This post, benefits of using Property Management Company in Nigeria contain several benefits you will get when you use our service to buy, sale or rent/lease properties. Owning a rental property can be a great source of additional income. However, it also comes with the added responsibilities of property management, including upkeep, repairs and marketing. If you’re asking yourself “do I need a property manager?” — consider these eight benefits of using a property management company. A property manager will:
Facility Management
Property management is the physical management of the structures and outdoor areas. Landscaping, utilities, electrical, plumbing, roof, walls, appliances, and much more are all part of the physical property. The property manager must maintain relationships with contractors and repair companies, budget capital expenditures, and monitor the quality of all repairs and maintenance.
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This function ties in with the financial piece, as some improvements will require significant capital expenditures and budgeting for them. It ties in with tenant and occupancy management because it is important to tenant retention to have well-maintained properties.
Screen Out Problem Tenants
One of the biggest benefits of property management is that the property manager will handle tenant screening. Experienced property managers see good number of applications, so their trained eyes are more likely to notice potential red flags when reviewing / screening the tenants. They’re quickly able to spot good tenant qualities, such as paying rent on time, taking care of the property and more. Letting them manage the tenant screening process can improve your chances of landing a reliable renter.
Act as the Point of Contact for Tenant Concerns
If something breaks at your property, it’s not always convenient or possible to drive over to the unit to inspect it yourself (especially if it’s in another town or state). A property manager can address problems at all hours of the day and arrange for a service provider to repair or replace the item. Or, if you have a tenant who always seems to have a complaint — be it the noisy neighbors or the dog who relieves itself on the front lawn — you can breathe easy knowing that the property manager is the point of contact for those types of calls.
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Market Your Rental
Property managers are skilled at rental marketing, including writing rental ads, taking high-quality photos and hosting open houses. They also have local real estate knowledge and will be able to help you set a competitive rent price. As a property manager with marketing experience can help fill your property sooner and reduce the time it sits vacant. If you plan to market your property yourself, Veraz Properties Rental Manager offers a hassle-free way to list your rental on multiple high-traffic websites.
Decrease Tenant Turnover
Good property management companies know how to keep their renters happy. They are responsive and available, and they take care of problems when they arise. Happy renters are also less likely to look for another place to live and more willing to accept reasonable rent increases.
Ensure Rent is Paid on Time
Because property management company give a good follows up on tenants on their rent repayment, it helps motivated to keep those payments flowing in. Consistent rent collection is key to receiving rent payments on time, and using a property management company will help enforce lease policies if payments aren’t received. If tenants are consistently failing to pay their rent on time (or at all), the property manager will know how to deal with the situation, including issuing an eviction notice if necessary. Payment collection can be a common issue.
Avoid Potential Legal Issues
Property managers understand landlord-tenant laws and fair housing laws, which can help you avoid potential lawsuits and save time, money and energy in the long run. They will also typically take care of any lawyer fees associated with evictions or property damage issues. If you’re not comfortable handling things like evictions, signing and terminating leases and handling rent, you may need property management company expertise.
Save You Money on Maintenance and Repair Costs
Using a property management company may also come with discounts for maintenance services if the property managers work with a regular service provider or employ an in-house maintenance staff. They can perform regular inspections and find issues before they turn into bigger problems, which will reduce the number of emergency repair bills.
Reduce Your Rental Headaches
If someone else is handling the daily management of your rental property and tenants, you’ll have fewer complications and commitments to worry about. If more time and less stress are key to your quality of life, using a property management company can be a great asset.
These are the benefits of property management. Investing in a rental property can contribute to your cash flow and build long-term wealth — but day-to-day property management isn’t for everyone. If you just want additional income from rent and don’t want to be responsible for the details of your rental investment, consider Aziza Nigeria, your property manager for above benefits and many more.