The three scenarios deciding the need of property management services
As owners of rental properties you must be well aware of the fact that renting out real estate properties takes a lot of time. Particularly, if you have multiple properties then managing the tenants, rent cycle, maintenance etc. can be a tad overwhelming.
Although many landlords may start with managing their property on their own or by an employee or through a relative or friend. But, eventually, the whole process and the tenant concerns, get exhausting and baffling. The property management is even more strenuous when you have other important tasks to handle rather than managing your property. Or, when your property is in a different country or a different city.
So what does a Property Manager do exactly?
A Property Management Company maintains and manages your rental property end-to-end.
The property managers will work directly with your prospects and tenants, so as to save your time and worry over managing your rental.
Property management services include:
- marketing your rentals,
- tenant screening
- complete legal documentation
- rent collection
- handling maintenance and repair issues,
- responding to tenant complaints, and
- tenant eviction
Moreover, a good property management company will bring along its know-how and experience to your property, thereby giving you the peace of mind that only comes when you know your investment/property is in good hands.
Finally, a property management company is an independent contractor. Therefore, you pass the troubles and perplexities of being an employer.
Below are the three scenarios which briefs some of the common situations. You can place yourself in either of the scenario to learn whether or not you need property management services.
Scenario 1 – When you definitely need a property manager
- If you are an and you have your rental property in your home country, then it is definitely important for you to hire a good property management company.
- If you have multiple properties to manage, maintain and rent out. Because then you’d need a professional company who would manage your rental without any hassle.
- When you do not have enough time on your hands to handle tenant concerns, rent management etc.
Scenario 2 – When you should consider hiring a property management company
- If you expect to earn good returns from your real estate portfolio then using property management services is a good idea.
- If you wish to increase your property value over time then a property manager can help you with this.
- Also, if you are keen to save some extra money by spending less on repairs and maintenance work then hire a property manager. Since, they have contacts with local vendors, they can get the repair work done in comparatively lesser price.
Scenario 3 – When you don’t need a property manager
- And, if your property is located close to your current location then it makes sense if you’d like to manage your property all by yourself.
A property manager would still assist in your objective and remove all complexities of dealing with the tenants and managing your property. Basically, the choice is yours.
About LuXia LLP
LuXia LLP is a property management company in India dedicated to serve the NRI landlords and homeowners who live away from their rental property.
Get in touch with us to increase your property value and find the right tenant for your property.