Why You Should Consider Property Management Over Private Rental
The tenants are all ready to move into your first investment rental property. Your next decision is whether to work with a property management team to manage your house or do it yourself.
What is Property Management?
Property management is a service to help maximise the profit from your investment property. Property managers can take care of any repairs or maintenance issues that might arise, as well as collect rent and process tenant complaints if necessary. Your team may also manage other aspects of the rental process like screening potential tenants and showing units to people who want to move in.
They will be experienced and will know the risks that may occur and will have processes in place to handle them. Your property manager’s task list will include:
Your property manager will collect rent from your tenants on the date it is due. They will then deposit the money in the bank for you. They may also collect other fees like late charges, which can vary depending on your property type and the state in which it’s located.
Rent collection is one of the most important services carried out by a property manager. This is your investment income, make certain you understand how their service works before you sign up with them. Ask how often the rent is collected and when it is passed to you. A professional manager will use Direct debits for rent collection, to help with tenant reliability.
Maintenance and repairs
Property managers handle any repairs or maintenance issues arising in the home such as repairing a leaky tap or repairing air conditioning. They will often have agreements with general contractors and subcontractors for these services so they can complete them quickly and efficiently. An emergency can occur at any time and your property managers will have a 24-hour hotline or may provide the tenant with a list of contractors to contact when urgency is key.
It’s important to consider what types of complaints you expect your rental to generate. Your tenant may complain about the property or fixtures and fitting. Neighbours may have complaints about your tenant. It may be that your tenant is not paying rent promptly. Property managers should be prepared for complaints. Experienced property managers will have dispute resolution policies in place which can help resolve issues and prevent problems from escalating.
Your property managers may do a walk-through with the tenant at the beginning of the tenancy, during which they provide any guidance needed for the tenant about use of appliances or waste disposal times and processes, and then document everything discussed so it is clear what has been agreed to. Property managers will also make sure the place is cleaned before a new tenant moves in. They may take photographs to confirm the location and condition of any furniture or fittings, such as carpets or curtains.
Regular Property inspections are a critical part of Property management. Property managers should inspect the property to identify any repairs or maintenance required (e.g., leaky taps, air conditioning not working).
Your team should also inspect the property when the tenant vacates to check for any damage.
Let’s Rent – innovative property management
Let’s Rent care about the business and our clients. There’s no better confirmation of this than the fact that nearly 88% of our business is from referrals from delighted clients.
Many of our property management team at Let’s Rent are investors themselves. This provides us with a great knowledge base and combined with our years of experience makes us a safe pair of hands for your valuable property.
Our friendly and professional team tick all the boxes:
- Most of our tenants pay their rent by direct debit. This means the tenant never forgets to pay the rent on time. We pair this with our zero tolerance for arrears, as contracted with the tenant so we can pass on your investment income promptly.
- Property maintenance is handled by our dedicated specialist team. The relationships we’ve built with trades contractors enable us to keep prices competitive and ensure prompt service.
- Property inspections are routine for us. We ask the tenants to pre-warn us of any issues and we conduct repeat visits to ensure actions are complete.
Our company goals are care, diligence, expertise and professionalism. We build great relationships with our clients. We believe open communications are vital. With us, your phone messages will be replied to and your emails read and acted upon.
Contact Let’s Rent today to place your investment with the property management experts.