Renting out your Holiday Apartments in the Gambia? Creating an extra income this way is a great idea! In this article, we will give you some advice and tips in case you want to start renting out your holiday apartment in the Gambia.
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When to Hire a Property Manager.
Do you own a vacation rental property but don’t have the time to manage it? Are you considering purchasing a second home as a nest egg to provide an extra source of income for your retirement?
If you’ve answered yes to any of the previous questions, you may benefit from the services of a property management company. A team of experts can manage the rental property on your behalf. Whether you’re an absentee landlord or lack the time, experience, and interest to manage your rental property, these services can make life a little easier.
Read on to discover the duties and responsibilities that property management companies can help you with so you can make a confident decision.
When Should You Hire a Property Management Company?
If you don’t want to take on the duties of a landlord, you might prefer working with a property management company. These businesses work directly with tenants. They market rentals, collect the rent (if needed), deal with maintenance and repair problems, prepare apartments for new tenants. They also address tenant issues and handle the eviction process. Property managers use their expertise to manage your property, so they can save you money and bring you peace of mind.
Reasons to consider signing with a property management company:
1. You Don’t Know How to Advertise Your Rental Property Properly
Sometimes, advertising on Facebook with a couple of photos will just not do. Effective and experienced property management companies are familiar with the best advertising methods to find good tenants. They’ll not only attract and screen the right tenants for your market but also showcase your rental property.
At GamRealty use knowledgeable photographers and video producers to shoot professional-looking images and videos.
Good photographers use the appropriate lighting methods that make properties look presentable to the renter viewing your property. They also use wide-angle lenses to get better shots of the rental space.
2. You’re Unfamiliar with local Rental Laws
An expert property management company keep abreast of the legal responsibilities required of landlords. They are familiar with laws and know how to handle the legal eviction process if a tenant needs to be evicted for non-payment of rent, illegal activity, excessive disruptive noise, or lack of maintaining sanitary conditions. Knowledgeable property managers also know the tenant rights and laws regarding entering dwellings for repairs, and other legal responsibilities that landlords must abide by.
3. You’re Overwhelmed with Management Tasks
When you’re a landlord, the management tasks associated with the building can multiply within a short period of time. Examples include preparing and renting out vacant units, arranging for maintenance and repair, dealing with any tenant issues that arise, and managing the books. When this occurs, it can be too much to take on for some landlords. To handle everything properly, you might find you need the services of a management company.
4. You Live Abroad
If you’re an absentee landlord or live away from the property you own, working with a property manager to deal with emergency and unexpected issues can be invaluable. This way, you won’t have to fly out or drive long distances to handle the issues at hand.
5. You’re Short on Time
Even when you don’t mind working on your property on weekends or when you have free time, your landlord responsibilities can take time away from your business or family. This can be of particular concern when you own another business or are employed in another career. When you want to spend time growing a new business, your landlord duties can distract you from your goals.
6. You’re Not Interested in Being an Employer
If you hire a resident manager to handle your rental property, you’ll need to be their employer. Therefore, you’ll need to manage payroll, pay taxes, and manage healthcare for employees as well as perform a variety of other legal obligations. When you don’t want the responsibility of being an employer, hiring an independent property management company is a smart option. Property managers work as independent contractors, so they and the people they hire will not be considered your employees.
Is Hiring a Property Management Company Right for You?
You can try to manage your rental property on your own, but it won’t be easy. Being a landlord without help can turn into one endless pounding headache. If you’d rather avoid the aches and pains, consider hiring a knowledgeable property management company for some relief.
Interested in learning how to make your vacation property stand out from the rest? Contact us today to list your property with GamRealty. We also provide long term management services.