A property manager can collect rent, administer notices to tenants and handle the day to day repairs associated with owning invest properties. A manager essentially acts as the landlord on behalf of the owners ensuring the residential tenancies act is adhered to as well as meeting the requirements of the residents and their dwelling.
If you want to enjoy the benefits of owning investment properties but don’t want the headaches that can come with tenants, hiring a property manager may be the answer.
- 1. The location of your property compared to your primary residence.
If you live in Overseas, but are holding property in St Lucia, it’s impractical to fly over to collect rent or handle a tenant emergency. The time it takes you to get to the property and the cost of getting there will also add up. In situations such as these, hiring a good property manager can make sense and actually save you money.Should an emergency arise, if you are the primary contact you may be required to get to the property quickly to help solve the problem.
- 2. Consider How Many Units You Own ?
As the number of units you own increases, so does the demands of ownership increase. Having multiple units can eat up your time driving to each to collect rent or deal with home maintenance.
- 3. How much experience you have ?
If you are just starting out making mistakes while you learn can be costly. Inadvertently violating a tenants rights or even hiring the wrong repairman can impact your units effectiveness. Also, giving notices to tenants must be done precisely or you may have to begin the process over.
- 4. Do you have the time to manage your properties ?
- If you have a full time job while you are investing in property and simply cannot give your property the attention it needs, the success of your investment could depend on hiring a good property manager.Also, realize that time is money and managing a property takes time. If you feel like the day to day obligations of property management are impeding on time that could be better spent making more money at your other job, or looking for other investments, hiring an outside manager may be the right move for you.
- 5. Are you having difficulty renting our your unit or problems with cash flow ?
- 6. What’s your tolerance in dealing with tenants ?
Is the stress of dealing with evictions, complaints and maintenance issues taking a toll on you? Property managers are skilled in handling landlord-tenant conflict. They have an understanding of landlord-tenant law, and can serve as the middle-man, or buffer, for problems. In addition, if the tenant knows they are dealing with a third party, they may act more professional as well.We have experience in dealing with tenant letting. Avoid the stress that can come from tenant conflict. As a Realty St. Lucia member we will handle the uncomfortable situations of late payments and non-compliance with St Lucia’s Real Estate Laws .