One of the biggest decisions you will make as a property owner is whether you should hire a property management company. Keeping a vacant or rented property in good condition is essential not just to make it more sellable and rentable should you wish to go down that route, but to ensure it retains its maximum value.
At Fortular, we are committed to service clients to the highest possible level.
The prospect of having some assistance from a property management company can be very appealing to property owners, given that owning a rental property brings with it many unique challenges — above and beyond the responsibility of ownership.
At Fortular, we are committed to service clients to the highest possible level. Whether you own a small apartment, a villa, or a large complex in Gozo, we are specifically here to greatly facilitate your life by assisting to any of your property requirements.
Our team has come up with the following factors to determine if hiring a property management company would be a good decision for your investment:
Own more than 2 Properties or Rental Units
Most property owners can handle 1 or 2 units on their own. However, when you start to deal with 3 or more properties and dozens of tenants, you should consider turning some of them over to a professional management company – especially if you have a separate full-time job.
Live far from the Rental Property
If you live in Malta or far away from Gozo, you should consider talking to a local property management company which operates in a closer proximity to your rental property. Hiring a property management company can be invaluable in dealing with the many issues that you will not be able to handle from afar.
Attention to Detail
Perhaps property management does not interest you, or you are not detail oriented. If hands-on management is not your forte, then you should consider giving the responsibility to a professional. Many property owners look forward to the challenge of finding good tenants and the rewards of maintaining a safe and attractive property on their own. But if you view rental property ownership strictly as an investment and want little or nothing to do with the day-to-day management of your properties, consider hiring help to manage your property.
Necessary KSA’s (Knowledge, Skills, or Abilities)
If you have no idea what you are doing, and don’t want to learn, then don’t try to do it yourself. Fortular’s young and energetic has the right knowledge, competence and contacts to meet and exceed our client’s expectations.
A Limited Schedule
Even if you are detailed and have the necessary KSA’s, you may not have much time to devote to your business, especially if managing property is not your day job. And if you prefer to spend your time growing your business, including searching for new properties, arranging financing for renovations, or changing your business structure, then a management company may be a good way to spend your money.
Hiring a property management company is an attractive option if you can afford the fees. Here at Fortular, we believe our prices are very fair. We offer various property management packages which can be tailored to suit your wants and needs. Contact us to schedule a meeting or a property inspection and we will work upon a quotation.
Struggle with Bookings
If you feel like your property is vacant too often, then perhaps you need help with your marketing. Whether seeking long-let tenants or holiday lets, or seeking to rent commercial property, Fortular will promote it through specialised websites including our own and liaise with local estate agents to ensure the greatest exposure. Meanwhile, we will perform a detailed screening and vetting of potential tenants and holidaymakers to safeguard the owner’s peace of mind.
A Service-Oriented Personality
If you are not a “service” person, and are often bittered by regular maintenance calls from guests and tenants, then you probably should take the role of silent investor, and leave the management to someone else.
Working with Contractors
Contractors are often needed to maintain the property. If you don’t feel comfortable researching, hiring, and double-checking their work, then you should probably hire a property management company. At Fortular, we have an extensive network of contractors, vendors and handymen and ensure high standards are maintained.
Complex Ordinance and Licensing
If your property forms part of a condominium, a (legitimate) property management company will ensure that you don’t break any rules. Fortular will attend the necessary meetings and liaise on your behalf with the Residents Association. Furthermore, we ensure that your property is licensed through the proper channels and is up-to-date with Malta’s laws and regulations.
Appfolio put together a nice “infographic quiz”. Take the quiz below to find out if you should hire a property management company.