Brief Introduction of Property Management
Owning a rental property can be a great source of extra income. However, it also requires a huge commitment of time and effort, which can soon make it feel like a second job. When it comes to managing your rental property, it might be tempting to take a do-it-yourself approach, live close and deal with the marketing, upkeep, and repairs.
In most cases though, this just isn’t practical, and you’ll end up wasting too much time you could spend focusing on other things that matter to you. Hiring a professional property manager will take a lot of stress and responsibility off your shoulders. They can make sure your property looks its best, is always taken care of, and brings in the most revenue. If you can’t quite decide whether you need a property manager or not, consider the below benefits.
Why need of a Property Management Company
Hiring a property manager does have a cost associated with it, but the benefits received in exchange are certainly worth the investment. With respect to revenue properties, as property managers we have access to resources and networks that expedite the tenant locating process. we advertise the property on our platforms and conduct an extensive tenant screening process. This will ensure higher quality tenants and a lower turnover rate.
The leasing agreement is perhaps the most technical aspect of the rental property process. We as property manager we take responsibility for drafting the lease and making sure it includes all clauses to protect the property owner. Included in their duties is establishing the required security deposit based on the rental term and a variety of other factors. As property manager’s we have knowledge of the laws and regulations that are applicable within the country and be able to transmit this information to landlords.
Another large advantage to working with a property manager is that we handle all daily occurrences at the property and communicate with the owners or tenants on behalf. This includes scheduled and emergency maintenance or repairs, as well as complaints. We also have a large network of reliable plumbers, electricians and other contractors that they work with on a regular basis. This means your property will receive prompt and quality care and you will indirectly have access to better service pricing.
Why Hire Ipasi Real Estate Services
- Outstanding service, support, flexibility and responsiveness to achieve ultimate customer satisfaction.
- Consistently meeting client requirements, thereby reducing no. of complaints. To make processes and services more reliable and less costly.
- Monitoring of Quality System and work characteristics for the continuous improvement in all areas & to develop enthusiastic and dedicated team of employees.
- We work in partnership with customers to help manage their e workplaces/ properties . We’re excited about the future & passionate about helping our clients achieve their strategic goals.
- We bring our experience to work collaboratively with customers to deliver the support they need for the future. We deliver a seamlessly integrated service and bring fresh thinking and new ways to support our customers every day.
- Regardless of the vagaries in your business environment, our integrated approach to facility management help achieve maximum productivity and efficiency
Having said the above following is what we Ipasi Real Estate Services offer to clients on Property Management
- Managing maintenance contracts and service providers
- Lease Administration and Management including preparation.
- Marketing of properties
- Planning works
- Regular property inspections
- Handover of rental areas
- Tenant liaison and support
- Contract negotiations for letting and sales
- Management of rental agreements
- Budgeting and budget control
- Service charge reconciliations
- Management of insurance policies
- consultancy on Property management
One of the biggest mistakes many landlords make is overlooking the prospect of using a property management company. Often landlords decide to manage the property alone, however, the assistance of a professional could be hugely beneficial. Property management companies deal directly with the tenants, saving landlords a great deal of time and money during the entire rental process. Knowing that both your tenants and property are being handled correctly is an ideal solution if you are a new landlord in need of extra guidance. Choosing a property management company is an important decision and here are the benefits that landlords who work with us will have:
1. High-quality and right tenants
Tenant screening can be a complex process, and if you don’t have sufficient experience in the real estate industry, you might end up choosing a bad tenant. The main problem with bad tenants is that it can be quite difficult to make them leave your property. We as property management company we have a reliable and verified screening process to select tenants who will:
Rent long-term
Pay rent on time
Minimize the wear and tear of the property
Cause fewer problems
2. Avoid potential legal issues
We s Property managers we understand landlord-tenant laws and fair housing laws, which can help to avoid potential lawsuits and save time, money and energy in the long run. Property Manager’s expertise is key in handling things like evictions, property damage issues, signing and terminating leases and handling rent and security deposits etc.
3. Shorter periods of vacancy
A professional property manager like us we help landlord handle the following tasks that prevent properties from staying vacant for too long:
Prepare the properties for rent – will know exactly what cosmetic improvements must be done to the property or leasing space in order to maximize your revenue.
Determine the optimal rent rate – Setting the rent too high and it might take too long to find tenants, too low and you might be losing money every month. It is crucial to determine the right price and doing it requires knowledge of the local real estate market, data on similar units, and access to professional rental rate tools.
4. Managing tenants
After finding perfect tenants, as property manager we become the point of contact . This means no late-night emergencies and significantly less headache for landlord. We property can always arrange for a reliable service provider to repair or replace broken items if needed. we also have long-established connections with maintenance workers, tradesmen, contractors, suppliers and vendors that is almost impossible for an independent landlord to duplicate. What’s more, as property manager will not only get the best work for the best price, we also oversee any necessary maintenance work.
5. Marketing of property effectively
As Property managers we are skilled at rental marketing, including writing rental ads, taking high-quality photos and hosting open houses. we also have local real estate knowledge and will be able to help set a competitive rent price. Hiring a property manager with marketing experience help fill your property sooner and reduce the time it sits vacant. We also use our own website , social media platform , magazine , leaflets etc. to attract possible tenants.
6. Long-term tenants
If tenants don’t rent your units for long periods of time, you will have to deal with a series of issues like lost rent, having to clean the property, change the locks, repaint walls, replace carpets, make small repairs, go through the tenant screening process and marketing campaigns again. These things take time and can be quite expensive, but can be avoided by keeping your tenants happy. We as Property Managers we have tenant retention policy to help landlord on this area
7. More efficient rent collection
Consistent rent collection is key to receiving rent payments on time, and using us as your property management company we ensure enforcement of lease clause if payments aren’t received. If tenants are consistently failing to pay their rent on time (or at all), the property manager will know how to deal with the situation, including issuing an eviction notice if necessary.
8. Lower repair and maintenance costs
Tenants are always happy if offered good maintenance, not to mention that by doing that preserve the value of assets. By hiring us as property manager you gain access to professional maintenance and a network of licensed, insured, and bonded contractors who are trustworthy and have been vetted for quality work and good pricing. This can save you money compared to hiring someone from the yellow pages.
9. Increase and maintain the value of your rental property
By identifying and repairing any maintenance issues early on, you avoid larger and more expensive problems. As property manager’s will tell the key to maintaining and increasing the value of your property is preventive maintenance. This requires regular maintenance checks and inspections, a written maintenance schedule, and detailed documentation. An agency may also offer you valuable feedback and suggestions on upgrades and modifications that the tenants prefer.
10. Personal benefits
• Less stress – By hiring a specialist, you won’t have to deal with late-night emergencies, evictions, chasing down rent, damages, paperwork, having to find contractors, and other tedious and time-consuming tasks.
• More freedom – If you hire a property manager, you can travel anywhere you want without having to worry about your tenants and about the regular inspections. You can live wherever you want and you can invest in other properties.
• More free time – For a property investor, time is money, and your time would be better spent doing other things than micromanaging a property. If you focus on asset management, then you are working on growing your business, if you manage the properties yourself, then you work in it. Not to mention that you will also have more time to spend with your family and friends.
