Renting out your property in Greece is a smart investment and can be a great source of income. It comes with responsibilities, though. You need to market your rental, take applications, do accounting, and make repairs. If you don’t like the idea of all the extra work, here is why you should hire a property manager.
1. Better Tenant Screening
The property manager will screen all incoming applicants. Experienced companies will have seen thousands of applications, so they will see possible red flags and will guide you to the best possible tenants. They know what to look for because of their experience.
2. No Calls in the Middle of the Night
Sometimes, things break in your property, and this can happen at any time of day or night. If you don’t work with a property manager, you will need to handle this yourself. This means that you will either need to drive to the unit and inspect it yourself, or coordinate with a service provider. If customers have complaints about the parking or trash, they will call you. A property manager can handle problems at all hours and has trusted service providers they call can when things break. So you can get back to sleep.
3. Higher Tenant Retention
As the property owner, you want your property to always be occupied so you can make income. If your tenants turnover constantly, it is difficult to make money. Property managers help make sure your property is occupied consistently. Also, one of the most common reasons for tenants to leave are maintenance issues like clogged drains, bug problems, or leaking faucets. Property managers do routine and preventative maintenance, so tenants are less likely to leave for this reason.
4. Better Marketing
One part of managing a property is staging, taking photos, and posting ads for rent. Property managers usually have teams who work on this and are familiar with best practices for marketing a property. They can probably tell you the best way to set a competitive rent price and how to market to your audience.
5. Rents Get Paid on Time
As a property owner, you want tenants to pay on time. Property management companies also want this because the company subtracts their fees from the monthly rents that come in. They follow up on late payments and assess late fees, which mean more rents come in on time.
6. Stay Up to Date on New Laws
Rental property laws in Greece change from time to time, and property management companies know the local, federal, and state laws that affect you and your home. As an individual, it’s hard to keep up to date on all these changes, so working with a property manager will save you time.
7. Save Money on Repairs and Maintenance
One of the biggest parts of owning a property is maintaining the property. Property management companies have on-staff maintenance support for every aspect of cleaning and inspection. This means regular maintenance, property turnover, and renovations. For property turnover, property management companies like Notos go to great lengths, doing 3 separate checks after the cleaning crew went through to make sure the property is ready for the next tenants. Property managers also know who to call, how much to reasonably pay, and how to get the job done quickly.
8. Leverage AI
AI tools are now giving property managers faster and easier ways to improve efficiency, save time and expand their business. Based on Hostaway’s new AI in the Short-Term Rental Industry report, nearly twice as many property managers are now using AI tools, since they were last surveyed in late 2023. Increased efficiency means a better experience and more profits for you, the owner of a home in Greece.
Next Steps
Working with a property management company saves you from many headaches – screening tenants, doing inspections, and organizing repairs are just a few examples. One example of a high-quality property management company is Notos Estate Management. Notos is known for their 5-star service, offering a full villa maintenance and rental management service for private villa owners in the south of Crete. Working with a property management company like Notos can drastically improve your return on investment on your property in Greece.
