Most often, when a landlord builds/purchases a residential property, they usually perceive it as the final stage to generate extra income.
Alex, a landlord in Kiwatule narrated that when he had finished constructing his residential apartment, he had high expectations of rental income inflow to his bank account. Luckily enough the property was fully occupied but earned lesser actual rental income. This resulted from failure of tenants to pay rent hence accumulated rent in arrears and later on, escaped from the property. Alex incurred a lot of costs in clearing the unpaid utility bills (electricity and water) before sourcing for other tenants.
From their experience, and several other losses incurred by other Landlords, this creates the need for a professional problem solver to curb down the experiences from the bad tenants who do not comply with their tenancy contract. The only expert to handle all this is a professional property manager. Furthermore, the property manager advises the landlord on the strategies to maintain the property in a good state and handle all tenant complaints and any other rising issues.
The Landlord for Supernova Residential Apartments in Lubowa had a tenant who paid rent in time but did not conform to the tenancy agreement. The tenant smoked on the property, held late night parties but it was prohibited by the tenancy contract. The property manager negotiated with the tenant for a change in conduct but unfortunately they failed to reach a consensus. The tenant had to leave the property.
Therefore, when you construct a building, it is a step towards earning rental income. You will have officially begun the journey to property management. It is a continuous and hectic process to most landlords. Therefore, you will need to hire a professional property manager. However, one reason as to why you should hire a property manager is that he/she is in position to screen tenants and identify good ones. In the long run, the property manager will increase the rental income.
While talking to Karen, a property manager at Myrtle concepts and Properties Ltd, she narrates how she prefers to have an empty space than a problematic tenant. (A problematic/bad tenant is that individual who does not conform to the contract/tenancy agreement). A problematic tenant can make late payments and violates other provisions of the tenancy agreement.
As a land lord, you should be keen about having a property manager. In the long run, the property manager adds value to the property and manages the landlord’s expectations.