In the real estate business, some people find it easier to hire property managers, others, would rather lease the property to relieve themselves of the baggage that comes with managing property.
However, there are immense benefits of managing your own property.
Rights to your building
Edwin Mugisha, a landlord, and property manager, says when you are managing your commercial building, you have rights to determine the type of businesses you want to operate on your building, which is not the case when you lease it or hire a manager to take full control of it.
“When you’re in charge of your commercial building, you make your own decision, you have the right to design the building to suit your plan of business,” he says
Mugisha adds that if you are managing your own property, you can make renovations whenever necessary as property managers sometimes do not care to do repairs. “You can also change the appearance of the building to maximise your visibility and where you feel it is serving effectively the customers,” he says.
Attracting, retaining tenants
Mugisha say if you manage and have full control of your own building, it helps you know how you can attract and retain tenants which is not the case when you have a property manager because some of them only care about the commission they get from new tenants.
“Retaining tenants saves you from making losses, when a house is vacant for long, the months you spent when your building is vacant are losses, so when you manage you’re building it is more advantageous,” he says
He adds that if you own your building you can look for suitable ideas to attract tenants, you can decide on reducing the booking fee so that more tenants can occupy your house.
Getting responsible tenants
James Kato a property manager, says if you are managing your own building, you get a chance to screen responsible tenants who are able to pay rent on time and stay for long instead of property managers who focus on commission and forget to screen tenants.
“If you own your building, you get a chance to choose the right tenants because you give it time and you know what you want,” he says.