Property managers are worth every penny
Property Management in Fuerteventura by FVC Global
There are several reasons why you should use a property management company, and it’s worth taking the time to find the right one because they are worth their weight in gold!
When you buy a property home or away it can be an easy decision to avoid any extra monthly expenses and many see property management companies as a cost they don’t want or need. Many people close the door on their property abroad and put it to the back of their mind until there next visit with an expectation – all will be fine until they return again.
Property managers are worth every penny when you choose the right one! Always make a list of your own needs and how they will meet them before you sign any documentation.
- Minimal stress – Avoid emergencies 24/7, rent collection, evictions, tenants abusing property, rent scams, poor vendors and paperwork.
- Freedom – Invest and live where you choose without having to be near your property/properties.
- Free up more of your time – You have more time to spend in your normal routine without additional focus on property management or maintenance.
Property Management companies put in place effective preventative maintenance systems to catch and deal with maintenance and repair issues early on, before they become large and costly issues. Processes they use: a written maintenance check program, detailed maintenance documentation and regular maintenance visits which should be provided. Also they are there to offer suggestions and feedback to ensure you get the most out of your property.
The following is a story of why ‘property managers are worth every penny’:
A client who’d brought a repossessed property enjoyed there first two week stay but when they’d left this is the events of what happened next (it could have been a lot of worse if they hadn’t invested in a property management company).
- Property Manager visit – identified leaking water coming through the wall of the downstairs bathroom, the floor was a few inches deep. All water turned off. Property Manager contacts a plumber, mops up water and talks to the client.
- Plumber arrives – they need to identify in the wall where the leak is coming from. Please see pictures below of what was done:
Unfortunately these pictures do look very tragic but you will see later all is well. He found that the original builders had not attached the water pipes to the actual bath taps. A few hours work but it soon looked like this:
3. Property manager communicates with the client – water leak is repaired but we need to wait a few days to see if there is any residual damage but to water loss. Property manager leaves it with the client if they would like to claim on their home insurance.
4. Client advises Property manager that the next door neighbour has been in touch to advise they have damage due to the water leak.
5. Property manager returns to the property to find that the whole of the bottom floor has damage to walls due to the water concentration underground which is also identified in the neighbours house. Client must now claim through home insurance due to the costs involved. Here is some pictures of the walls needing to be dried out (efflorescence) and water logged door frames:
6. Client liaises with the insurance company and passes on authorisation and contact details of the Property manager. Property manager meets the insurance assessor at the property for them to examine damage in both properties. Insurance advisor advises Property manager to forward quotes to repair both properties.
7. Authorisation received and client receives money for the work to go ahead. The client at this point is happy because he hasn’t had to drop anything in his own life to sort out the damage.
Property Managers are worth every penny!
8. Property decoration – efflorescence if not treated properly will always cause a problem, so although a little more expensive you can buy a special treatment (below is a picture).
- All flaking walls had to be rubbed down and doors/door frames had to be removed. Water treatment is applied to all walls.
- Walls are filled where necessary. Once dry, rubbed down and a second coat of Monto’s special treatment is applied.
- Walls are painted in all three rooms – we advise two coats on the walls for a superior finish.
- New door frames are put back on, these are the same as the original ones.
- Job finished