Hello there,
I hope you are having a great month so far. Approximately 85% of the inhabitants of Lagos, Nigeria, live in rented properties. So, whether you are considering breaking into the real estate scene or are already established, one truth is constant — you won’t suffer from a lack of customers. The big question is ‘how do you plan to manage your properties and tenants?’.
The subject of property and facility management is essential as most landlords and investors don’t manage these estates themselves. You might be sceptical about who to hire or under the assumption that it does not matter as much. Rumours and myths should not stop you from taking advantage of this important service. This month at GatePass, we are debunking some common myths about property management.
Myth #1. I can do it myself
While it might seem like a casual task, property management is an enormous responsibility. This assumption is often an attempt to save money, but at what cost? Property management is a full-time job that involves different tasks such as marketing, screening, bill collection, routine maintenance, tenant issues, bookkeeping, and complaint resolution.
Tenants are paying for a well-run apartment; if you cannot properly handle this, you’ll lose time, money, and the tenants themselves in the long run.
A property manager makes running your property his sole responsibility and ensures that both you and your tenants get what you pay for.
Myth #2. I am in the best position to screen tenants
While you have the final say when it comes to selecting who you want to lease out your apartment to, experience has a huge role to play in making the right decision. It goes beyond intuition and trusting people. You will have to dedicate time to verify critical details like their income and work history.
A property manager has the experience and exposure to sniff out bad history. Due to their marketing, they will also have a large pool of people looking for property.
With a property manager, you get better quality tenants in half the time.
Myth #3. I cannot afford it
This has to be the biggest (and most ill-informed) assumption. Most people claim that hiring a property manager is a sure way to lose revenue. Interestingly, you stand a chance of losing significantly more money if you do not hire a property manager.
A property manager works to protect your investment and maximize revenue. The success of their role is directly tied to the success of your business. They help you resolve issues without being defensive, they know the law and will take appropriate actions to prevent a lawsuit against your business, and they have a wide pool of reliable artisans. Their expertise and experience in these areas and more will help you save millions of naira.
With a property manager, you can benefit from your investment without sacrificing your time and well-being. Real estate is high-value investment and, using a partnered property management tool like GatePass, you can easily maximize your profit and increase the value of your property.
Ready to start your partnered property management journey? Or do you have any other myths that require debunking? Send an email to hello@gatepass.io or schedule a demo to learn more. We’re excited to have you on board.
