A significant portion of the buyers fueling the real estate boom in Cebu are investors. They buy either to sell later at a higher price or rent out. In some cases, even those who plan to eventually use their units, perhaps after retirement, opt to have their properties rented in the meantime while they still work as OFWs.
Investors vary from single unit to multiple unit owners. Whatever the case, many of them are beginning to understand the advantages of getting a professional property management company to manage their rental units. Here are some of these expressed advantages:
1. Marketing their units
While the rental market is growing, rental unit owners who do not reside near their units, are busy with work, or are living abroad would find it difficult to answer queries, show each and every potential tenant the properties, and even close deals with those interested. A property manager can help with all these, not to mention, market the units even for properties in not so popular locations.
2. Avoid dealing with difficult tenants
One of the most tedious, time consuming, and energy-requiring aspect of having a rental unit is taking care of the tenants. Tenants can be demanding. Sometimes, their requests can be downright difficult to fulfill, if not impossible. Yet, keeping them happy and satisfied is a must to maintain good relations.
3. Attract more tenants with complete services
Property management companies usually provide other allied services which many of the tenants who aren’t locals need, such as, laundry, cleaning, and running errands and other services. This would be added motive for renters to choose a rental unit above others without these.
4. Better maintenance
Depending on the contract with the owners, property management usually also includes the physical preventive maintenance and minor repairs of the properties, freeing up owners from these small tasks that could add up to a big headache eventually. Aside from that, proactive maintenance helps keep the property in tiptop shape for a longer time.
5. Keep track of your money
Especially for the small investors, keeping track of expenses, income, and profits could be too tedious. Professional property management companies can free up owners of this task while be assured that all expenses, receivables, and incomes are truly accounted for giving the owner a real picture of the viability of his or her investment. Reports are given regularly for proper tracking.
6. Professional management
All of the above items can be summed in these two words: “Professional Management.” This should be the promise of any property management company. These encompasses much, much more than the points above, but also includes treating with respect and professionalism both the rental unit owners and the tenants, being sensitive to their needs, understanding the market, and being able to respond to their needs in a timely and satisfactory fashion.
Invictus “Tuts” Paradela is the owner and Chief Executive Officer of FilAsia Realty, a realty firm committed to helping buyers get the most out of their residential and commercial deals and purchases. FilAsia Realty is now also offering Property Management services to help owners market their unit and provide options for those looking to rent. You may contact him at email@example.com.