Benefits of a property manager plentiful. Getting a property manager will not only increase the value of your investment, but will remove stress that can accompany being a landlord. It’s also vital to compare property managers to ensure you get a good deal at a fair price.
Here are 6 benefits property managers have to offer & how to compare property managers to get the best deal.
1. Better Tenants
The biggest stress to landlords is bad tenants. Those that do not pay rent on time and damage your property. And let’s not forget the most worrying of all, those that do not leave.
Without experience in the tenant screening process, you might end up with the much dreaded “tenant from hell”.
Of all the benefits of a property manager, the most vital is is they have tried and tested screening processes. This increases the likelihood of ensuring your tenants will:
- Stay long term
- Pay rent on time
- Treat your property as a home
Remember, the property manager has a vested interest in finding the best tenants. For them it means better commissions, more properties undertaken and less work.
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I got the best agent in my area with all the services I wanted. Using Rent Round I could agent fees, ratings and best of all how far the agent is from my rental property, plus it’s free to use!
2. Reduced Legal Costs
Property managers already have all legal document templates in place. Very easily, these can be easily adapted to your property.
This ensures you are covered from all possible dispute angles and there are no delays in getting your property rented. Alternatives of getting your own solicitors to draw up bespoke agreements are not only going to take longer, but will be far more costly.
Of course there are many online legal templates available for landlords. Many of these are also free. However landlords should be wary that templates need to be adapted accordingly.
Not getting legal documents sufficiently vetted can increase legal risk. Disputes & evictions can be difficult to deal with. More so if you have no legal experience.
Removing a tenant from your property isn’t always simple. Formal notices need to be provided & the courts may need to be involved. Property managers have experience in these types of situations. They’ll have the contacts & processes in place.
The fees paid for a property manager to deal with this quickly, will be offsetting by getting the matter closed quickly. The quicker the issue is resolved, the faster you can get in new tenants and receive rent.
3. Effective marketing of your property
The better the marketing for your property, the less your property is left vacant and the more income you receive.
Therefore another benefit of a property manager is that they’re experienced in creating a polished marketing drive.
Agents also have access to a substantial number of online and high street advertising platforms. You can also expect:
- Slight (but effective) cosmetic change recommendations to your property to catch the attention of tenants
- Advertisements drafted by experienced marketers to attract more interest to your property
- Professional pictures and floor plans to accompany your property advertisements
Zoopla & RightMove price structures aren’t suitable to the average landlord. To make the prices viable, you need to be letting a high volume of properties.
There are a number of private landlord portals made for the average landlord. However these don’t yet have as much traffic as the big 2.
Going for an online agent is an increasing trend landlords are following. Landlords can pay a low fee for advertising services. For instance OpenRent offer advertising on the two big portals from as little as £29.
4. Guaranteed Rent
Property managers also offer a guaranteed rent service. This is a good option if you’re looking to remove any potential landlord stress of missed rent payments etc.
The property manager guarantees your rent for every week of the year, even if the property is vacant for a period of time. The services will be underwritten by an insurance provider.
Many landlords wishing to be completely hands off and ensure rent is protected, opt for this service alongside full property management. With the above service option you do not deal with tenant searches, rent collection and maintenance of the property.
This is all handled by the property manager. There is will be an additional fee deducted from your rental income. But again, this is the best option for those looking for a hands off approach to being a landlord while ensuring a rental income.
5. No stress during rent collection
Another benefit of a property manager is rent collection and issuing late fees.
“Can I pay next month instead?”
“I’m a bit short this month”
“The money was transferred this morning, it will get into your account soon”.
These are common phrases landlords will hear, all of which have the potential to impact your rental cash flow.
A property manager will put a buffer between you and your tenants. They’ll listen to tenants’ excuses, collect rent, handle evictions and issue late payment fines.
Property managers will fully understand the landlords rights. This enables them to immediately understand if there is a breach in the lease. Furthermore what consequences are permissible.
6. Lower repair costs
All properties will require some level of repair during your tenancy agreement. Such repairs are vital in keeping tenants happy.
Property managers have agreements with the best local, licensed and insured contractors. This ensures your property gets quality repairs at a fair cost.
Additionally, a property management company will also be able to get discounts, on account of their volume of managed properties.
Property Manager Fee Calculator
To get a quick view on fees you can expect, use our property manager fee calculator.
It’s created to give you a quick estimate on the type of costs you may experience
Expected Rental Income (£)
Compare Property Managers
So the benefits of a property manager is you can avoid dealing with late-night emergencies, evictions, rent collection, repair work, legal jargon, and other tedious tasks.
Property managers allow you to focus on your day job, grow your business or even better… relaxing with family and friends.
At Rent Round we have the best property managers on our books. We make it easier to maximise the benefits of being a landlord by comparing property managers first.
Landlords can search using their postcode. Our platform will immediately show the best property managers in the landlords vicinity. The service is completely free!