If you’ve recently entered into the wonderful environment of property ownership, you might be thinking about leasing to boost your investment. However, what do you do if you don’t have much experience regarding the ins and outs of property leasing?
Fortunately, there are experts with experience in taking the stress out of leasing your property. If you ask around, other seasoned property owners will no doubt advise you that property management companies are the most effective solution.
Make Use of a Property Management Company
Many new property owners want to lease out their properties but don’t have time for the stress of the daily business operations surrounding the leasing process.
The solution to this would be to enlist the services of property management companies. In short, a services of top property management companies provides a personal, yet professional service to each and every one of their clients – owners and tenants alike.
These duties include the following:
- Advertising the vacant space
- Collecting monthly rental
- Screening potential tenants
- Arranging maintenance and repairs
- Doing the administration of lease agreements
- Arrange upfront payments
Benefits of Enlisting a Property Management Company
Whether it’s a residential or commercial property you want to lease, you might not have the time to deal with every detail of the process. Furthermore, you might not have the legal know-how of how to deal with a situation when it gets out of hand.
Enlisting the services of a qualified property management company has many benefits that will make the whole process a lot easier. Read on to see what these benefits are.
1. Better Quality Tenants
Some landlords have a fear of unruly tenants! When you’re leasing out your property it may be difficult to gauge whether or not a person will turn out to be a non-payer or be destructive toward your property.
Property management experts make use of a reliable and certified screening process to root out the potential unsatisfactory tenants. They will use their extensive experience to find tenants who won’t only lease long term but will pay rent on time every month.
2. Less Vacant Periods
Another stressing factor property owners face is empty buildings. Whether it’s a house or a commercial building downtown, an empty building means a loss of income. Property managers will assist with the following steps to avoid an empty space:
- Establish optimal rental rate: It’s essential to determine the round rental amount that needs to be charged. This amount should be based on data of similar buildings in the area.
- Market the property: Property managers will be able to advertise your property in the right circles. This advertising can include both online and offline using established contacts.
- Prepare for rental: Property managers will be able to advise you of any cosmetic changes that need to be done to improve the chances of rental. By continuously dealing with similar tenants in a particular area, these experts will know exactly what potential tenants are looking for.
3. Minimal Legal Issues
Dealing with those unmanageable clients mentioned earlier can often lead to an extensive deal of legal battles. This can result in a huge financial loss if not handled correctly. Property managers will have a plenty of experience in this department than the average property owner.
Property managers ensure they eradicate these potential problems by maintaining a close relationship with tenants and the way they maintain your property. Some of the duties they carry out in this regard include:
- Property inspections carried out quarterly or annually
- Collecting rental and security deposits
- Tenant evictions after all other legal avenues have been exhausted
- Ensuring property safety standards are met
- Drawing up and completing lease renewal documents
4. Efficient Rent Collection
Property managers spend a great deal of time ensuring that rentals are collected on time every month. This allows for a reliable and consistent cash flow. This takes the pressure from the property owner to deal with a tenant who can’t pay for whatever reason.
Oftentimes these situations can lead to tenant evictions. As a new property owner, you might not be aware of the legal process to handle an eviction. Strict Australian laws regulate this process, so it might not be as easy as you’d think.
5. Maintain Property Value
Part of keeping your property value where it belongs includes identifying and repairing maintenance issues before they escalate. This is commonly referred to as preventative maintenance in property ownership circles.
Property managers perform regular checks and inspections to ensure the property is being maintained. They’ll also offer suggestions about modifications and potential upgrades that will make the premises more appealing to tenants.
6. Valuable Contractor Resources
When it comes to arranging contractors for repairs, scheduled services or regular maintenance, property managers could provide you with reliable contractors. They might also be able to arrange discounted rates because of their continued business with contractors in the industry.
Having a maintenance plan in place will give you and your tenants peace of mind, knowing that any repair issues will be handled timeously and professionally.
Property investment doesn’t have to leave you stressed about the rental details. Enlisting the services of a qualified property management company will ensure you don’t have to spend all your free time micromanaging your property and the people leasing it. This will allow you to sit back and watch your investment grow!