There’s a lot of information online about the benefits of property management. These benefits are real and lasting, often proving to be the turning point in a given investment. But here, we turn our attention to why landlords should avail of these services.
There may be circumstances in which property management is not an ideal solution. For example, it could be the case that the landlord has enough free time – and enough experience – to deal with the many privations of property management.
It could also be the case that the landlord doesn’t live too far from the property. They may be in a position to deal with maintenance queries and even inspect the property at required times. Property management doesn’t need to enter the equation, in other words.
When Property Management is Needed
But there are many circumstances in which property management is needed.
These are circumstances in which the landlord has little, or even no, control over the management of some aspect of that property. The property therefore becomes a greater risk with each passing month. In other words, the property simply isn’t being managed.
There are five main reasons why you, as a landlord, need property management services. These reasons include:
- That you live far away from your property. This could be something that has existed from the very beginning or something that has developed over the years. The further away you live, the more difficult it becomes to cater for the many needs of the property.
- That you need to diversify tenant selection. You might not have the time or resources to show prospective tenants around the property, nor the resources to vet those tenants to the required standard.
- That you need to quality control each tenant. This extends not only to employment, financial, and criminal checks, but also the need to monitor the tenant during the tenancy agreement. Catering to the ins and outs of quality control can prove timely, after all.
- That you require a more robust lease agreement. One of the great things about property management is that they form a lease that protects you, the landlord, just as much as the tenant. Moreover, the lease agreement is carried through to along every dot and tittle.
- That you need a lower vacancy turnover rate. The turnover rate of tenants can prove disastrous, if it gets too high, for your investment. By incorporating quality tenants, and maintaining the property to a high standard, the turnover rate naturally goes down.
Of course, it may be the case the landlords have a multitude of reasons for needing quality property management. Each case is different, each requiring an approach that caters to the individual needs of each investment.
In short, this is the value that property management can bring – certainty; in terms of both the financial security and the long-term viability of the investment. In that way, property management can itself be considered an investment – an investment that works.
Triumph is the leading property management company in Las Vegas. With years of experience and a professional team to hand, we understand what it takes to bring the very best out of each property.
If you’d like to learn more about our services, check out this page for more information.