Phone calls at 3 a.m. Tracking down rental payments. Negotiating new lease or rental terms.
Those shacks for sale near Murray River, SA, probably sounded like a great idea at the time, but if you don’t have experience – or the time – you’ll probably need the help of a reliable property management company.
Below are three scenarios in which hiring a property management company can make a huge difference:
Scenario 1: The New Landlord
Imagine purchasing your first shacks for sale near Murray River SA. You’re equal parts excited about its potential rental income but also overwhelmed by all of the tasks associated with managing it. Where do you find renters? How do you collect payments? Who handles maintenance? And do the properties comply with all legal regulations and building codes.?
Management companies provide invaluable services, including the following.
- Address maintenance and repairs quickly and effectively;
- Collect rent on time while taking swift action against any late payments or delinquency issues, and;
- Gain expert guidance for maximising rental income and expanding your portfolio.
Scenario 2: Absentee Landlord
Now imagine you’re a busy professional who owns multiple rental properties. Due to a lack of time and knowhow, you could easily wind up in a situation that’s bad for both you and the renter. Translation: You need someone you can entrust with all day-to-day tasks such as rent collection, maintenance work and tenant management responsibilities.
At this stage, hiring a property management company may be helpful. By outsourcing day-to-day tasks of property management to professionals, you can:
- Focus your energy and time elsewhere while their expertise handles the administrative work;
- Ensure your properties remain in top shape and tenants are always happy and content;
- Receive regular reports on their performance, including occupancy rates, rental income, maintenance costs and maintenance schedules, and;
- Enjoy peace of mind that your properties are managed by experienced professionals with your best interests in mind. After all, they stand to benefit, too!
Scenario 3: The Landlord Dealing with Difficult Tenants
Finally, assume you’re a landlord dealing with difficult tenants. You know the type: constant complaints about maintenance issues, late payments and they cause problems for your other tenants. Your goal should be to handle these situations promptly without creating further conflict or legal complications.
An effective property management company can be of great assistance in this regard, including:
- Act as a buffer between yourself and tenants to facilitate more professional communication.
- Manage any conflicts, rent payment issues or eviction processes which arise;
- Comply with all legal procedures, preventing issues due to lack of knowledge or expertise;
- Provide mediation services to help resolve disputes with tenants (which reduces the risk of costly legal battles), and;
- Offer advice on how to handle difficult tenants and prevent future issues from arising.
The Best Way to Own Property
Does any of this sound familiar?
These relatively common scenarios underscore why connecting with a company that has experience dealing with tenants and that can also offer advice and solutions is essential. The best part? Partnering with a property management company will help free up your time.
