Many analysts agree that Australia’s property boom hasn’t ended yet. According to them, the double-digit price increase might continue until 2022. However, this can be influenced by the level of migration and the continuation of work-from-home schemes.
Alister Clare, the home loans supervisor of Credit Capital, says that it’s difficult to look further ahead. According to him, “Many cities are almost back to normalcy. However, we can’t disregard the presence of uncertainty. We’re hopeful that, with the government’s immediate response, the real estate upswing will continue.”
Whether you’re planning to venture into real estate this year or already has a portfolio, here’s how a property management company can help you:
1. Screening Tenants
Selecting tenants involves more work than it may seem, especially if you have multiple properties. Fortunately, an experienced property manager has probably screened thousands of applications, so they already know what to look for. In addition, their trained eyes can easily spot red flags, which can cleverly hide in the applicant’s paperwork.
Unless you’re retired or has flexible hours, you’ll have to spend weekends or skip work to interview potential tenants and process their application.
2. Handling of Tenant Concerns
If your portfolio is extensive or has properties in another state, it’s not practical to drive over there each time the faucet leaks.
A property manager can serve as the contact person for any concern related to the leased property. They can cater to tenant concerns any time of the day and arrange for repair or inspection right away. Find the building inspection checklist here.
Sometimes the tenant complaint is related to the surroundings, such as noisy neighbours, improperly parked vehicles, or stray animals. But, again, you can relax knowing the that property manager knows how to handle situations like these.
3. Increasing Retention Rate
The main goal of property management companies is to ensure tenant satisfaction, that they won’t consider moving out.
They do this by providing prompt response to tenant concerns and respecting the clauses indicated in the contract.
4. Enforcing rent deadlines
One of the most challenging tasks for landlords is rent collection, especially when they’ve become friends with the tenants. A property management company will be friendly to tenants but still act as an accurate figure. They collect rents on the date agreed and enforce lease policies if necessary.
The property manager knows how to approach delicate situations, such as tenants who consistently miss their deadline. Take note that the laws regarding tenant eviction may vary across states. A local property management company is knowledgeable about these.
5. Determine the appropriate price
Is your vacancy rate high? Do applicants back out as soon as they hear the price?
Probably your price is a little too high?
An experienced property management company has resources for calculating the accurate pricing of different types of properties. They’ll factor in the location, proximity to amenities, and prices of competitors within the area.
Hiring a property management company may be the most practical option for you. Yes, there will be professional fees. But these fees, if you think about it, save you from a tremendous amount of stress. Learn more by contacting Real Estate Uno.
If you want to manage and keep track of your project costs, timeframes, photos, emails and payments then head to TheRealestateUno.com.