Hiring a professional who can select the right kind of tenants, handle those late night or early morning unavoidable maintenance requests and deliver high revenues is important. Real estate is a perishable commodity, so every day, your property or any of the leasable rooms in your apartment complex is vacant; it’s a potential revenue loss.Handling problematic male and female tenants who are prone to drugs, alcohol and substance abuse is much more easier with a property manager by your side. You save time, money, energy and have more time to spend on your business. It also lends a professional image to your set up as it appears to be a professionally-managed estate as compared to an individually managed estate.
Immediate benefits of hiring a property manager
- When you hire a professional property manager for your large-size apartment complex, you will ensure that the rooms get leased on time and also get vacated just-in time before another set of tenants move in.
- Monthly rentals can be collected on time and all maintenance dues to the housing society can be paid on time.These property managers can be your de-jure representativesin all society meetings,in case you travel a lot or decide to stay in another city away from the property you have leased out.
- Absentee landlords are a major component of the real estate industry and in some markets more than 30% of the marketcomprises of locked units which can be unlocked for greater value through better property management. The problem is not restricted to developed countries but is becoming endemic in developing countries as well.
- Since companies in these countries are expanding rapidly, executives travel more, earn more and buy real estate for wealth appreciation. But once they acquire their cherished piece of real estate, managing it becomes a different story altogether. It is at this juncture queries in search engines are made for hiring a professional property manager.Else, if they try to do it themselves, most of their time will go in managing their properties rather than their business.
Conclusion: Real life examples that highlight the need for a property manager
Some people acquire properties as a result of inheritance and though the sudden jump in personal wealth may seem good in the beginning but you will need to rent out the properties you have inherited at the right price with the right tenant mix in order to pay the salary of the property manager.
Rented properties usually require a face-lift before they can be leased out to fetch higher rentals as the first impression is the last impression. The more beautiful and classy your property is; higher are the chances that you might get a tenant with high disposable income who can shell out a good amount at the beginning of each month as rent.
Sometimes, tenants pay rent on time to preserve their reputation but often default on electricity/water bills which might lead to disconnection as they spend most of their salary in the beginning of the month and have nothing left for the last two weeks; except for the money to commute. Such pay-check to pay-check lifestyle is common in poor developing countries where rate of saving formation is low and this example highlights the need for hiring a professional property manager even more.