Benefits of Hiring a Property Manager in Nigeria
I hear a lot of people say they can do without a property manager and then they go on handling their properties themselves and managing all the responsibilities that come with it. After some time, they get frustrated and are worn out from constant tasks that make them pass their frustrations on their workers and tenants.
The first time you start investing in real estate properties and giving them out for rent, it makes sense to want to manage your properties, doing all the work yourself just to keep the costs low. It might make sense at first but it has its own disadvantages.
Managing your property yourself can slow down a lot of things in your personal and business life because your focus is divided often. There will come a time where you have to shift your focus away from managing these properties by yourself so you can focus on more real estate investments so you can build more wealth.
You might be wondering when will be the right time to hire a property manager and if it is truly worth it. Property managers help to properly screen potential tenants as well as professionally interact with them. They also organize repairs and collect rent. Here are the benefits of hiring a property manager in Nigeria.
1. Updates on Rental Rates
You may have a busy schedule that will keep you less updated on the rental rates around your neighborhood. Rental rates changes as the neighbourhood further develop due to new facilities, better road network, utilities, infrastructures, commercial developments and a lot more. The more these developments occur in your neighborhood, the more the neighborhood becomes desirable to live in and even tourists will constantly visit the leisure parts of your neighborhood. All these
factors put together can hike the rental rates of properties within the neighborhood. Only a property manager can accurately get all the access to these rates because they manage a lot of properties within the neighborhood and as such, they are constantly updated with what is going on in the neighborhood. Hiring a property manager will keep you in the loop on the rental rates around your property.
2. Good Knowledge of Tenants
Human beings could sometimes be difficult to deal with and some tenants can be very obstinate or violent especially in some parts of Lagos. They could go as far as damaging your property, refuse to pay rent or violate your lease and these can affect your investment. It is difficult sometimes to figure out if someone will be a good tenant or not by merely looking at them but property managers have a streamlined vetting system for tenants in order to know which tenant can live within
your property without causing any harm to it. If every potential tenant can go through a property manager, the tenant will be thoroughly screened. Having the right tenants within your property ensures that you receive timely payments and secure your investments.
3. They Secure Your Investments in a City Where You Don’t Live
You do not have to give up your property investment just because you would not be available to manage the day to day operations. A property manager helps to ease that burden so you can have the ability to live wherever you desire while investing in another city of your choice. A property manager can handle the day to day activities of your property and you can inspect or check on your property when you are in town. Hiring a property manager makes your investment run smoothly and takes off that day to day burden off your plate.
4. Assist with Legal Compliance
As a property owner, it is advisable to comply with important laws and regulations. A property manager has all the knowledge with both local
and national laws related to property ownership and can help you to be compliant with them. They also know how to tie up loose ends and they know of the best leasing agreements. If you are hiring a property manager, be sure he or she is the right person packaged with all the knowledge that is needed to keep your property within the relevant laws and regulations as well as help you maintain your investments in order not to be taken advantage of.
5. Flexible Schedule
Hiring a property manager will definitely help you balance your schedule especially if you have a full-time job or running several investments. You may not have enough time to show people your property as well as collecting annual rents. A property manager can also help you fill in the gap especially when you have other real estate properties at your possession. Trust me, it can be very exhausting running a full-time job as a landlord as well as running your other businesses. A property
manager’s job is to take off that stress from you and make your schedule very flexible.
6. It Provides Easy Expansion For Your Investments
If you have a good property manager efficiently managing your properties, be certain that your next real estate investments can go smoothly because you are totally focused on it. While your property manager is taking care of the properties you put in their care, you can use your time and resources to pursue other
investments, expanding your properties and acquiring more wealth.
You have decided to hire a property manager but you are not sure of the right one to hire. It is absolutely okay not to be sure but the best tip to
hiring a property manager is to choose the one that fits you especially someone who has had a good track record. You should seek a manager with experience in the field. Take out some time to find the best that suits you because a bad property manager is worse than a troublesome tenant.
Do you want to manage your properties better? DpKay Homes can help you with the right investment strategies and professional advice on how
to secure your investments. Contact us today.