In the event that you have recently purchased a property, how should you proceed? Have you ever stopped to think about what it takes on a day-to-day basis to manage a property? 

The key to deciding whether to handle it yourself or entrust it to a reputable property manager is to understand what they do and what their responsibilities are so that you can determine whether to do it yourself or entrust it to them.

In this blog, you’ll be able to find many answers to any questions you might have if you’re doing your research to learn how to manage your rental property.

What Does a Property Manager actually Do?

As a property manager, you are held accountable for a wide range of duties, ranging from finding suitable tenants and maximising rental income. In addition, you are responsible for ensuring that the property is in the highest possible condition. This means that you are responsible for overseeing financial matters, legal aspects, even maintenance budgeting as part of your role.

A property manager can be either a private individual or a registered realtor in Kenya and in both cases, he or she is a person who is responsible for the day-to-day operations of the property. As a property manager, they are responsible for all aspects of the property, from finding tenants to paying bills and taking care of maintenance. 

Reasons Why You Should Hire a Property Manager in Kenya

Expertise and experience:

A property manager uses their knowledge and experience to handle the day-to-day management of your property in a variety of ways, including:

Tenant screening: A property manager can help you identify high-quality tenants by conducting thorough background checks, including credit and rental history checks.

Rent collection: A property manager can handle the process of collecting rent from tenants, including setting up payment plans, issuing late payment notices, and taking legal action if necessary.

Maintenance: A property manager can help you keep your property in good condition by coordinating repairs and maintenance, including scheduling contractors and overseeing the work.

Legal compliance: A property manager can help ensure that you are in compliance with all relevant laws and regulations, including health and safety standards, fair housing laws, and zoning requirements.

Financial management: A property manager can help you manage your property’s finances, including creating budgets, tracking expenses, and preparing financial reports.

Overall, a property manager’s knowledge and experience can help them effectively manage the day-to-day aspects of your property, leading to increased efficiency and cost savings.

Time savings:

Managing a property can be time-consuming, especially if you have multiple properties or a full-time job. Hiring a property manager frees up your time and allows you to focus on other things.

Increased efficiency:

There are several ways in which a property manager can help you streamline the management of your property:

Centralized communication: A property manager can act as a central point of contact for tenants, contractors, and other parties, streamlining the communication process and reducing the risk of miscommunications.

Automation of processes: A property manager can use software and other tools to automate tasks such as rent collection, maintenance requests, and financial management, which can save time and reduce the risk of errors.

Professional marketing: A property manager can help you market your property to potential tenants, including creating listings and advertising on relevant platforms. This can help you find high-quality tenants more quickly and reduce the risk of vacancies.

Coordination of repairs and maintenance: A property manager can help you keep your property in good condition by coordinating repairs and maintenance, including scheduling contractors and overseeing the work. This can help you avoid costly repairs and improve the overall value of your property.

In summary, a property manager can help you streamline the management of your property by centralizing communication, automating processes, and coordinating repairs and maintenance, which can lead to increased efficiency and cost savings.

Helping you Build Better Tenant Relations:

There are several ways in which a property manager in Kenya can help build better tenant relations:

Professional communication: A property manager can act as a mediator between you and your tenants, ensuring that communication is professional and respectful. This can help to reduce conflict and improve overall relationships with tenants.

Prompt resolution of issues: A property manager can help to resolve any issues that may arise, including maintenance requests or disputes over rent or other terms of the lease. Quickly addressing tenant concerns can help to maintain good relationships and reduce the risk of vacancies.

Regular inspections: A property manager can conduct regular inspections of the property to ensure that it is being well-maintained and to identify any issues that need to be addressed. This can help to improve the overall living experience for tenants and reduce the risk of complaints.

Community events: A property manager can help to foster a sense of community among tenants by organizing events or activities, such as BBQs or holiday parties. This can help to build positive relationships and a sense of belonging among tenants.

A property manager can help to build better tenant relations by providing professional communication, promptly resolving issues, conducting regular inspections, and fostering a sense of community among tenants.

Legal compliance:

There are several ways in which a property manager can help ensure that you are in compliance with all relevant laws and regulations:

Reviewing contracts and leases: A property manager can review your contracts and leases to ensure that they comply with all relevant laws, such as fair housing laws and landlord-tenant laws.

Obtaining necessary licenses and permits: A property manager can help you obtain any necessary licenses and permits, such as business licenses or zoning permits, to ensure that your property is in compliance with all relevant regulations.

Maintaining required records: A property manager can help you maintain the required records, such as financial records, repair and maintenance records, and tenant records, to ensure that you are in compliance with all relevant laws.

Providing required disclosures: A property manager can help you provide the required disclosures to tenants, such as the lead paint disclosure or the carbon monoxide detector disclosure, to ensure that you are in compliance with all relevant laws.

In summary, a property manager can help ensure that you are in compliance with all relevant laws and regulations by reviewing contracts and leases, obtaining necessary licenses and permits, maintaining required records, and providing required disclosures. This can help protect you from legal liabilities and ensure that your property is being managed in a responsible and ethical manner.

Overall, hiring a property manager can help you effectively and efficiently manage your property, while also giving you peace of mind that your investment is being well taken care of.

Benefits of Investing in Rental Properties

The benefits of owning a rental property are many. From the ability to generate passive income to the ability to invest in a booming real estate market. Here are some of the unique benefits.

Owning a rental property can be a great way to get into investing and generate passive income, especially in today’s booming real estate market. Kenyans, particularly those living in the diaspora, can take advantage of these opportunities to invest in properties back home.

Touchstone Properties exists to work closely with you to offer trusted and professional property management services, so that you can earn income from your property investments while enjoying great peace of mind as your property is being professionally managed.

In addition, there are also great tax incentives for those who own rental properties – for example, you can write off your mortgage interest and depreciation expenses as well as any other repairs and maintenance costs that you incur on your property. 

For example, you can write off your mortgage interest and depreciation expenses as well as any other repairs and maintenance costs that you incur on your property. There are many loan programs available to people with low or fixed incomes – such as rehabilitation loans, housing assistance grants and low-income housing loans.

Do you need to get started on property management services?

If you have several properties in the same area or have one property that is getting a little too small for your family, it can be time to take control of the situation. Do you know what it takes to manage a property?

There are many different options available when it comes to managing your own real estate investments. From traditional methods like leasing out the space to short-term rental companies (like Airbnb), there are many ways to make more money from your properties and keep them in good condition.

It’s important to remember that just because an investment seems easy doesn’t mean it’s right for you or your family. Before making any decisions about your future, make sure you understand the work involved and how much time and effort will be required from yourself and others on your team.

Touchstone Properties offers real estate owners and landlords a number of professional property management services. We can take over the entire management of your rental property, or we can simply provide excellent tenant screening, maintenance, and accounting services. We also have a team of professional property managers who are available to handle any issues that may arise with your property, such as maintenance problems or tenant disputes.

With Touchstone Properties, you will have access to a team of professionals who are dedicated to making sure that your investment is being managed as efficiently as possible. Get Started today!