5 Important Reasons You Need Property Manager for Your Rental Unit
Are you an overseas Filipino worker currently owning rental property business in the Philippines? Maybe you mortgaged for a condo unit on Airbnb market, left your bungalow house for rent to a family and let your mother do the rental collection, or purchased multiple apartment units in a building near a university while you are working abroad.
Although it’s usually manageable to have a trusted relative or business associate to handle the rental business, there are defined advantages of handing over your rental property business to a property management company.
1. They provide a competitive valuation of the property.
How do you price your monthly apartment rental or nightly rate on Airbnb? Property management companies are well-versed with the property market, including the assessed value of a rental property based on location, size, facilities and more.
Therefore, getting an expert in the field to manage your property business could potentially increase the asking price on your behalf.
2. They market the property units well.
A property management company isn’t only limited to, well, managing your property. It is also often involved in promotion and marketing of your unit. This is especially helpful if you are based far away from your property and have limited time to manage them personally.
For example, if you have it on Airbnb or similar short- to medium-term rental, they could provide guidance on stunning photos, property copy and advise on online marketing so your property gets more exposure, its photos attract more prospects, helping your property get more bookings in the process.
3. They help deal with difficult tenants.
There are times when your property occupant are what they call “difficult tenants”. They are the ones who are often delayed in paying the bill, demanding in getting utmost care and service, and complain about utilities, security, fixtures, furniture and basically anything inside the property.
For an owner to deal with this type of client using his or her property, this can be a stressful experience. But a property manager toughened by similar experiences in the past does a more civil and diplomatic approach, keeping them happy and avoid disastrous outcomes and loss of client.
4. They provide comprehensive property services.
If needed, property management companies also have allied services associated with their daily tasks. This might include cleaning services (housekeeping, rubbish disposal), maintenance, security and others such as pool and gym attendants, reception counter staff, etc.
Such services fit well with larger housing estates and subdivision units where homeowner associations can tap into. Having such features make the rental units more attractive to clients looking for such facilities without leaving the comforts of the units they’re leasing.
Utilizing their services makes the entire housing estate well-maintained and benefit owners who don’t have to spend more on keeping their property in tip-top shape, thereby preserving their market value longer than those without proper preventive maintenance in place.
5. They keep track of your revenue streams and finances.
We can all wish it was that simple. For small investors involved in rental properties, they have to deal not only with receiving the rental money from tenants, they also need to deal with expenses — household items running out, property taxes and monthly utility bills — which can be a tedious process to make.
Also, entrusting a property with family members and friends can also be a cause of potential conflicts and breakdown in relationships if initial agreements are not fulfilled. Having a professional property manager also ensures the proper accounting of expenditures and income, and provides you with regular reports for proper tracking.
Professionalism and dedication to their craft is what makes property managers valuable partners in your rental business in the Philippines. Investing in this type of service may add to your expenses, but in return saves you money, time and hassles as you focus on things you are good at.