specialist. By outsourcing, you and your tenants can benefit from the increased efficiency that comes with enlisting the help of an expert that’s been managing properties for a number of years.
A good example of how managing agents can incorporate efficiencies relates to software platforms and IT. A software system that Rory Mack Associates use allows tenants to report faults and problems via an App on their phone which automatically contacts a relevant contractor so that they can deal with the problem directly and quicker. This could be particularly useful in the event of a water leak or similar problem that requires a rapid response.
Professional managing agents will also use dedicated and suitably qualified contractors so that quality of workmanship can be assured and likewise a fair pricing structure can be agreed, ensuring the landlord is never paying any more than necessary.
In addition to enjoying increased efficiency, you and your tenants will also have greater access to other facilities and capabilities that you may not be able to provide as an individual landlord. This may include access to credit referencing agencies and other organisations and corporate bodies that will ensure legal compliance within the industry.
Greater Cost Efficiencies
As a landlord, you’ll have a number of expenses to content with, which may initially leave you asking: why would I want to add another cost by hiring a property management company?
Outsourcing property management Services may come at a cost but can also save you money as well. This is because professional property management companies have access to a greater number of facilities and capabilities at a more affordable price point. You’ll also benefit from knowing that your property and the service given to the tenant is legally compliant, which in turn results in tenants staying longer, fewer rental voids and loss of potential rent. Having an agreed fee basis also allows you to budget, as the fee will remain consistent irrespective of the amount of time that the managing agent is having to spend looking after your property.
A More Marketable Property
The property market hasn’t had an easy time of late, but with the help of a property management professional you can adapt to changing market conditions and challenges with the right guidance and advice. Your property portfolio will be more agile as a result, leaving you to reap the rewards of your investment for years to come. That same knowledge and insight can be used to enhance the marketability of your property, giving you a greater competitive advantage that ensures your property stays tenanted.
If you are looking for a property management specialist to take care of your investment, please contact our property management department on 01782 715725 today to discover more about our bespoke service nad how we can help you.