Why is Good Property Management Important?
A few years ago, we left our 2-bedroom house and moved into a bigger property. My wife and I decided to lease it, with a plan to put the passive income into our son’s college fund. We thought it would lift a burden off our shoulders, but being a landlord turned out to be way more difficult than expected.
There were late-payers, wrecking balls, party hosts, whiners, etc. A few times, I had to leave the office earlier because of the tenant’s unreasonable tenant complaints until I read an article about property management and decided to give it a try.
Here are the things that my property manager does for me:
Finding high-quality tenants can be difficult for the lessors, especially for inexperienced ones like me. We thought an interview and some valid IDs would be enough. The property manager can identify red flags, which I would have missed. They can also find long-term tenants who can pay rent on time, careful with the property, and don’t cause problems.
Some property managers even conduct a professional photo shoot of the property to create a fantastic visual presentation.
Fortunately, I never had one! But the property management company explained to me all potential lawsuits I could face as a lessor. There are regulations about tenant screening, unit inspections, property safety, lease signing, collections, and evictions which an average lessor may not be familiar with. Hiring a property manager can provide you with some legal coverage.
My property manager has a network of contractors, inspectors, builders, and tradespeople whom they call to take care of the properties under their watch.
“Property managers usually get discounts for repair and maintenance from the service providers they frequently hire. Aside from this, the lessor will not be bothered to find handymen for each project.”, notes Alister Clare, Home Loans Supervisor at Credit Capital.
The property management company I work with told me that I could attract potential tenants and set a higher rent if I invest in certain upgrades. These included built-in storage, a separate shower cubicle, and a lawned garden. And they were right!
Property managers have access to the latest data related to the real estate market, which they use to help clients like me.
Check out these 15 features that will attract buyers and renters.
When we first opened the house for rental, we just copied the price of a similar property across town. After almost two months with no interested tenants, we realised that maybe the rent was a bit too high.
Setting the rent high may extend the waiting period because tenants will naturally find lower prices. However, it isn’t easy to put a correct price without knowledge of the current market value. A property management company has access to property prices for rent and for sale within the neighbourhood, which you can use as a factual basis.
Black and White Rental Estate can handle a lessor's most critical tasks, such as marketing, tenant selection, contract preparation, and rent collection. Their in-depth and accurate knowledge of the market can also help you with a rental appraisal. If you’re struggling to find tenants or buyers, contact us now to plan an effective strategy.