Property Management Company
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By hiring a professional property manager, 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.
Here are some of the most important benefits that landlords who work with property management companies have:
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:
- Rent long-term
- Pay rent on time
- Minimize the wear and tear of the property
- Cause fewer problems
A property management company that has been in the business for a long time, has seen thousands of tenant applications. This will help them dig into facts about the potential tenants quicker and identify red flags. If you allow a management company to handle the tenant screening, you are also avoiding rental scams that are directed at property owners.
Additionally, you also ensure that you won’t have to deal with time-consuming discrimination lawsuits. Avoiding bad tenants, lawsuits, and scams is by far one of the main benefits that come with hiring a professional property manager.
2. Less legal problems
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 its own laws that can affect a landlord. Additionally, you also have the federal law that will cover the following aspects:
- Screening tenants
- Property conditions and safety
- Tenant evictions
- Unit inspections
- Signing and terminating leases
- Collecting and handling rent and security deposits
If you avoid one lawsuit by hiring a specialist, the money that you save will be more than sufficient to pay the property management company’s fees, and you will also avoid wasting your time and energy.
3. Shorter periods of vacancy
A professional property manager will help you handle the following tasks that prevent your properties from staying vacant for too long:
- Prepare the properties for rent - A property management company will know exactly what cosmetic improvements must be done to the units in order to maximize your revenue.
- Determine the optimal rent rate - Setting the rent too high and it might take too long to find tenants, too low and you might be losing money every month. It is crucial to determine the right price and doing it requires knowledge of the local real estate market, data on similar units, and access to professional rental rate tools.
Marketing your property effectively - Skilled property managers have written numerous ads throughout their career and know what to say and where to advertise to get many candidates quickly. Because they handle many properties, they can probably negotiate cheaper rates for the ads both online and offline. Furthermore, they are familiar with sales and know how to close when they field calls from prospects and take them on showings and work with home rental companies and agencies.
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