I recently bought three apartments as an investment. A friend recommended I use a management agency to take care of them for me. What benefit will it bring?
Whether you own a single apartment or an entire portfolio of investment properties, it all demands your time and attention. A management agency is a great way to ensure your investment is doing what it needs to do at all times.
There are many reasons why you would hire a management agency. I will list a few here that you might find useful.
Hassle-free asset management
Make sure you are in full compliance with all regulations. You will never have to worry about tenant verification; Manage the collection of all rents, no more delays or missed payments; No calls regarding property maintenance; Maximize your return on investment; Fees are tax deductible
One of the main areas that a management company will take off is renewal.
They will ensure that the landlord and tenant are protected throughout the tenancy.
Without a fixed-term tenancy agreement in place, a tenant can withhold rent, leave without notice, trash your property, or sublet to friends and family without your consent.
This means that both parties are legally compliant, both parties are PRTB compliant and your tenant is more likely to stay because they are bound by a fixed term contract.
There’s nothing worse than sitting down to dinner after a hard day and getting a call from your tenant telling you that the toilet is clogged or there’s a burst pipe, or the heat or the washing machine not working.
A management agency will take care of all of these things on your behalf. You can enjoy your free time with your family or friends.
A management company will handle all aspects of a lease on your behalf by liaising with your tenants.
We do this for many clients with one or two properties or clients who have built up their portfolio.
Jackie White is owner of Raymond White Auctioneering, Ballymahon. Email: [email protected] Tel. : 087 133 4099