Buying properties to lease to tenants can be a very successful business venture, with people always in need of somewhere to live. However, landlords who work full-time or run businesses may not always have the time available to dedicate to the level of property management needed, particularly if they have a large portfolio of properties or own shared houses where tenants are found on a room-by-room basis rather than for the entire property.
Working with a good property management company provides additional peace of mind for landlords, who can get on with their lives knowing that their responsibilities to their tenants are being taken care of on their behalf. Here are some of the main reasons why landlords should consider working with a good property management company.
Better Tenant Screenings
Getting a terrible tenant is every landlord’s worst nightmare. A tenant who does not take care of the property or fails to make rent payments on time can leave you dealing with a lot of expensive problems and is definitely something worth avoiding as much as possible. Working with a property management company ensures that any tenant living in your home is properly vetted and screened before the keys are handed over. A good property management company will carry out a range of checks including background checks, credit checks, and reference checks to improve the chances of only taking on responsible and reliable tenants. M/Property is a Property Management company in Western Australia that you can trust to not only help you find the most suitable tenants for your property but also help them to settle in. As property managers, they will welcome tenants into your property and deal with any questions or issues that they might have on your behalf.
Legal Compliance
Landlords have a lot of legal responsibilities to ensure that the properties they let are suitable for their tenants. As a landlord, you are legally required to ensure that the property is habitable and safe, that annual checks are carried out on the electrical, gas, and plumbing systems, and that the property is fitted with suitable smoke, heat, and carbon monoxide detectors. Good property management can take care of this for you on a regular basis, ensuring that your property meets all the necessary legal requirements at any time.
Find Tenants Faster
Along with finding the best tenants for your property through a variety of screenings and checks, a property manager can also help you fill your property faster. The main aim of the property management company is to ensure that you are getting the best financial return on your property. To achieve this, they ensure that your property has good tenants in place, paying rent as quickly as possible. They will work hard to make sure that your home is ready for the rental market and that it is advertised as much as possible to attract a large number of potential tenants.
Better Property Maintenance
DIY landlords often find that property maintenance is one of the hardest parts of their job. But while there are always going to be minor repairs that need to be carried out, sometimes, tenants will need instant help – and you might not always be available to provide it. This can cause problems for you and your tenants and may leave you in a precarious position. Even if you have a list of professionals that you trust to work on your rental property, you can never be sure that they are going to be available to carry work out in the event of an emergency. Working with a property management company gives you access to a wider range of professionals and contractors that you may be able to afford on your own, providing extra peace of mind about property maintenance and getting issues fixed.
Avoid Tenant Problems
While the majority of good tenants pay their rent on time, a nightmare for landlords is finding a tenant who does not pay. When you work with a property management company, they will have the means and resources to chase rent payments and take a lot of the stress out of being a landlord. You can get on with your life and let the property management company take care of any uncomfortable conversations about missed rent payments, damage to your property, or evictions.
Get Paid on Time
Another key service of a property management company is ensuring that rent is paid on time – a key concern for many property owners. They can act as a buffer between you and a tenant who has missed a rent payment and will be able to employ tactics to resolve the situation professionally before it gets any worse, such as arranging a payment plan with the tenant to help them make payments if they have found themselves in a temporarily bad financial situation.
Providing a Tenancy Agreement
A tenancy or lease agreement between you and your tenants will protect your property, outline your obligations, and ensure that your tenants are aware of what they are and are not permitted to do in your property. A property management company can advise and help you draw up a lease agreement for your property including everything that you and your tenants need to refer to, such as when the rent is due, when the tenancy starts and ends, how much notice you require before the tenant moves out, and whether or not pets are permitted, for example.
For many landlords, hiring a property management company is an ideal way to take some of the stress and pressure off owning a rental property and leave the tenancy in trusted hands. However, choosing to work with a property management company is a big decision, and it is not always for everybody. If you decide that this is the right option for your rental property or properties, it’s important to research property management companies available in your area and find out more about the services that they offer to ensure that you choose the right fit for your needs.
