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Are Property Block Management Services Worth It?

by Marquette Turner Luxury Homes

in Features, Real Estate Radar, Variety

If you’re looking for a way to build your wealth, owning a rental property is an excellent option. Rental properties present an opportunity to earn additional income and offer a way to ease into investing in real estate.

However, the return on investment of a rental property is dependent on a number of variables. Without having the right understanding of the housing and rental market, it’s difficult to make rental properties profitable. 

A Property Block Management Company such as Canonbury Management can make managing rental properties easy for you. Here’s how:

  • Find Quality Tenants

As a rental property owner, there is nothing worse than having an awful tenant who doesn’t pay rent on time or damages your property. So you can’t hand over the keys to the first person who approaches you. 

A block management service thoroughly screens applications to find quality tenants for your property. It’s better to have an amenable tenant than going through the whole ordeal of evicting a bad one.

  • Shorter Vacancy Periods

To make the most of your rental property, it should be rented for as long as possible. Block managers ensure that the vacancy period of your property remains short. 

They are knowledgeable about the property market, which helps them determine the best rent rate. They also recommend and supervise property improvements that will maximise profitability.

  • Fewer Legal Worries

Disruptive tenants can mean legal and financial repercussions. Property managers are well-versed with landlord-tenant laws and will protect you against such lawsuits. Hiring a block management company is a minor cost compared to fighting a lawsuit. They also provide assistance with evictions, timely rent collection and security deposits. 

  • Better Tenant Retention

The end of a lease involves a lot of work in terms of repairing and upgrading the property for the next tenants. High turnover rate is time-consuming and incurs higher maintenance costs. 

A property management company looks for long-term tenants to ensure better tenant retention. They follow a systematic approach to keep you and your tenants happy.

  • Tax Obligations

Tax obligations are complex and not everyone’s area of expertise. A property management company can help you understand tax obligations pertaining to your property and the deductions you’re eligible for.

  • Lower Maintenance & Repair Costs

In order to retain tenants, you have to answer to their maintenance requirements. Also, regular upkeep and repairs are necessary to maintain the value of your home.

A block management company will not only identify and oversee such requirements but also work on lowering these costs.

  • Increase Property Value

Preventative repair and maintenance carried out by a property management service can increase the value of your property.

  • Less Stress

Even if you enjoy managing properties, it can quickly become stressful and take up most of your time. If renting properties is your side hustle, a property management company can help you out. You have the freedom to focus on your core business and spend quality time with friends and family.

Whether you own multiple rental properties or live far away from your rental properties, involving a Property Block Management company is a smart move. You should also consider hiring a block management services in the following cases:

  • Renting out a property isn’t as simple as it might seem. You need to make your property attractive, search for good tenants and look after legal requirements. If you don’t have the skills or experience with day-to-day property management, it’s best to hand over the responsibility to professionals.
  • If you’ve limited time and other work commitments, a block management company can take a major task off your plate. You can focus on your other commitments while the management company will look after everything from renovations to legal obligations.

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