Metrix Property Management

When Should a Landlord Hire a Property Management Company?

wproot — Mon, 13 Apr 2020 12:59:35 +0000

Property management companies can be a huge asset to your business, but they don’t come cheap. And there are other reasons why you might not want or need one. Carefully review the factors discussed below to determine if hiring a property management company is the right move for your business.

What Does a Property Management Company Do?

Management companies deal directly with prospects and tenants, saving you time and worry over marketing your rentals, collecting rent, handling maintenance and repair issues, responding to tenant complaints, and even pursuing evictions. Plus, a good management company brings its know-how and experience to your property, giving you the peace of mind that comes with knowing your investment is in good hands. Finally, a management company is an independent contractor, so you avoid the hassles of being an employer.

When Should You Hire a Property Management Company?

Although hiring a property management company has many advantages, using one can be expensive. And, even apart from the cost, relying on a property management company is not for everyone. Consider the following factors to determine if hiring a property management company would be a good decision for your business.

You should consider hiring a property management company if:

You have lots of properties or rental units. The more rental properties you own and the more units they contain, the more you’re likely to benefit from a management company.
You don’t live near your rental property. If your rental property is located far from where you live, hiring a property management company can be invaluable in dealing with the many issues that you will not be able to handle from afar.
You’re not interested in hands-on management. Many landlords look forward to the challenge of finding good tenants and the rewards of maintaining a safe and attractive property on their own. But if you view rental property ownership strictly as an investment and want little or nothing to do with the day-to-day management of your properties, consider hiring help to manage your property.
Your time is limited. Even if you enjoy hands-on management, you might not have much time to devote to your business, especially if landlord isn’t your day job. And if you prefer to spend your time growing your business, including searching for new properties, arranging to finance renovations, or changing your business structure, then a management company might be a good way to spend your money.

You can afford the cost. Hiring a property management company is an attractive option if you can afford the fees. When interviewing companies, expect to hear quotes ranging between 5% and 10% of what you collect in rent revenue. If it’s a down market and you’re able to manage things yourself (or with the help of a resident manager or other employees), you might want to keep doing so until the market turns around.
You’re suddenly inundated with management tasks. If your business is growing, at some point you might find that you need a substantial amount of help to manage everything properly. At that point, it might make sense to hire a management company.
You don’t want to be an employer. If you hire a resident manager or other employees to help with your property, you become an employer. You’ll have to handle payroll and deal with a host of other legal requirements and considerations. But, because a property management company isn’t your employee (it’s an independent contractor), and neither are the people who work for the company, by using one you avoid the hassles of being an employer.
Your property is part of an affordable housing program. If you participate in an affordable housing program, things can get complicated. Usually, in these programs, the landlord receives financial assistance, which might be in the form of a grant, low-interest loan, or tax credits, in return for agreeing to rent at least part of the property to tenants earning below a certain income level. In order to continue receiving assistance, the landlord must comply with a complicated set of rules. With so much at stake, it’s often worth hiring a property management company that has expertise and experience with the particular housing program in question.

Why us?

Metrix is not just property Management firm. We bring in the Science and Art of Servicing and Cleaning Facilities. We are the premier source of excellent services that offer expert and reliable solutions to all property management problems. Our many years in business mean extensive knowledge, reliability and mastery in the provision of Property Management at different levels.

Regardless of the aspect of your property, we will take care of it. Our experience in the industry is reflected in everything we do.

Contact Us

Metrix Property Management
(+234) 813 975 4525
http://www.metrixpm.org

Service Terms

Annual Fees: 10%
Application Fee: N10,000
Security Deposit: Not Applicable

The post When Should a Landlord Hire a Property Management Company? appeared first on Metrix Property Management.

5 Reasons You Should Hire a Good Property Manager

wproot — Mon, 13 Apr 2020 12:59:26 +0000

Property management protects your investment.

Chances are you are looking to maximize the profit from your investments as well as maintain and increase the value of your properties. Here are some reasons why you should hire a property manager:

You’ll Make More Money With a Property Manager

Many property owners are afraid to hire a property manager because of the cost involved – not realizing they will actually make more money in the long term due to the increased care of the property. You will get better tenants that stay longer and have less damage and repairs to deal with. Your property remains in great shape.

Property Managers Will Save You Lots of Time and Headaches

How much time does it take to be your own landlord? Could you be making better use of your time?

It can be a full-time job to track rent payments, collect late fees, deal with complaints and repairs, prep the property for new tenants, find vendors, and deal with bad tenants. It may also become a constant source of stress. Relinquishing these ongoing responsibilities to a good property manager can allow you to benefit from your investment without sacrificing your time and health.

Better Tenants Thanks to Screening and a Bigger Pool Of Potential Renters

If you hire a property manager with experience, they will know exactly how to find the best tenants and screen out potential tenants with a bad history. Property managers have a bigger pool of applicants to choose from due to their extensive marketing and advertising programs. An established property manager will already have waiting lists of potential tenants. The result is better quality tenants in your property faster.

Property Managers Know the Law

How much do you know about the laws that apply to being a landlord? One of the biggest advantages to hiring a professional property manager is the ability to avoid some legal hassles. With a full understanding of all the state and federal laws when it comes to discrimination in screening and selecting tenants, property managers avoid breaking discrimination laws. In the event that an eviction becomes necessary, an experienced property manager will know how to handle it in a way that will save time and money while staying within the boundaries of the law.

Property Managers Serve As a Buffer Between Owners and Tenants

When using a property management company, a property owner is able to keep a professional distance from their tenants. Getting too personally involved can result in being too lenient on certain issues or too defensive about certain types of complaints. Renting out a property is a business and it is much easier for a property manager to keep things on a strictly professional level. When issues arise, a professional property manager is better prepared to deal with the problem effectively.

Why us?

Regardless of the aspect of your property, we will take care of it. Our experience in the industry is reflected in everything we do.

Contact Us

Metrix Property Management
(+234) 813 975 4525
http://www.metrixpm.org

Service Terms

Annual Fees: 10%
Application Fee: N10,000
Security Deposit: Not Applicable

The post 5 Reasons You Should Hire a Good Property Manager appeared first on Metrix Property Management.

Pros and Cons of Hiring a Property Management Company

wproot — Mon, 13 Apr 2020 12:59:23 +0000

Are you a landlord looking to make your life easier? Let’s go through the pros and cons of using a property management company for your needs.

Can you imagine a world without renter protections or standards? The invention of a property management company didn’t happen until the 1950s. But let’s go back a little further so we understand how property management was born.

The first iteration of the property manager didn’t come until 1933. Many apartment owners defaulted during the depression, leaving banks with the properties. Bankers weren’t sure how to properly manage the properties. They needed help from people who did. That’s when the first property caretaker was born. They collected rent, looked after the daily needs of tenants, and performed maintenance.

As a landlord, you need to make the best business decision for yourself and everyone involved. You get to decide what works best for your situation. You understand the effort it takes to manage single homes and apartment complexes. Whether you hire property management is up to you. We’ll explore the pros and cons of rental property management companies to help.

What Exactly is a Property Manager?

The advantages and disadvantages of using a property management company are broad. Before we dive into what those are, we have to understand what a property manager is. A property manager is a person hired as a third party to handle the daily operations. They handle everything from single-family homes to large apartment complexes and subdivisions.

Most property managers handle turn-key operations for you. This entails collecting rent and marketing your rental. Some property managers even handle day-to-day tasks. The benefit is that as the landlord, you decide what you take on and what they assist with.

Common Responsibilities for a Property Manager

Screen and interview your potential tenants
Advertise and marketing of the property
Manage maintenance and repairs
Handle lease agreements

Common Questions Surrounding Property Management

When deciding on whether you need a property manager you want all the information. Before we talk about the pros and cons let’s discuss the important questions to consider. These questions provide insight into all the responsibilities that property management entails. You will have a clearer picture of what fits your situation best after you read them over.

Do you handle stress well?
The ups and downs of property management are endless. You want to collect rent each month, but unpredictable problems will arise. Understanding how you manage stress is extremely important in times of uncertainty. It is important to realize that you will handle uncomfortable situations. From tenants getting into fights to someone trashing the property, you will manage it all. Think about how you will treat those issues before they happen.
How many properties or units do you currently own?
More properties point to higher management responsibilities. Are you currently able to handle it on your own? Having a clear view of your workload makes it easier to decide on what you need. If your current properties are too much for some person you will consider enlisting help. Are you able to reach out to the right contact to ensure that gets done?
Do you have experience with maintenance and repairs?
This is a big question to consider. Are you extremely handy and able to fix a variety of issues? Maintenance and repairs are a large part of being a landlord. If you aren’t able to do the job, do you know someone reliable and trustworthy who can? Time is also something to consider. Some maintenance issues need tending to immediately.
Are you savvy at accounting and record-keeping?
Profit loss and profit management are important. How to handle your taxes is another point you’ll come to. If you have a background in finance this is great news. If numbers aren’t your thing, consider hiring an accountant. This will save you from the headache later.
Are you available at all hours of the day?
Being a landlord and property manager is a tough job. Managing property on your own becomes a full-time job. Are you willing to be on call at all hours of the day? Are you willing to take a call in the middle of the night? You may miss out on important meetings. In times of emergency, this means leaving family holidays early or not coming at all. Consider this before taking on more than what you are capable of.
Will you confront your tenants?
Being the bad guy is never something you want. Handling late payments and evictions is part of the job. If you aren’t able to confront your tenants it will be difficult. If you enjoy enforcing rules this could be a breeze for you. But handling these issues that tact and interpersonal skill. Do you have them?
Do you understand the housing laws?
Part of being a professional in the industry means understanding the laws. Keeping up on current housing laws and local laws will assist greatly in your job. Knowing the law shields you from any potential threat. It also assists in preventing any unnecessary lawsuits. Know the laws before you go into the property management business.
Will your unit be quickly rented if someone moves out?
Advertising is a large part of the job. If you have an empty unit you’ll want to have someone in it quickly. Do you have the skills and the time to ensure this happens? You don’t want to lose on any profit. Will it be alright if that unit is vacant for a few months in-between tenants?

The Pros of Hiring a Property Management Company

The benefits of hiring a property management company are vast. This is especially true for a landlord looking for passive income. If you cringe at the thought of dealing with a tenant issue or complaint, a property management company is for you. The right property manager has experience in the industry. They have an outline process to show you the minute you meet with them. They understand the housing laws and handle everything with ease.

Your property manager knows the local laws that affect you and your tenants. They assist when issues arise and know how to resolve them. They serve as the go-to for any disputes that come up, lease breaks, and evictions. If you don’t like dealing with face-to-face operations, property management is for you.

Having your own management company means you have free time. You won’t have to leave a family function to resolve an issue. You are able to move out of the area where you own the property if you want. The leaking pipes your tenant contacted you about? Leave it for your property manager. It is their job to handle that for you.

The Cons of Having Property Management

The disadvantages of hiring a property manager depend on your involvement. As the landlord, you decide how the relationship will work. Issues involving that relationship will arise if you can’t trust one another. Deciding who takes on which responsibilities is tough. Property management is difficult for those who need to be involved in every decision. If you are that person, property management is not ideal.

The rental management company fees are costly. This expense will deter you if you’re on the fence about hiring a property management company. The most common fees are monthly, but you could have more. Some management companies charge a leasing fee. You could also get charged with cancellation fees, renewal fees, and maintenance fees. It is important to look closely into a contract before you commit.

Another disadvantage is hiring the right property management team in the first place. Once you hire them you expect a high standard because they handle everything for you. The truth is that you might go through multiple before you find the right fit. Having to go through multiple managers is bad for your reputation. You want to provide the best for your tenants. If you don’t have a property management team that works well it causes problems for your bottom line.

Final Thoughts on Property Management

You know what you need and how large your property is. If you have the assets and want to hire a property management company you can dive in. However, if you like handling issues yourself and don’t want to pay the fees you don’t have to.

The right property management company finds a balance with you that works. They are flexible to your needs and understand when they need to step back and step up. The rest is up to you.

A One-Stop firm for Property Management

At Metrix, we’re a property management company dedicated to empowering everything you do.

Why us?

Regardless of the aspect of your property, we will take care of it. Our experience in the industry is reflected in everything we do.

Contact Us

Metrix Property Management
(+234) 813 975 4525
http://www.metrixpm.org

Service Terms

Annual Fees: 10%
Application Fee: N10,000
Security Deposit: Not Applicable

The post Pros and Cons of Hiring a Property Management Company appeared first on Metrix Property Management.