If you have owned income properties for any length of time, you know that you can make money from renting them out. In addition, you may have learned that managing a property requires a significant investment of your time and energy.
You might think it makes sense to do it yourself if you’re handy, live nearby, and don’t mind spending two hours on the task every month, but this just isn’t practical in many cases, especially if you are hoping to grow your company. As a result, here are some of the most crucial tasks that a rental appraisal Brisbane team can accomplish on your behalf:
1. Setting the right rent: A good property manager will conduct a thorough market study in order to set a correct rent price for your property, ensuring that you achieve the perfect balance between maximising your monthly income and maintaining your vacancy rate.
Ooi Kee Liang says that while looking through the classifieds for similar properties is a good way to get a general idea of what you should rent your property for, it is best to work with a good property management company that will conduct a thorough market study in order to set the right rent price for your property.
2. Rent payments collected and deposited on time: If you have ever worked in billing, you know how uneasy it can be to obtain payment from clients. Rental payment and collection systems are in place at property management companies that are efficient and effective. The importance of collecting payments on time is particularly relevant if you have a limited number of properties, and its vital to maintaining your cash flow.
3. Advertise your property: A property manager with extensive experience will know exactly where to advertise your property and how to design engaging advertising materials with the goal of filling your property quickly and avoiding long vacancies.
4. Tenant selection: A good property manager is an expert at finding good tenants, and ensures that all criminal and security checks are completed, leading to credit reports, checking employment, and checking previous landlord references.
5. Managing tenants: A property management company is responsible for finding good tenants as well as managing your relationship with tenants and landlords. In addition to handling routine and emergency maintenance, the property manager will be responsible for organizing inspections and resolving conflicts.
6. Relationship management: It’s quite difficult for an independent landlord to replicate the relationships they have with maintenance workers, tradesmen, contractors, suppliers, and vendors that property management firms have. In addition to getting you the best price, your property manager will supervise any maintenance jobs that are needed.
7. Compliance with housing laws and regulations: If you are renting or maintaining rental properties, there is a wide range of applicable laws and regulations you need to follow. Regulations include those at the local, state and federal levels, as well as civil rights laws (such as the ADA). Maintaining compliance with these rules and regulations through the use of a property manager can prevent lawsuits.
8. Making it possible for you to invest in properties across geographic boundaries: If you manage your own properties, your investment opportunities are typically limited to an area close to your home. The benefits of hiring a property manager extend to taking part in all types of investment deals.
9. Making the most of your time: Having a property manager handle the day-to-day administration of your rental property will allow you more free time to identify additional investment prospects or further your career.
10. Profit maximization: Property management companies typically take a percentage of each month’s rent as a fee. A professional can help you maintain your property for less than the cost you save by hiring one.