Being in the real estate market is never an easy task to accomplish and if on top of that you are a landlord, it makes the entire work even more problematic and tiring. You might be thinking that owning a rental property is the best retirement plan that you have made and you will get to sit back at home, relaxed. The rent will be deposited in your account on the 1st of every month without any hassle and your dear tenants will take utmost care of your property. But the reality is far from this!
You only need one troublesome tenant to jeopardize your Caribbean retirement plan. The reality of being a landlord comes crashing to you in two or three months itself. You might be expecting the rent to be deposited in your account but instead of that there will be a tenant who would outrightly refuse to pay the rent. And do not even talk about those 3 AM calls complaining to you about a running toilet!
If you want to save yourself from this trouble, then the best option you have is to hire a block or property management service like Canonbury Management, to take care of your property. Some of the reasons why you must look for an outside help to take care of your rental property are mentioned below.
Effective tenant sourcing and screening services – block management services have wide resources that enable them to find new tenants quickly which makes sure that your property is not left vacant for a long time. They are well aware of the fact that the longer a property is left unused, the greater is the negative impact on its value and the condition of the flat. Along with this, this services have an eye for the right kind of tenants for your property. They have to go through a lot of applications and they can figure out easily which ones have a flaw and which questions to ask before handing over the keys.
Maintenance and repairs – when you hire a management service, you are no more the go-to maintenance person for your tenants when they face some issue with anything in the houses. You will no more be having 3 am wake up calls informing you about a running tap or a dirty pool or the garden being dirty. Block management services deal with all these problems and provide services which range from cleaning the property to getting all the system repairs and maintenance checks so that you being the owner do not have to face any such problems. Not only this, the block management service providers always have a database of such vendors and contractors ready who will help you to cater to the tenants 24*7.
Ensuring the rent is collected on time – this is the biggest advantage of having a property management service at your disposal! If you do not want to be checking up on your tenants for the rent every month and be the bad guy, then you gotta take this help. Your block manager will ensure that the tenants pay their rent on time as most of the time these services deduct their fees from the deposited rent. Your property manager will invoke the lease policies if a tenant fails to deposit the rent on time and will also be aware of the right steps to be taken when and if the need of giving away an eviction notice arises.
Help you focus on expanding your rental business – with so many benefits lined up about having a property manager, you will have more time to focus on your further business plans. You may also be tempted to have more rental properties as you know you do not have to worry about the maintenance and hearing the tenants’ problems!