Why would you need a property manager?

By Jean Astwood, Rego Realtors

It’s 3am, and your tenants have called in a panic to report that their apartment is flooded and don’t know where the water is coming from — what do you do?

Another scenario may be that there is a hurricane looming and you are off-Island, or your tenant hasn’t paid rent for two months — what do you do?

Time consuming, irritating and definitely not easy.

Many people rely on their rental income, but they do not always know what is in store for them as a landlord, or they simply do not have the time to maintain the property for their tenants.

This is where the expertise of an experienced property management team comes into its own.

A good agent will be able to advise on and carry out a variety of tasks, such as:

  • Overseeing the general maintenance of the property including after-hours emergencies.
  • Receiving, dispatching service and maintenance calls with the landlord’s approval.
  • Constant liaison with the landlord and tenant regarding all property-related matters.
  • Accounting matters inclusive of pursuing arrears and preparation of budgets.
  • Overseeing and paying service providers, including obtaining quotes, etc.
  • Securing tenants and rental levels.

Additionally, a good property manager will ensure that there are regular property inspections, along with a comprehensive inventory at lease commencement and termination.

And on the flip side, they will also help tenants by managing the expectations of landlords when it comes to setting realistic rents.

In a recession we find that there is a greater need for property management, as more tenants are struggling to meet their obligations.

That is why it is important that checks are made on potential tenants prior to binding yourself to them by way of a lease.

Both landlord and tenant need to understand that a lease is a binding contract and can’t be broken without both parties’ agreement, and it is important that their lease is comprehensive with reference to all eventualities.

Tenancy/property matters can be frustrating and time-consuming. A Property Manager can make life easier by overseeing these matters proficiently and without the headaches.

For more information on Rego Realtor’s property management services call Jean Astwood on 292-3921 or e-mail jastwood@regorealtors.com or Steve Bowie at sbowie@regorealtors.com, or visit www.regosothebysrealty.com.

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