As strange as it may seem, Property Management is more than just collecting the rent. While that is important obviously, it isn’t the only thing.
A good property management team takes pride in caring for the Landlords asset. It is called Property Management after all.
That’s why Entry Reports are very important and regular Routine Inspection Reports even more so. We believe that regularly inspecting the property will bring any issues to light so they can be dealt with.
These condition reports provide the Landlord with a snapshot of how the Tenant is keeping the property. I think it’s unreasonable to buy a property, outlay a large sum of money and then remain detached from any connection with the property. From that viewpoint, regular reporting keeps you in touch.
Even better, the written reports are supported by photographic evidence, as they should be.
Unfortunately, disputes are going to happen, tenants are going to complain, maintenance is going to be required and Murphys Law says it will happen at the worst possible time. Your PM team is the one to take the stress out of any property issues raised by the Tenant.
That’s why you pay them.
If you have ever had to deal with a problem tenant you would never complain about the fee a PM charges. There is a lot of effort that goes on in the background to resolve issues with tenants. Dealing with Tradespeople to get work done, even dealing with Councils for example. Sometimes these issues are easy to fix and sometimes they are more complicated. Your responsibilities and obligations as a Landlord are set down in Law and they differ in each State.
The Tenant has legal rights which can be complicated to anyone unfamiliar with the Law. I’ve seen many occasions of Landlords collecting the rent so they can save on the Management fees only to come unstuck because they have failed to meet their Obligations in the event of a dispute.
Serious Investors pay for the Property Management team to take all the hassle out of holding a property.
The good news is that the majority of Tenants are happily enjoying the property they are in and pay their rent on time. Sometimes that fact gets missed.
For your own peace of mind, separate your investment world from your private world by using a Professional Property Manager.
To find our about how the Investors Direct Property Management team can help you visit our website or contact us at firstname.lastname@example.org.