By hiring a professional property manager, like Anderson Property Management, you can add great value to your rental property investments, which is why so many experienced real estate investors agree that working with a good management company is the best thing.
1. High-quality tenants
Tenant screening can be a complex process, and if you don’t have sufficient experience in the real estate industry, you might end up choosing a bad tenant. The main problem with bad tenants is that it can be quite difficult to make them leave your property. Good property management companies have a reliable and verified screening process that helps them select tenants who will:
Experienced landlords are aware of the fact that a single bad tenant can cause a great deal of financial and legal headaches. A high-quality property management company is armed with a lot of knowledge and they can protect you from potential lawsuits and vulnerabilities. Each Australian state will have their own laws that can affect a landlord. Additionally, you also have the federal law that will cover the following aspects:
3. Shorter periods of vacancy
If tenants don’t rent your units for long periods of time, you will have to deal with a series of issues like lost rent, having to clean the property, change the locks, repaint walls, replace carpets, make small repairs, go through the tenant screening process and marketing campaigns again. These things take time and can be quite expensive, but can be avoided by keeping your tenants happy.
Handling the collection of rent and late fees is an extremely important aspect of property management. To ensure consistent and reliable cash flow, rent must be collected on time every month, and it’s important that tenants understand that.
By hiring a professional property manager, the landlord puts a buffer between themselves and tenants, allowing them to be the bad cop who has to listen to tenants’ excuses, collect rent, and handle evictions if necessary.
Being too permissive, tenants may, walk over you. It should be made clear how important each clause in the lease is and if breach it there can be consequences.
The eviction process is another important aspect that a property manager will handle. There are strict laws that regulate this process and doing it the wrong way can be a big mistake. A skilled professional knows the law and aims at making the best out of bad situations. Not having to handle a potential eviction yourself is a very compelling reason to hire a specialist.
Tenants are always happy if you offer them good maintenance, not to mention that by doing that you also preserve the value of your assets. By hiring a property manager you gain access to professional maintenance and a network of licensed, insured, and bonded contractors. These contractors are trustworthy and have been vetted for quality work and good pricing. This can save you a lot of money compared to hiring someone from the yellow pages.
By identifying and repairing any maintenance issues early on, you avoid larger and more expensive problems. An experienced property manager will tell you that the key to maintaining and increasing the value of your property is preventive maintenance. This requires regular maintenance checks and inspections, a written maintenance schedule, and detailed documentation. An agency may also offer you valuable feedback and suggestions on upgrades and modifications that the tenants prefer.
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