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Things You Should Know Before Hiring A Property Manager
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Whether you’re a seasoned landlord or just a new property owner? Either way, it is wise to consider hiring a property manager on the Gold Coast. You may wonder why it would be a good idea, So, we have made a comprehensive list of some things to consider:
The first thing is to ask yourself the following questions:
What a property manager does?
What are property owners responsibilities?
Do I actually need a property manager’s services?
A property manager looks after your rental properties on your behalf.
They are responsible for getting your property rent-ready.
This can involve hiring contractors for home improvements or renovations
They advertise and set the rent values, screen potential tenants and deal with their applications. They interview interested applicants and handle all property viewings.
Once they have found a tenant to occupy your property, collect rents, and ensure the tenants abide by the rental agreement. Deal with maintenance requests and general tenant communication.
What are my responsibilities because I am the property owner?
There are universal obligations that all landlords have.
Some of these are offering a clean, safe living space to their tenants.
Specifically, the owner or landlord must adhere to all health and building codes and keep up with property maintenance. They are also required to be available for tenant communication. Landlords have the right to set the terms for the type of tenant occupation on their properties as long as they abide by the various discriminatory laws. They manage rent collection, security deposits, potential evictions.
A property manager is someone the owner appoints as their legal property manager who is charged with taking over all the responsibilities from the owner
Do you really need a full-time property manager’s services?
Some people who have a modern rental property that has a stable long term tenant and there are almost no property maintenance issues will probably not need the services of a property manager if they can be available to deal with any unexpected or unforeseen circumstances.
But with most rental properties it can be a full-time job looking after them especially if an owner has multiple properties.
A property manager can save you time and money as they have the professional skills and contacts
Looking after a nice long term tenant is very different from having a property that has a high turn over of tenants and involves screening and selecting new applicants on a regular basis. There are issues such as cleaning, painting and refurbishing between tenants as well as the inevitable disputes and conflicts that can arise over deposits and claims. These can be a real headache not to mention the legal difficulties of tenant eviction and compensation claims.
A professional property manager I equipped with the knowledge and experience of dealing with all manner of tenants and has the advantage of the law behind them.
It can be a real drama owning property and having to deal with tenants. It is so much easier to leave it in the hands of a professional property manager who will be able to get you the best return on your investment. After all, having an investment property is supposed to be a passive income stream.
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