Owning a rental property can be lucrative, but also a lot of hassle and so employing a property manager will make life easier and may tempt you to own more than one rental property, thus taking advantage of the growing housing market and more affordable properties.
A property manager will have the resources to find and thoroughly screen prospective tenants, check out references and find quality tenants for your property.
A property manager will have vast experience and knowledge about what your property rental charge should be. He will be experienced with the regulations and legal issues of landlord-tenant law and keep you compliant with the law. He will also act as your rent collector and be able to deal with any problems relating to late or non-payment. Also, if the worse scenario happens, he will be able to deal with any evictions as there is a great deal of red-tape attached to an eviction order.
Maintenance and repairs are very time consuming; if you have a full-time job you are not going to be able to drop everything if an emergency problem occurs. A property manager has the backing of a large group of reputable professional contractors that he uses regularly and will respond at short notice. He will go to your property and oversee any repairs and check that everything is in good working order. Preventative maintenance can increase the value of your investment, catching and dealing with issues before they get out of hand.
A property manager gives you more freedom to acquire properties outside your immediate vicinity. He will keep a regular eye on your property giving you peace of mind that everything is in order. He will also assist you with any tax issues related to owning a second home and deductions you can claim. Property management fees are tax deductible.
Property management companies are available throughout the UK, for example, Property Management in Dublin clients1st.ie who are widely experienced in all aspects of property rental.
A competent property manager can add value to your investment leaving you free to enjoy the fruits of his labour on collection day. By employing a competent and trustworthy management firm, you will have no late night calls from tenants or embarrassing phone calls chasing the rent.