Overly demanding tenants, late payments, and extensive maintenance needs are the less publicised and less glamourous aspects of rental property management. You will have trouble maximising the return on your investment if you don’t have the property tools and know-how.
Rather than gamble with your investment, pass the baton to the capable estate agents here in South Wimbledon. These seasoned experts will increase the occupancy rates, lower turnover rate, maximise revenue collection, among other benefits.
Onboard high calibre tenants
Property managers will thoroughly screen the new prospects and weed out professional tenants right of the bat. Strange as it might sound, there’s a group of people hell-bent on exploiting landlords. They exploit legal loopholes to extort free accommodation from you for months or years on end.
Realtors verify every bit of information a prospect supplies for authenticity to shield you from problem tenants. That often includes calling up referees and running credit and background checks. Some of these processes call for resources that are beyond the reach of a self-managing landlord.
A skilful agent increases the occupancy levels and capitalises on long-term leases. That ensures that you have a steady flow of rental income and safeguards your investment.
Efficiency in rent collection
A steady rental income is one at the agreed time – monthly, quarterly or yearly – is one of the many rewards of investing in rental properties. For this to happen, you need the tenants to hold up their end, as stated in the rental agreement.
Unfortunately, that’s not always the case as some tenants tend to play footloose with the rent. Having many tenants default on rent can leave you in a dire financial condition, especially when a property is under a mortgage.
That increases the likelihood of defaulting on your repayment plan, subjecting you to late fees and penalties. Outsourcing rent collection to a seasoned realtor eliminates these inconveniences. Property managers understand the financial implication and so employ numerous strategies to ramp up rent collection.
They will ensure tenants pay in full and on time as per the rental agreement. They will also enforce any penalties outlined in the lease whenever a tenant is late with the rent.
Evict unruly tenants
Heart-breaking and ugly, evictions are a necessary part of the game as they are a decisive way to deal with problem tenants. However, the entire process calls for a tactful approach, or you might land into a heap of legal trouble. Before you can evict someone, you must fill all legal requirements.
That makes evictions tedious and lengthy as you must wait out the required notice period. Skipping any of the sequential steps gives the tenant the upper hand and can complicate the matter further. Legally, you can’t eject an errant tenant as that amounts to a criminal offence.
You issue them with a possession order or seek a warrant of possession if they don’t leave voluntarily. A warrant of possession empowers bailiffs to carry out the eviction.
A considerable amount of work and effort goes into ensuring that you have a steady rental income as a real estate investor. Sometimes you might not be well-equipped to handle all these problems. Hiring a property manager guarantees you a constant paycheck and a peace of mind.