Purchasing properties, whether they are for investment purposes or because they are planned to become your new home, carry with them responsibilities and time-consuming landlord duties.
Many landlords take on these duties by themselves, saving them money, yet ridding themselves of time with the added extra of stress. The remaining landlords choose to hire a property manager to ease those worries.
What does a property manager do and is it worth it to hire one?
It is important to point out that the reasoning below relies on the hiring of a competent property manager.
Overall, property managers take the property away from the landlord’s worrying mind and take control of the day to day running of the property.
A standard property management service will usually offer:
- Handling the finding and management of new tenants in a rented property
- Responding to tenant queries and repair requests
- Hiring of contractors
- Management of finances (collections/deposits/bill paying)
- Address legal issues
- Inspections (3-6 monthly)
The above is the standard list of duties you would come to expect of a property manager based in an estate agency.
A boutique property management service will usually offer quite a bit more in terms of service:
They would usually offer the services listed above, plus:
- Day to day management when the landlord is living in the property, also when the property is vacant
- Mail watch
- Homecoming services (Stocking of the fridge/Flower arrangement/pick up at airport etc)
- Inspections (weekly/fortnightly/monthly)
- Bespoke support and more closely dedicated service to the landlord and the properties
- Preventative maintenance to ensure servicing of appliances and safety checks are undertaken.
- Lifestyle services (including assistance with table bookings in restaurants, theatre shows etc)
- Garden maintenance
- Specialist luxury cleaning services for the homes that require dedicated care and attention for rare materials.
Just make sure you have all the information you need before making your decision if and when you will hire a manager. Any property management company will be more than happy to discuss this topic in detail.
No matter what type of property manager you choose, the benefits of having a team take care of your property, understanding your needs and implementing them can really put your mind at ease. More focus for your family, more focus for your business, and more focus for yourself.