Property management can be really tough as a landlord. Real estate has been a golden investment for people who are chasing down to build interminable wealth for generations.
When you start a real estate business it grows over time and you may need additional help in managing the wide range of tasks linked to the landlord. You can land on employing a property manager or decisively have a tenant supervise the property on your behalf; both of these decisions can have hiccups. Employing a third force real estate management Company can lessen your expenses and will naturally be a tension-free approach to yield income from the investment, normally it comes at a cost.
The article below will enable you to understand everything you need to know about what real estate management can offer to an investor and what you should look forward to when deciding to hire a property manager.
What exactly is real estate management?
Real estate management can be employed in any type of rental property, including residential, commercial and land rate estate. The property management company gives a hand in managing the day to day operations of the property on behalf of the landlord. The manager overlooks the rental property as well as the maintenance of the property and also synchronizes the buying and selling of a property with the real estate agent.
A property manager manages all the clients’ properties from all aspects that are screening the prospective tenants to collecting the rent. They also conduct all the maintenance requests from the tenants and hire service providers to repair any issue. The property management company also handles all evictions and filing any paperwork required or any other government programs. A real estate property management company is like an all-stock shop for the landlords’ requirements.
When should you consider hiring a property management company Kenya?
An investor running their real estate business permanently is comfortable dealing with the daily running of several rental properties may enjoy interacting with the renters. To them, the real estate management company might not be appealing when they can afford the costs.
Conversely, the owner of the property may have another job and have no time or interest, there might be also a professional who prefers to dispose of the time to someone else and views their property strictly as a passive investment.
Situations that indicate that utilizing property management services would be beneficial;
- When you have several properties you cannot handle them single-handedly.
- When you prefer not employing people in the real estate business.
- When the property is not close to your physical address.
- When hiring for property management is affordable to you.
- When the rental property is part of a government subsidy program.
What to expect when hiring for property management services.
The costs of hiring a real estate management will vary the location and the units you own, the expected costs to pay the property manager may run between 5% to 10% of the collected rent. Generally the more units you own the less the charge. Depending on the market and the deal the percentage can take a good portion of your earned profits.
Hiring a qualified real estate management company is the key. If you are working with an investing network, research the recommendations and conduct an online check on their reviews also question the brokers or real estate agents on whether they offer property management services or they can recommend a property management company. Consider interviewing several property management companies to get a proper fit for your business model and get answers to all questions you have in mind about the management processes.
The Bottom line
If you own any business model that includes rental property you will consider real estate management at some point. A real estate investor is vital for the management of time and cash flow. A property management strategy is not cheap but can be of huge help in offloading your shoulders. So do the calculations and decide if your time is worth the cost of employing it. You may reconsider asset management along the way if your business grows since the fees decrease with the increase of the number of units
Hiring a qualified property management company can be head cracking but it should not be. West Kenya Real Estate Company is a real estate management company that offers a variety of services including property management. We offer the best quality management services, you can locate us at our offices in Kisumu Cairo Road behind Xaverian Primary School Next to Hare Krishna Temple. Our addresses are;
P.O BOX 22518-40100Kisumu, Kenya
facebook: @west Kenya real estate
instagram: @wes Kenya real estate