8 Reasons to Hire a Property Management Specialist in Joondalup
Having a rental property is an excellent way to reach financial freedom. However, it will take plenty of work to manage your investment property well. You have to find the right tenants, make sure the property is well-maintained, and deal with repairs or emergencies that may come up. It can take a lot to handle on your own. Fortunately, you can rely on the services of a professional property manager.
Here are 8 reasons to hire an award-winning property management specialist servicing Joondalup.
1. An established tenant screening process
You would want tenants who are thoroughly vetted to live in your investment property. Property management companies have an established tenant screening process to help you choose quality tenants. With this process, rest assured that every potential applicant will take care of your property and fulfil their lease terms, resulting in higher retention.
During the tenant screening process, property managers will gather documentation and identification of all applicants, including personal references, proof of income, landlord references, credit history, and criminal records.
2. Understanding of relevant laws about rental properties
A single bad tenant may lead to legal headaches and financial problems. A professional property manager is equipped with enough know-how; thus, they can protect you from vulnerabilities and possible lawsuits.
Every Australian state has their own set of laws affecting landlords. Also, you have the federal laws that cover several aspects, including tenant evictions, property safety and conditions, unit inspections, signing and terminating leases, and managing security deposits and rental fees. If you hire a trustworthy property manager, you can avoid lawsuits. At the same time, you avoid wasting your energy, money, and time.
3. Dedicated marketing services for your rental property
Most property owners assume that listing their properties in the real estate marketplace is sufficient marketing. An experienced property manager partners not only with property listing sites but also with social media and syndicated leasing sites that will provide your investment property with maximum exposure in the digital world.
Moreover, a reputable property management company will have superb marketing methods and develop custom advertising plans for your rental property.
4. Routine inspections
A property manager will routinely check your rental properties and give a comprehensive move-in, move-out inspection process. By staying ahead of any possible issue, you can avoid any messy argument between your tenant.
Remember, it is your responsibility to enforce your lease. But you can hire a property manager who will do this on your behalf to prevent conflicts.
5. Efficient rent collection
Dealing with the collection of rental and late payments is a crucial aspect of property management. To guarantee a reliable and consistent cash flow, you need to collect rental fees on time each month - and your tenants must understand that.
If you are too permissive, your tenants might walk over to you. So make it clear how crucial every clause in the lease agreement is, and when they breach any of it, they can face the consequences.
By hiring a good property manager, you are putting a buffer between yourself and your tenants. Property managers serve as the bad cop who needs to listen to the excuses of tenants, collect rent and security deposits, and deal with any evictions when necessary.
Property managers may also use an online portal to collect deposits and rental fees safely and quickly. Their website can also give your tenants with ease of paying their monthly rent directly from their bank accounts.
6. Minimize repair and maintenance costs
Tenants will always be happy when you give them excellent maintenance, not to mention that this can also preserve your asset's value. If you work with a property manager, you can get access to proper maintenance and a network of insured and licensed contractors who are vetted for good pricing and quality work.
Furthermore, most property managers can also get discounts on their high volume of managed properties.
7. Handle evictions professionally
If there is a need to walk through the eviction process, hiring a professional property manager will ensure that you will get expert help concerning its legalities.
The eviction process involves strict laws regulating this process, and if you do it incorrectly, it can become a bigger problem. A reputable property management specialist knows the law and will often aim at making the best out of any situation regardless of how bad it is. Not dealing with a possible eviction yourself is a great reason to hire a property manager.
8. Personal benefits
Hiring a good property management company can benefit you in several ways:
- More freedom - Travel anywhere you want without worrying about your tenants and even about routine inspections. You may also live wherever you want and make a worthwhile investment in another Australian state.
- Less stress - With a property manager by your side, you don't have to deal with chasing down rent payments, late-night emergency maintenance, finding reputable contractors, evictions, and other time-consuming tasks. A property management company will also deal will all the paperwork.
- More time - For most property owners, time is money. You must spend your time on things other than managing your property. For instance, you should be focusing on managing your assets or growing your business. Not to mention that you should allocate more time for your loved ones.
As a rental property owner, you will have several things to think about to ensure that you are generating significant income. Among the most crucial is who will manage your property investment. Though some may consider doing it themselves, hiring a professional property manager can be your best option.
From finding potential tenants to dealing with time-consuming legal matters to deciding your property's monthly rental rate, an experienced property manager will help you maximise your monthly income. So if you have a Joondalup rental property, hire a professional property manager today!