Everyday Situations When You’d Need A Property Manager
Jun 30, 2020 00:32
Whether you’re renting an apartment, are thinking of leasing a home, or have a commercial property for your business, there’s always going to be property services you need help with. Getting bogged down in the legalities of residential management services, different insurance types, what to do when you’re sharing a space or any random problem that comes your way can throw up a lot of obstacles.
When this happens, it helps to have someone who knows their stuff at hand to address even the most random of property issues. That’s where having a property manager comes in. A property manager can help with any and all property problems. While they may not be needed all the time (especially if you’re a renter) someone owning or renting out a property can avoid headaches having someone else take care of things.
Let’s look at some of the most common situations people have with property, and when property managers can come in handy.
It’s your first time renting out a property
Having little to no experience in renting a home, apartment, or commercial space can be a minefield. Not only do you have to sort out the right insurance, but you have to make sure specific regulations are adhered to. When you have little to no experience renting out a property, it’s best to look for local property managers. They’ll have the expertise to help save money when things go wrong and need sorted. That means hiring the best local tradesmen to help with the issue out with regular maintenance and getting things done at the best price possible.
You have no idea what insurance you need
When you have bought a property, for whatever reason, do you know if you need buildings insurance cover contents insurance, and where does management liability come in? Some of the insurance types and coverages I recommend reading up on include:
● Buildings insurance
● Contents insurance
● Holiday home insurance
● Second-home insurance
● Unoccupied property insurance
● Property owner liability
Again, like renting out a property, insurance can vary from location to location on a local council level. Even renting a home in the next town over could see the house under entirely different insurance rules. If it all sounds too confusing, a property manager can again help with the murky world of insurance.
You can’t afford to pay for a manager
Many people think of renting out a property as residual or passive income when, in reality, it is something you have to put costs towards. While property managers aren’t free, they also aren’t cheap. In most cases, you’re paying for their experience above all else. Most management companies will recommend that their fee comes from the rent of the property as a small percentage, something everyone should factor into costs.
You aren’t great in customer-facing roles
Are you the kind of person who gets easily annoyed in lines or can’t stand being put on hold over the phone? Then you may not be the best choice for dealing with tenants face to face. Property managers have thick skin and will be able to deal with all sorts of weird and wonderful requests from clients which you may not like to hear. This is especially true if you’re renting commercial space, and a tenant wants to perform some choice décor options in the space. A good property manager not only knows how to talk with clients but will know about contracts and local rules to know what tenants can and can’t do.
You don’t want the responsibility of collecting rent
Much like being face to face, if you’re collecting rent every month and tenants are falling behind, it can sour your relationship very quickly. Having a dedicated property manager can help avoid such problems, especially when they know (as I’ve mentioned above) their payment comes from a percentage of the rent.
You want some free time
The best things in life are free, and there’s nothing sweeter than having free time. Any landlord should always ask themselves “Do I want to have my evening free, or should I spend it fixing my tenant’s kitchen sink?” Most of us will want the former, which is why hiring a manager will always see you gain back time on what you should always think of as your investment.
Want to find more about what a property manager can do?
I recommend getting more information from the lovely people at Ross & Liddell by visiting their website here. As a UK based management service, they help homeowners take better care of the properties they rent out.
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