Why You Need to Hire A Rental Property Management Service

Jun 4 2015 / 11:16 pm Was written by Atwell & Co. Comments Off

Having your own rental property is a profitable experience, as it always makes steady income. A rental property can become a great source of income only when the tenants in the property pay their rents on time and never damage or destroy the property. However, this becomes a hard and a tedious job when tenants won’t cooperate.

Hiring an experienced and a licensed property management company has a lots of benefits for the landlord. Landlords will save time and money, especially for those landlords who own multiple rental properties. These benefits or assets make owning a rental property more profitable.

Supervising the tenant screening and handling all legal processes are the biggest assets a property management company can do. Here’s a list of what you need to know more!

1. Some landlords make a mistake by not checking the background of a possible tenant or they do not run a credit check for the reason that they don’t have time or they are unaware on where to get the reports.

2. Letting people live in your house without checking their criminal record and financial history is one of the certain way to having problems with tenants. A property management company is the one who supervises all the screening process of the possible tenants so the landlord will be able to avoid bad tenants and only get tenants who takes care of the rental property and who pays on time.

3. Any legal form or aspects of dealing with tenants and preserving the property will be handled by the property management company. It is crucial to know how to manage bad tenants and other rental problems as landlord-tenant laws differ by state and municipality.

4. Property managers are also the one who handles the property inspection, negotiations of lease, eviction of tenants, terminations of lease and rent collection from the tenants.

5. The property management company will also make sure that the rental properties are in conformity with all safety laws which will enable the landlord to avoid legal problems and pricey lawsuits.

6. Landlords need to ensure that the taxes and property expenses are paid by collecting the rent on time every month. However, some landlords do not regulate the process well, they listen to tenants excuses and allow the tenants to pay late or even worse they unconsciously accept bad checks from tenants and get stuck with fees and other bank problems.

7. The late paying tenant will be contacted by the property manager until the payment is received. If the tenant fails to pay as agreed then the property manager can begin the process of eviction.

8. Another part of being a landlord is lease enforcement. This protects both the landlord and the tenant, however if the tenant breaks his deal, then the landlord will be the one who will suffer. The property manager will handle the lease enforcement and deal with tenants who breaks it. For instance, if the tenant makes a property alteration that was not agreed or was not discussed with the landlord then the property manager will ensure that the tenant will pay for the repairs.

This entire process are handled by the property managers so the landlord does not have to deal with any of these and avoid tenants who do not pay the rent well.

Using a property management company in Melbourne can give land owners a number of benefits. They can also help the landlord to reduce the amount of time they spend for collecting rent, repairs of property and lease enforcement. And the most important asset or benefit of using a property management company is it allows the landlord freedom than being stuck to one rental property.

Atwell & Co Real Estate
Unit 6 / 29-30 Grattan Street Prahran, Victoria 3181
Phone: (03) 9510 6203 URL of Map