The key to ensuring you maximize your profit from your real estate properties in Cambodia is hiring a property management team to manage them. Not only does it help make your life easier by having a devoted team to oversee your real estate and maintain them, there are multitudes of benefits in it for you!
Learn more about the benefits of having a property manager by reading the curated list below.
1. Increase rental profits and property value
Most real estate properties suffer losses since owners can’t always keep track of maintenance and repairs. This means the little things like getting a stairwell or door fixed eventually become liabilities that will cost more to fix if it’s put off can be addressed quickly with property management. Hence, rather than losses, you can increase the profit you get and lessen monthly repair and maintenance costs.
Not only that but property managers have keen eyes on what improvements or upgrades can be added to your property. They’ll often include these suggestions in their monthly reports so check them because they are bound to increase your property’s value.
2. Accurate rental market price
Gauging the right price for your rental property, whether for lease or sale, takes a lot of research and legwork. Since you have to understand the industry and ensure you’re getting your money’s worth, property managers are the right people to help with this.
3. Professional marketing of properties
Property managers are well-versed in what sells and what doesn’t in the industry. This means they know exactly how to get the attention of your target tenants through marketing. Accentuating all the key benefits of your property using well-lit photos and writing engaging and catchy listings are at the top of their skills. Due to this, it will be easier to find high-quality tenants and have less time where your property is left without a renter.
4. Finding high-quality tenants
Demand is always high in real estate but it doesn’t make it easier to find great tenants. Since it can be difficult to determine which one is good among the bad, property managers can help screen them. They have experience under their belt and know how to spot the red flags from potential tenants, making it easier for you to have great tenants that will take care of your property.
5. Cheaper maintenance and repair costs
When you have property managers on top of overseeing your properties, they can repair issues and maintain it quickly. This means in the long run that you will have cheaper maintenance and repair costs and a property that will be at its best for tenants.
6. Shorter turnover to new tenants
Sometimes finding the right tenant can take weeks to months. After all, you can’t simply get a tenant that might ruin your property so it is better to wait for a good one even if it takes long. With property managers, the time period where your property isn’t leased—thereby you can’t profit from it—will lessen. Since one of the property managers’ strengths is advertising units and finding high-quality tenants, not only will you get a steady flow of income again from it, but you won’t have the risk of getting a bad tenant.
7. Increase in long-term tenants
Part of the responsibility in leasing your property is ensuring that everything is at its best condition. Not only that but if there are repairs, concerns, or issues, it should be addressed quickly since you might risk losing them. This can prove to be difficult if you have other things you need to prioritize which is why property managers can help here.
Since they help oversee the whole property, the eventual result would be happier tenants. This means they have a higher than likely chance of extending their lease or renewing it since they are more than satisfied with living in your real estate. Not only that but if you have more long-term tenants, this automatically means you are secure in receiving passive income for the time they stay at your unit.
8. Rent collection & eviction
Collecting a monthly rent can be straightforward and easy wherein the tenant wires the payment automatically without reminders. However, there are renters who forget or make excuses not to pay it. Property managers can help ensure you get the rent each month without any hassle. Not only that but they handle eviction and help in the process of moving out for tenants. This lessens the possibility of having squatters in your property.
9. Detailed accounting and reporting
Every month, property managers prepare a detailed summary report on all issues, concerns, and decisions they made. This keeps you up to date on what’s going on with your property from the little issues to the big ones. Additionally, property managers include financial statements, budget for repairs and what they used for the month, and even revenue reports.
Have you been convinced to get a property manager for your rental property?
Learn our property management services here.
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