11 Reasons Why you need a Property Manager for your Real Estate
The reasons why you need a property manager to maximum gains from your real estate are many and you need to know them. If you are landlord, you know very well that managing your rental property can be tasking yet financially rewarding. You have gone through challenges meeting targets of your rental returns as a result of management challenges that you face. Property management means the process of managing and overseeing real estate by third-party property management companies. Property managers are duty bound for the daily operations of real estate including screening tenants, collecting rents, and following through with eviction proceedings. Property Management need maximum time commitment and constant effort-consuming monitoring for which you may have no time. Whereas you may do-it-yourself, this approach requires your full-time presence and constant oversight role onto the tenants. In case you need real estate management in Uganda, you need to go through a list of real estate companies that offer the services professionally. Besides managing your properties, these firms can help when disposing off or buying property in Uganda as they have genuine networks of land owners across Uganda. With this in mind, here are some critical tasks a property manager can help you with and these are the reasons why you to have your real estate managed on your behalf:-
- Setting the right rental rates: While looking through the classifieds to see what other landlords are charging for similar properties is a fine way to ballpark your rent price, a good property management company will conduct a thorough market study in order to set a rental price for your property, ensuring that you achieve the perfect balance between maximizing monthly income and maintaining a low vacancy rate.
- Collecting and depositing monthly rent payments on time: If you’ve ever worked in a billing department, you know that securing payment from clients can be difficult, not to mention awkward. Property management companies have efficient, tried-and-true systems in place to effectively collect rent and maintain on-time payments. You’ll find this particularly important if you have a limited number of properties, and collecting payments on time is crucial to maintaining your cash flow.
- Marketing and advertising your property: Through long experience, a property manager will know exactly where to market your property and how to craft compelling advertising materials—a significant advantage when it comes to filling your properties quickly and avoiding long vacancies.
- Finding the right tenants: Experienced property managers are experts at finding good tenants, and will take care of all the details, including the securing all criminal background and security checks, running credit reports, verifying employment, and collecting previous landlord references.
- Managing tenants: In addition to finding good tenants, a property management company will manage all aspects of the tenant-landlord relationship. The property manager will handle both routine and emergency maintenance, take care of routine inspections, and manage any situations where conflict resolution is required.
- Managing vendor relationships: Property management companies have relationships with maintenance workers, tradesmen, contractors, suppliers, and vendors that it’s almost impossible for an independent landlord to duplicate. Not only will your property manager get you the best work for the best price, they’ll oversee any necessary maintenance projects.
- Ensuring that you’re in compliance with housing regulations and property laws: There is a multitude of applicable laws and regulations to abide by when renting and maintaining your rental property. These include local, state and federal regulations, as well as fair housing regulations (such as the ADA). A property manager can help you avoid lawsuits by keeping your property up-to-date and in compliance with these regulations.
- Enabling you to invest in geographically distant properties: If you manage your own properties, you’re pretty much limited to investment opportunities within a tight radius of your own home. By hiring a property manager, you can take advantage of investment deals in any location you wish.
- Maximizing the profitability of your time: By having a property manager take care of the day-to-day aspects of running your income property, your free to spend your time identifying further investment opportunities or otherwise furthering your career.
- Maximizing the profitability of your money: Most property managers charge a percentage of your property’s monthly rental rate in exchange for their services. The rate typically runs anywhere from 6-10%, which is generally less than the money you save by hiring a professional to take care of your property.