Real estate is a very lucrative field no matter where you are in the world. It is an industry that gets investors continuous returns in the form of appreciation and passive rental income! There are many ways people invest in the real estate industry, for example, buying land, building a house on it, and then selling. However, the most long-term, more lucrative, and common way to invest in the real estate market is to buy a property and rent it.
Renting a house is a good idea because the property is yours, which is great to have as an asset. Secondly, you will have a steady income every month without doing anything actively. Many people use this way of real estate investment for their retirement plan, and it successfully runs their house every month.
However, with great power comes great responsibility. It is very difficult to manage rentals; why? Because when you are renting out a house as a landlord to a tenant, you will need to make sure that it is in optimum condition.
For example, if the pipe breaks at 3 am in the morning, you will have to get it fixed. You might be getting emergency maintenance calls at strange times, and well, you will have to go and get it fixed. Secondly, sometimes it is very hard to get the tenants to pay, we have the example of the COVID-19 times where people were literally out of money and tenants were unable to pay the rent, and the landlords had to ask them on and on for the payments.
Many other problems come with renting outhouses. However, you don’t have to worry. In order to tackle all problems associated with the tenant and landlord setting, a property manager can come to your rescue. How?
Read below to learn more about property management:
The operation, control, maintenance, and monitoring of real estate and physical property is property management. Residential, commercial, and land real estate can all fall under property management. In simpler terms, property management is basically lifting all of the pressure off the shoulders of the landlord.
We can explain the property manager’s job as a proxy of the landlord. They will take care of all the needs of the tenant, the late-night maintenance calls, collecting rent, and much more.
If you are a landlord and need a good night’s sleep without being bothered by the tenants and other property management issues, then it’s time you hire a property manager!
Keep reading to find a few more advantages of hiring a property manager and how it can benefit you:
Happy tenants mean longer contracts – both are directly proportional. If your tenants are happy, they will wish to stay in the house and extend the contracts for longer. It’s a dream for every landlord to have stable and steady tenants, so the landlord does not have to find a new tenant every now and then. It will save all the hassle of finding the tenants, paying the real estate agents, and even the fear of a vacant house. For a landlord, a vacant house means no income that month!
All in all, if your tenants are getting top-notch service and the property manager is dealing with them properly, then they will want to stay in the house for a longer period of time. It’s a win-win!
Most people rent property as a side business or as a way of passive income, which means they are actively doing something else or have another business. It can get very frustrating for everyone not working in the renting business actively. For example, you have to go to work at 8 am, and you’re getting maintenance calls at 4 am in the morning consecutively for a few mornings. You will have to be present at both places, the maintenance call and the job, and it gets very difficult.
If you hire a property manager, you will have to only focus on your active job, and all the headaches of real estate renting will vanish. The property manager will not be responsible for any problems that the tenant is facing, and you can have a good night’s sleep and a good day’s routine without having to worry about sudden calls!
Most people don’t understand that customer service sets businesses apart no matter what field we talk about. The better the customer service, the better customer response you will get. Similarly, if your tenants are satisfied and all their problems are being catered to in a timely manner, they will want to stay in your rental property. Even if you decide to raise the rent after a while, the tenant will most likely agree to it and stay there because of the service you are providing.
All this can be achieved if you hire a property manager – a designated job specifically for the satisfaction of your tenants!
As per reports, the most difficult part of renting a property is collecting its rent. Many landlords hesitate in asking for rent from the tenants, especially if the tenants keep asking for times. Property managers are perfect for this task; they will make sure that the rent is paid in a timely manner, and in case of any delays, they will keep ringing the tenant on and off for the rent, which is normally very difficult for the landlord.
If you are someone who faces difficulty in asking for rent from the tenants, then hiring a property manager is a great option for you!
We recommend hiring a property manager for all landlords. It provides you with peace of mind and the capacity to focus on your other jobs or businesses and your family! If you are in Costa Del Sol, you can consider hiring Prime Management.