Repairs and maintenance, rent collection, sales, marketing, and tenant relations — these are some of the responsibilities of a landlord. If you own property, you are probably an experienced estate and lettings agent. However, even you might need help in these key areas. Failing to do so could affect your business. So here are some key reasons why you should hire a property management agency (PMA)?
What is a Property Management Agency?
Investopedia said, “Property management is the administration of residential, commercial and/or industrial property including apartments, detached houses, condominium units and shopping centres.” Professional property management agencies are staffed by industry experts.
So do you need a property management agency? If you are neglecting projects that could result in costly fees, experiencing business growth, managing multiple locations or dealing with government housing programs, you should consider hiring property management pros.
1. Operations Management
Just as the president of a company has a board of directors, you need your own panel of lettings experts to ensure you are making sound decisions. Could you be focused on saving money now and forfeiting your property’s future? Are you earning a profit, but still not operating efficiently? Are you up-to-date on local property laws affecting your business? Consult with a professional.
2. Tenant Screening
Tenant screening is one of the most important responsibilities of the landlord. It can also be the most time consuming. Faulty tenant screening could put you at risk. A bad tenant can affect your staff, other tenants, increase expenses, and result in legal costs.
A property Management agency could provide the following services:
- Screen tenants by conducting credit, and reference checks.
- Interview potential tenants.
- Show property during evenings or weekends.
- Negotiate a new lease or renewal.
- Managing deposits.
- Assist with eviction.
3. Time Management
Time is money. Are you wasting time trying to do everything yourself? Are you spending a lot of time on the road travelling between properties and putting out fires?
When you hire a PMA, they deal with tenants directly. They streamline, improve or eliminate processes so you can function optimally.
4. Money Management
From tax incentives to reimbursements and discounts, a PMA is your best financial partner. While they charge a percentage of the monthly rental value, their services are quantifiable and qualitative. Some companies charge a flat fee. Extra fees may also apply. However, studies have proven that a professional property manager can decrease unit vacancies by as much as half.
Technology like virtual tours are changing the game. Potential home buyers and renters like the ease of seeing a space from the comfort of their living rooms. So whether it’s Saleforce, Google Calendar, TenantCloud, Buildium or AppFolio, your PMA will use technology to help you succeed.
6. Human Resources
Have you hired the right team for your property? Don’t make assumptions. From the maintainance contractors to the property management team, proper on boarding has been proven to be directly tied to retention.
A PMA has staff members with career-related education, training, and experience. Employees have been verified with a record of success. Regardless of position, all highly qualified property management staff can add value to your biggest asset. All staff are brand ambassadors who can measurably impact your reputation.
7. Marketing and Public Relations
You may have the most beautiful, affordable and centrally located apartments or houses. However, if you are not promoting them the right way at the right time to the right people, you are hurting your ROI. Marketing is more than “To Let” signs, photos on Facebook, and ads in the local paper. A strategic, multi-prong plan is the life blood of your lettings business. A PMA has the kind of marketing gurus you need to distinguish you from the crowd and markedly improve your brand.
8. Legal Advice
Property experts say that the legal structure governing the residential sector is complex. Statutory laws, funding agreements, compliance to administrative requirements are areas requiring legal due diligence. The UK’s Residential Property Standards is another resource to be mastered.
A PMA can provide invaluable assistance regarding a landlords legal obligations when it comes to renting out your property
9. Flexible Plans
Property management agency offer a variety of management plans to fit the needs of their clients. Some landlords choose to retain responsibility for certain duties and delegate others. Some owners relinquish the reigns almost entirely and give the majority of responsibilities to the PMA.
Location, type of property, and labour are critical factors of an agreement. Furthermore, some companies only charge a fee if a tenant is renting a property. Some PMAs include maintenance as part of the agreement; others consider it separately. The attainment of weekly and monthly goals make it easy to monitor the work of a PMA.
10. Excellent Customer Service
A good PMA is based on its stellar professionalism. A high level of service means your agent knows the specifics of your property and has assessed your needs. He can offer you insight and solutions.
If you have a crisis or just a simple question, a call is all it takes to get an answer. Service is available 24/7 365 days a year.
11. Reduced Stress
Property management can be fast paced with many moving parts. In a competitive market, stress is inevitable. However, when you work with a team of lettings agency professionals, you get peace of mind. Knowing that any concerns, omissions or setbacks can be addressed quickly before they become major problems means you can sleep better at night.
12. Grounds Maintenance
The exterior of your property is just as important as your interior. A well manicured lawn, freshly painted structures, trimmed hedges, and proper lighting is not just aesthetics. Tenants perceive the grounds as an indicator of your suitability for their new home. Grounds maintenance can reduce costs and improve efficiency.
An untidy area filled with debris can attract rodents that can wreak havoc on your property. It also diminishes your reputation and discourages potential tenants.
A PMA can assist with every phase of the letting process that includes handling inventory, scheduling cleaning, and collecting deposits. They work with utility suppliers and can make repairs. They can issue safety reports documenting detailed inspections.
13. Professional Association
In the UK, a professional property manager agent is a member of the Association of Residential Managing Agents (ARMA). Since 1991, it is the largest trade organisation dedicated to the highest standards for firms of managing agents. Agents must have at least two years’ experience. They are part of an independent ombudsmen scheme and are subject to the governance of the Independent Regulatory Panel.
As a landlord, your tenant’s health and safety is your legal responsibility. This would include the repair of plumbing, gas safety, electrical, fixtures, and appliances.
When you consider all of these benefits, the choice is clear: hiring a property management agency is good for your property.
Property Management Agency in Leeds & Bradford
Valor Properties Estate & Lettings Agencies rise to becoming the most recognised and trusted Leeds & Bradford property agents was built on providing a level of personalised service that’s second to none, matched with an extensive knowledge of the local property market.
As landlords ourselves, we ensure our experienced lettings management team can make letting your house, flat or bungalow fast and easy, helping with all the responsibilities of being a landlord. Our comprehensive management service means we take complete control of your rental from start to finish, giving you the hassle free experience you should come to expect.
As well as extensive marketing techniques to give maximum exposure to our clients properties, we are able to implement systems and process’s that ensure a smooth and transparent service from the day the property comes onto the market, becomes occupied and then becomes available again.