Whether you own a small apartment or large premises, property management will be able to save you a fortune in expenses as well as stress. Despite the fact that many property owners think that they can handle all aspects of managing a property without the help of experts, it is all too often much more difficult than it appears, and to ensure effective management of resources, property owners need to be careful about hiring inept fly by night companies who are not equipped to manage properties. A recent news story about South African Police Commissioner Bheki Cele and his mismanaged team of property managers has brought home the importance of ethical and accountable management - regardless of the size or nature of the property. The SAPS has come under a lot of fire for allegations of mismanaged funds, which are reportedly in the region of nearly R7 million.
While the SAPS answer to the powers that be on the use of the allocated funds, property owners can consider the following benefits of hiring a trusted company to manage their property effectively:
1. Residential properties are able to extend their life-span considerably
Residential apartments, especially those that date back to the 1970's and thereabouts, are able to stay maintained and well-kept with proper property maintenance and management. From simple things such as replacement of floors, taps or windows, to full renovation and restoration of older flats, properties are able to get a new lease on life, making them solid investments that will attract tenants year after year. With so many new apartments on the market, older apartments are often bypassed for trendier properties - however with regular renovation and upkeep, older blocks are able to continue keeping up on the highly competitive property rentals market.
2. Disputes and other admin tasks are handled effectively
Property owners no longer have to deal with ongoing disputes about rent increases, leases and deposits, as management companies are able to deal with all admin and related issues on the owner's behalf, from concerns about property development to any other issues that may arise. Many landlords have full-time jobs in addition to managing their property, and face endless problems dealing with tenants at all hours of the day - something which eventually leads to service levels dropping as issues build up. A good indication of a reputable management company is the way that they handle disputes and the effectiveness of their operations. With the right management company, not only will property owners cut down on the amount of concerns that they need to deal with, but future disputes will be minimised with proper management solutions and services that are provided by the outsourced company.
3. Property experts will be able to save you on costs
Many landlords avoid hiring property management companies as they are concerned about forking out to pay for management services. In the long run however, these companies can actually help save costs - with excellent contacts on repair services, and admin kept up to date, things run a lot more smoothly, minimising on wasted time and keeping costs down by carefully managing funds. Many management companies are also able to negotiate discounts with bulk wholesalers, to help you save even more on contracting costs and supplies for renovations.
For fuss-free operations and quality service, property management companies offer a highly beneficial way for property owners to manage their properties easily and simply.