What are the benefits of using a property management company?
If you are a buy-to-let investor, a landlord with a portfolio of properties, or you have a property you wish to let far from where you live, you may want to consider employing the services of a property management company.
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What is a property management company?
A property management company will look after the administration and duties of residential, commercial or industrial real estate. The agent will look after the owner’s interests to preserve the property value while generating an income – http://www.investopedia.com/terms/p/property-management.asp. Some real estate agents will also operate as property managers for holiday or long-term rentals.
The company has the expertise to set budgets, advertise properties, find tenants, collect the rent, deal with inventories and contracts, plus comply with all local laws. It will also make sure the property is well maintained and cleaned. The property owner will pay an agreed fee or a percentage of the monthly rental of the property.
What are the benefits?
A property management company will have contacts in the profession and building trade and a list of potential tenants for your property. It can attract better quality tenants through a screening process so that it is more likely a tenant will pay on time and look after the property. The managers see many applications and will know how to tell if a tenant is bluffing or trying to pull a scam. This avoids dealing with bad tenants, fraud or lawsuits which can be costly and time-consuming. They will also be up-to-date with laws plus local requirements so you are not in breach of regulations, which could lead to a court case. For information about property management in Dublin, you can talk to a reputable company such as clients1st.ie.
By putting a professional company in charge of your property, you can also rest assured that they will keep on top of contracts, check-ins and rent payments. Tenants are less likely to try to take advantage of their good nature because they will realise an agency is just doing its job and has an obligation to enforce the terms of the lease. Often, it is easier to manage other people’s properties than your own. This leaves the owner free from much of the stress of dealing with tenants, trying to find new tenants and other duties of being a landlord.