A new year brings with it a period where tenants are starting to look at relocating to new premises. This means it becomes the season of renewing leases. Most landlords are looking for cheap shortcuts in property management. At the end of the day they are directly responsible for a whole lot of management functions, which can eat into their valuable time and cost them dearly through mistakes and not having the right systems in place.
Just Property maintains that it is critical for landlords to select the right property partners to manage and trust their properties. Good management works to increase the value on the property and for the benefit of the landlord. For some landlords, the rental cycle goes well beyond just standard rent collection and accounting for it in month end reports. You should ensure that your property manager has enough resources to support the complete rental process. These include:
Paul Stevens, CEO of Just Property, says they ensure that they have these systems in place to prevent causing a huge liability or massive inconvenience for you as a landlord and to ensure there is a tenant in place. If a report comes back identifying a problem, the decision to rent or not rent is up to the landlord. Stevens says that, for landlords, making money in property is not just about buying and selling but includes managing the tenants properly to ensure pay for the landlord’s investment. Key factors to successful property rental include the quality of the tenant you place. In the current economic climate, it is crucial to do a proper due diligence to minimise the risks.
Stevens says, “When renting out property, bear in mind that it is best to enlist the services of a reputable qualified property manager or rental agent. It is important to have contracts that are CPA compliant. There are a lot of legal requirements that govern rental leases, which landlords don’t really consider.”
An established property manager will perform thorough credit checks on all prospective tenants. In turn, they are responsible for monitoring successful applicants’ long-term credit profiles and ensuring they are equipped to deal with the calamities along the way. Property managers know that there are three main ways you can ensure that your tenants continue to pay timeously.
Gone are the days of simply receiving the signed lease, deposit and first month’s rent, handing over the keys and then never seeing your tenants again. If you really want to ensure that your good tenants stay, you will have to understand their individual needs and address these every step of the way.
A lease agreement is a long term relationship and it is important to establish a solid relationship with your tenant. A sound relationship also allows your tenant to have more open conversations with you and, more importantly, encourages a timeous rental payment.
Lastly, your lease agreement is a two-way agreement and you need to be delivering on your side of the deal. A reputable property manager is responsible for this.
Stevens says, “Education for both tenants and landlords that can empower and enable wealth creation through property is very high on Just Property’s agenda. We hope to make further announcements in the year in realizing our goal in that area. We want to build a continuous journey of trust and build strong relations with our buyers and investors in adding value and forming a trusting relationship with us.”
Paul Stevens CEO of Just Property says, “a lot of research and thought went into the development of this strategy and we have been working very closely with various partners in furthering our goal of fulfilling optimism for our clients.”
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