One of the most important decisions a landlord will make is whether to manage their rental property themselves or enlist the services of a professional property manager. Today we share exactly how the right professional property management team will save you time and money.
There are complexities to property management that many people are unaware of. Here is what you will need to consider.
One of the biggest issues facing landlords is the legal implications as risk management is now an important part of property management. You’ll need to have a thorough understanding of the tenancy legislation and paper work required to take on this process. Having a team of professionals who are familiar with this process will ensure you don’t get caught out.
This is a security deposit which is held in case the tenant doesn’t meet their obligations under the tenancy agreement, such as causing damage to the property or failing to pay the rent by the vacate date.
Legally Binding Lease Agreement
This is a legally enforceable contract which usually spells out the length of the rental agreement, the amount of rent that will be paid, and the condition the property must be returned in.
This document describes the standard of repair for the premises and any items included within the premises, such as furniture. It is designed to protect the interests of both parties.The Exit Inspection is very thorough and a direct comparison to the Entry Condition Report and Entry date stamped photos which we hold on our data base for the term of the tenancy. The expectation is that the property needs to be handed back in the same condition as it was offered to the tenant.
Property management can be very complex and if landlords don’t comply with the legislation it can lead to fines. There are different Acts legislating tenancies in each state and territory. These include Pet Laws, Emergency Repairs and what you need to know about Ending A Tenancy and Minimum Housing Standards.
Correct Notice for Inspections
The tenancy laws in each state stipulate how often inspections can be done and how much notice must be given to tenants. Failing to issue correct notice can be costly as penalties apply.
There are also many day-to-day problems that can arise. Common issues that may need to be dealt with are: tenants failing to mow the lawn and maintain the gardens, having pets without approval and getting behind on rental payments.
Professional Property Management Advantages
As many landlords often develop a personal connection with their tenant, they may feel uncomfortable chasing arrears. Property managers, on the other hand, are removed from those emotions.
One of the biggest advantages of enlisting a property manager to look after your rental home is peace of mind. They take the hassle out of every step of the process such as finding a tenant, collecting the rent, attending maintenance issues and conducting routine inspections.
Although there is a cost involved in using an expert, you are paying for a professional service and the fee is tax deductible.
A property manager can also advise you on how to present your property in a way which attracts quality tenants and gets the best rental return.
So, when it comes to property management, think carefully before you decide to do it yourself.
As Property Management Specialists we can minimise your risk, as well your time and money wasted through providing professional, personalised Property Management. For obligation Free advice, contact Tammy Game at Astute, for one phone call or discussion could potentially save you $1000’s email@example.com