A lot of people think that they can save money by managing their properties themselves, but there are many financial benefits to using a property management company that make it worth the cost.
It will also save you time and let’s face it- time is money, and by using a property management company you are freeing up your time to focus on other things, whether that’s working on your career, or spending time with your family.
Some of the financial benefits of using a property management company include
More rental income
A property management company will be able to maximise the rental income from your property.
They will do this by making sure that your property is always rented out and by keeping vacancy rates low.
They are generally able to source high quality tenants who are willing to pay more rent.
Lower repair and maintenance costs
A good property management company will have a network of reliable and affordable contractors that they use for repair and maintenance work.
This means that you won’t have to spend as much money on repairs and maintenance.
This can attract higher rental values and also means it is less likely that your property will sit empty.
Increased property value
A well-managed property will be worth more than a poorly managed one.
This is because a property management company will carry out regular maintenance and repairs, as well as improve the overall appearance of the property and make sure it is also clean and meets current and planned building regulations.
Increased value of your portfolio
A property management company will also help to increase the value of your portfolio.
This is because they will keep your properties in good condition and will carry out regular maintenance.
Less void periods
A good property management company will work hard to minimise void periods, which is the period of time where your property is not occupied.
This is important because it means that you are not losing out on any rental income.
Making sure legal safety requirements are met
There are a number of legal safety requirements that landlords must meet.
A property management company will make sure that your property meets all of the necessary requirements.
If you are compliant with all the legal requirements this can help you avoid costly mistakes.
Ensuring tenant contract agreements are in place
A property management company will make sure that all of the necessary contract agreements are in place before a tenant moves in.
This includes things like ensuring that the deposit is protected and that the tenancy agreement is signed.
This can help prevent future disputes which can be time-consuming and expensive to resolve.
Better screening of tenants
A good property management company will have a rigorous screening process for potential tenants.
This means that you are less likely to end up with problem tenants who don’t pay their rent or damage your property.
Quicker occupancy of your rental units
Property management companies have a network of potential tenants.
This means that they will be able to find someone to occupy your property quickly.
As you can see, there are a number of financial benefits to using a property management company such as Yates Hellier.
If you’re an investor, then it’s definitely worth considering using one to increase the value of your investment and make more money from your property portfolio.
Property management companies have the experience and expertise to ensure that your property is well-maintained and in good condition.
By keeping your properties in good condition, you’ll be able to increase the rental income that you earn from them.
And, by having a property management company take care of the maintenance, you’ll be able to save money on repairs.
All in all, using a property management company is a great way to boost financial returns on your investment and make more money from your property portfolio.
At Yates Hellier we pride ourselves on giving our clients the best possible service.
We are an award-winning Glasgow-based estate and letting agency with many years’ experience in the property market.
We offer a range of services including property management, sales, lettings, and investment. Our services are designed to save you time and money, as well as increase the value of your property portfolio.
So if you’re looking for a property management company that can help you achieve your financial goals, then we would be delighted to help.
Contact us today to find out more about our services and how we can help you boost your property portfolio’s value