property management
16
Mar
STR Property Management

Hiring A Property Manager – 5 Great Reasons For Landlords

Posted on by Firas Douier

What Is A Property Manager?

The first thing to know is what hiring a property manager, or property management company can do. A property manager is someone hired to oversee the daily operations. Depending on the property manager, they can manage different property types, from single-family homes to multi-unit dwellings.

There will be many turnkey services available. The property management company will cover everything from marketing to collecting rent for the property. Property managers may do the majority of the day-to-day tasks. However, they may leave some decisions or functions to the landlord. It depends on how the relationship is negotiated.

Why Considering A Property Management Company?

Well, by hiring a property manager, you will get the following as a landlord:

  • Advertise and market the property
  • Interview and screen potential tenants
  • Handle executing a lease agreement
  • Collect rent on behalf of the landlord
  • Manage maintenance and repairs

There are several reasons why a landlord might consider hiring a property manager. Perhaps the number of rental units in a portfolio has grown beyond a landlord’s management ability. For example, the property is in another city, state, or country. Then it may be helpful to have someone else manage the rental.

A landlord may find that passive rental income is attractive. But managing a property is not relevant to their skills or personality. Or a landlord may want to control some aspects of the business. Such as the vital task of finding and screening tenants. Meanwhile, the property management company will work with the tenants daily, maintenance and repairs, and other daily tasks.

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Stress-Free Property Income

Luke Capital Group provide services for landlords that will increase their property income. With advanced technology and expertise, we provide hassle-free services for the landlords to manage and increase their income potential with Short Term Rentals and Serviced Accommodations.

The Reasons Of Hiring A Property Manager

Let’s dig into the reasons of this post. The main 5 reasons that you should know if you are a landlord with a property portfolio, and you’re facing difficulties in handling your portfolio. 

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1. Property Manager Will Make More Money From Your Property

Property owners are often apprehensive about hiring a property manager due to the cost involved. Not realizing that they will actually earn more money in the long run by caring for the property better. As a landlord, you will get better tenants that stay longer and have less damage and repairs to deal with. Your property remains in great shape, maintaining its value.

2. Property Manager Will Occupy Your Property, Always.

Property managers want your property rented more than the owners themselves, as they profit from it. Usually, as a landlord, there will be times throughout the year that your property is vacant. Especially when a tenant leave the property. There will be gap (days to weeks) that your property is vacant, till the next tenant shall come. By hiring a property manager, this gap will be covered.

An experienced property management company have the experience and coverage of the local rental market to quickly fill a vacancy. A good property management company will have a strict screening process to ensure they find the best tenants.

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3. Property Manager Knows The Controlled Price Rates

Landlords sometimes can’t have a clear photo of the prices. Depending on the city, locations within the city, and the property itself, prices can vary. Usually, landlords know the range of the prices, but why not enjoy the greatest range right? By hiring a property manager, you will have the maximum out of your property.
 
A market study in Dubai talks about the prices of the properties in 2023. For example, this study will change many factors when it comes to renting, buying or selling. Property management companies are always aware of these studies and will organise a set of prices within the market ranges.
 
Simply put, a good property management company will conduct a thorough market study 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.
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4. Property Manager Has Unique Relationships With Vendors

Property managers have lists of vendors for every aspect that concerns the property. If the property needs maintenance, repair, cleaning, or any simple task, they can do it easily and quickly. Not only that, but how much it costs to do a particular task, instead of paying more, they pay less.
 
Landlords sometimes face complexities with such matter. Some of them might have little to no experience in maintaining a property, ending up decreasing the value of the property. Thus, it will be leased less. Meanwhile, by hiring a property manager, you will keep the value of the property, for their own benefit, as they are also profiting from it.
 
Typically, property management companies deal with preferred vendors for better rates on maintenance and repairs. These vendors are supposed to perform quality work to support their good relations with the property management company.
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5. Property Manager Knows The Law

Understanding the Property Law is very important, and a must-do for the landlords. Especially when it come to taxes, landlords should know what they are doing. But what if a landlord doesn’t want to bother himself in studying and understanding the property laws? What if a landlord have multiple properties in other countries? Should he study the laws of every country? Of course, they don’t need to. Property managers have law departments to understand how should they operate.
 
Hence, landlords can avoid these legal hassles, when hiring a property manager to manage their properties within the property law. With them, they will always be at the safe side when it comes to taxes and following the law.
 
Property managers have a full understanding of all laws regarding discrimination in screening and selecting tenants. Property managers avoid breaking discrimination laws. A knowledgeable property manager will know how to handle an eviction efficiently and legally compliant while saving the landlord time and money.
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Will You Hire A Property Manager?

If you are still not sure about hiring a property manager, consider the free service of Luke Capital Group, which analyses your property for free based on the 5 top reasons we discussed in this post.

This free service will show you exactly how a property manager can make the most out of your property, more than you think. Mainly, Luke Capital Group will increase your property income by turning your property to a holiday home, and operating it as short term rental property.

2 good reasons to hire with Luke Capital Group as your Property Manager;

  1. Luke Capital Group is an approved Short Term Rental Operator and certified by I-PRAC.
  2. Increasing your property income, and always maintaining its value with a professional management.

While you as a landlord, you can sit back and enjoy other aspects in your life, and still making stress-free income from your property. Without even worrying about any single task related to your property.

Firas Douier