One of the most common mistakes a landlord makes, particularly when they’re starting out, is underestimating the benefits of a property management partner. We understand why – running a property can bring with it several costs and many landlords want to save money wherever they can.
The thing is, many landlords don’t realise the time and resources it takes to effectively run, maintain and maximise a property. A single property can take up lots of time. Running more than one property is effectively a full-time job. That’s why we always recommend property management services. So, what are the benefits of property management and why should you take advantage?
What Benefits Does Property Management Offer?
Below are some of the key benefits that you’ll find when appointing a property management company:
Lower Tenant Turnover
One of the most dangerous things to consider as a landlord is a void period. A void period is when your property has no tenant and is therefore bringing in no money. As you can imagine, this can heavily impact your finances, especially if it’s occurring across several properties.
A property management company can mitigate this in two ways. Firstly, many tenants are less likely to leave in the first place if a property management company is ensuring their needs are met and properly communicating changes throughout the tenancy. Secondly, if a tenant does leave, many property management companies can assist with tenant sourcing and screening, reducing the amount of time the property is vacant for.
Rent Collection
One of the most time consuming elements of being a landlord is rent collection. Unfortunately, it’s also one of the most important. Making sure that your rent is paid in full and on-time is critical – not only for covering any costs associated with the property but also for your own financial planning.
This is where a property management company can reduce both stress and time spent on the property. They typically support rent collection for you – sending out reminders, facilitating payments and dealing with any legal challenges that arise.
Lower Maintenance Costs
An underrated benefit that many property management companies offer is property maintenance. Keeping a property running effectively can be a challenge, especially when you experience nasty surprises.
Most reputable property management companies will have access to either an in-house maintenance team or a trusted third-party that they outsource work to. This is one of the biggest time savers for you as a landlord but is generally also a cheaper option than you having to hire externally yourself.
Mitigate Legal Challenges
While it might be news to newer landlords, seasoned buyers will understand the amount of legal issues that can arise from tenants which cost both time and money. Property management companies often mitigate these challenges as they’ll be up-to-date on the latest legislation, regulations and understand how to deal with particular challenges. For landlords, this means you’re able to leave the problem to professionals without the worry of either making things worse or going through lengthy legal battles.
Facilitates Better Communication
In most cases, issues between landlords and tenants are largely dictated by communication. Missed emails, long response times and unexpected changes are all common reasons for relationships turning sour.
A property management company takes care of all of this, facilitating better communication between tenant and landlord by being an effective go-between. This reduces the amount of time you need to spend on these tasks but also ensures that any official communication is done in a professional manner. In many cases, if a tenant understands they’re dealing with a trusted property management body, they’re more likely to respond better to changes in the tenancy.
Secondary Point of Contact
Often, tenants just want a point of contact that is always available. This is what many landlords struggle with as it often means they effectively have a second job. Depending on the company, you may be able to benefit from a 24-hour service that can deal with issues when you’re unavailable.
Likewise, property management companies take the stress out of dealing with complaints or other issues with the property, meaning you don’t need to have direct involvement.
Why Work with FleetMilne Property Management?
FleetMilne is able to offer an award-winning property management service, ensuring an experience that is above and beyond the standard currently in the market.
Many of the landlords we work with have partnered with us since we started and over the last two decades we’ve built up a portfolio of hundreds of properties across Birmingham.
This means that we understand the market and the service. If you work with us, you can be guaranteed that we have the experience and knowledge to maximise the potential of your property.
Upon appointing FleetMilne, we always provide a dedicated property manager. They’re able to ensure the property complies with all of the latest regulations, has the necessary certifications and tenants have the right to rent, before delivering a full suite of services.
If you want to know more about FleetMilne’s property management services or enquire about working with us, get in touch today.
