As a landlord you can choose to either manage your rental property yourself or have it managed by a property manager.For many landlords, the logical solution is to hire a property management company to oversee their rental property.
As a landlord you can choose to either manage your rental property yourself or have it managed by a property manager.
Matters to take into consideration when deciding on which option is best for you include:
- Are you aware of your rights and responsibilities as a landlord?
- Are you aware of the latest legislation, right and responsibilities of tenants?
- Do you have the time and energy to manage the property and organise and manage potential repairs yourself?
- Are you committed to being a responsible landlord?
- Is it financially worth your while?
Many of these only you as the landlord can answer, but you must be up to date and aware of the various laws, rights and responsibilities that are required of you as a landlord and also you need to know what to expect from a tenant and their rights.
Once you have invested in a rental property, the responsibility of maintaining and running the property can quickly become overwhelming. For many landlords, the logical solution is to hire a property management company to oversee their rental property.
Property managers conduct a range of activities, including:
- Negotiating rents and leases on a landlords behalf;
- Signing and completing all documentation required by legislation;
- Attending to maintenance issues, organising quotes, attending to the payment of maintenance accounts;
- Completing routine inspections;
- Disbursing funds to the landlord monthly or twice monthly;
- Providing a written financial statement of rental funds; and
- Completing final inspections when tenants vacate.
There are many functions of property management required which a private landlord may not be aware of. The skill and expertise of a property manager will reduce the risk of non-compliance with the law and save landlord from facing the possibility of associated financial penalties.
Hiring a property management company should result in more free time and less worry for you. If you hire a property management company and find that you are still constantly worrying about your property, you may need to restructure your schedule to spend more time at the property, or have more frequent communication with the property management company.
