Why you need a property management
In Kenya, the real estate industry has been on the rise as more Kenyans are attracted to investing in land and real estates. This has led to the growth of many companies and professionals ready to help Kenyans in getting the right property for investment and also aid in management.
For someone interested in investing in real estate, it is not enough to own a property, you need to manage the property to secure your investment. Good property management is the key to full property utilization and maximum profits. Still not convinced as to why you need a property manager? The following are the advantages of good property management in Kenya:
- Better property marketing(allows you to get new tenants)
- Better screening for quality tenants
- Better handling of tenants problems( aids in getting long term tenants)
- Better record-keeping of collections and accounting
- Collection of rent in time
- Decrease the rate on tenant turnover
- Saves on maintenance and repair costs
- Prevents legal issues
5 Factors to consider before hiring a property manager
Although hiring a property manager can be very advantageous as listed above, it can also be expensive. The following are the factors you should consider to determine whether getting a property manager is necessary for your business:
Number of properties
If you own more than one property, then you will be overwhelmed with the amount of work needed to manage the units. The more properties you have, the more you will benefit from a property manager or property management company.
Proximity to the property
If you don’t live near the locality of your property, you will not be able to deal with issues that will need your attention immediately. This affects your business having in mind that slow response to tenants complaints might lead to loss of tenants. Hiring a property manager will make sure tenants complaints are well handled creating good relations with tenants.
A landlord might not have enough time to dedicate to his business, especially if you are committed to other businesses or you have a day job. A good property manager will make sure your business keeps running even in your absence, making sure there is business growth, searching for new properties and tenants, making budgets for renovations and property maintenance etc. it is good to note that a good property manager will keep you updated on daily activities in the business.
You don’t want to manage your property
It can be challenging to get new quality tenants, market and maintain your property. While some landlords may have the needed skills to perform all these tasks, some are not willing to get their hands on property management. They Strictly view real estate as an investment and wouldn’t want to be involved in the daily management of the properties. A property manager will make sure that your business keeps running and you get maximum profits from the investment without.
Being involved in the management of the property.
You can afford the cost
What rent revenue do you collect from your property? Well, property managers or even companies get paid a certain percentage of your revenue income. In Kenya, most property managers will want 4% to 10% of the rental revenue collected. If you can’t afford to share your rental revenue, then it is advisable to manage the property yourself or even with the help of employees(if you workers on the property)
How to find a good property manager in Kenya
If you decide to hire a property manager, be wise while getting one. The following are the cautious ways to get a good property manager in Kenya.
- Get recommendations from family, friends, colleagues or even local apartment association
- Search for professional property managers in Kenya from the internet
- Interview several property managers
- Visit properties managed by certain property managers or companies
- Check for legal licences and certificates
- Understand management terms
Poorly managed property leads to a great loss to the landlord. It is wise to know the qualities of a good property manager and their roles and responsibilities. Follow the link below to learn more about property management