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Is a Property Management Company essential?

Updated: Apr 20




A good Property management company is worth their weight in gold and entrusting your property to a capable and reliable manager is a decision that can significantly influence your investment's success. A skilled property manager serves as the foundation for a successful investment, keeping rent payments coming in, filling vacancies quickly, and staying ahead of maintenance needs. Moreover, entrusting your property investments to an experienced property manager offers more than operational convenience; it provides a defense against the stress and intricacies of day-to-day management as managing risk is their thing.

 

1.     Market assessments. 

A good property management company stays up to date with local trends which equips them to strategically position your property within the dynamic marketplace, maximizing its value and profitability.

 

2.     Preparing your property to lease. 

Before a tenant moves in, there are several actions which must be performed efficiently to ensure the property is meeting the required handover standards. Maintenance, and cleaning are inter alia required to prepare the property for the new tenant.  

 

3.     Advertising vacant property. 

Effective marketing of your property is essential to keep it leased continuously or to reduce the vacancy period. The property manager is acquainted with the market requirements and will advertise your property across multiple social media platforms as well as their website to ensure your property is thoroughly marketed.

 

4.     Tenant screening. 

The property management company requires applications, runs background checks, calls references, and checks credit, safeguard the placement of high-quality tenants. Screening potential tenants results in reliable tenants that generally:

  •       Pay on time

  •       Rent longer

  •       Put less wear and tear on the unit

  •       Cause less problems

The Property Management Company is also familiar with the Legislative requirements to ensure compliance with the relevant Acts. 

 

5.      Lease preparation and signing. 

A professional property management company utilise lease documents and addendums that have been carefully prepared by legal experts.

 

6.     Collecting rent. 

Collecting rent on time, every month, is the only way to maintain consistent cash-flow. A good property management company will enforce the lease terms to quickly act on any non-payment issues that may arise.

7.     Property maintenance. 

All rental properties need regular maintenance to stay profitable. The long-lasting and valuable relationships which have been established with contractors and local maintenance professionals ensure that everything runs smoothly and correctly. 

 

8.     Lease renewals. 

A proven tenant retention strategy warrants happy tenants with lengthy stays in your properties. While it is easy to see the effects of lost rent, there are other equally serious problems with a high tenant turnover rate. The turnover process involves thorough cleaning, changing the locks, painting the walls and small repairs. Tenants may want to negotiate their lease terms or payment, and the property management company will help you by navigating these difficult conversations with confidence.

 

9.     Managing tenant terminations or evictions. 

The property management company will oversee the processes if the tenant wants to terminate their lease, or an eviction is required, and the move-out process begins. They will arrange the maintenance turnover inspection, quotations with a photo report, and discuss the maintenance expense responsibilities with the tenant. 

 

A final thought

Entrusting your valuable investment property to someone else may cause some anxiety initially, but once you understand the scope of services that a professional property management company can provide, all while saving you time, stress, and money, you might wonder why you didn’t hire a property management company sooner.

 

Sources:



written by Monica Pienaar



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