When you invest in a Unit or a single family residential property to generate revenue via rental, having the right rental property management team can increase your return and reduce your time commitment.
Property management services are designed to help maximise your profits on residential property rentals and that’s exactly what we do at Mount Barker Rentals in Adelaide and South Australia.
A good management team are able to use their overall experience in dealing with investment property be it as either real estate owners, developers, or asset managers to help you understand each process completely. This added knowledge allows you to make smarter decisions about your investment from buying to selling and renting out properties. When you have a property manager who has great attention to detail and customer service, both your tenants and you will benefit.
Residential Property Management Services
The right property managers for your residence will be able to take care of almost everything and protect your home or investment along the way. Some of the main services to look for include:
- Minimising your risk while maximising your returns.
- Protecting your asset by the right tenant selection.
- Maintaining the integrity and condition of your home
- Marketing Your Property
- Rent Collection
- Administrative Tasks
- Consulting or Rental Advice
Talk to the property management company about their goals and make sure they fit with your own. Once you find a company you can trust it’s time to dig a little deeper into their particular abilities. Understanding everything they can do for your investment and your property will help you understand how they will serve you best throughout your business together.
Tenant Selection
Keeping your property in good condition is a large part of maintaining and growing value in the long run. In order to do this your property management team should take precautions when choosing tenants for you such as:
- Sorting through inquiries
- Screening tenants
- Processing applications
- Credit and reference checks
Property and Home Maintenance
Once you have tenants for your rental further inspection should be done to help maintain and protect the house from damage and excessive wear and tear.
- Move-in and move-out Inspection
- Regular on-site inspections of common areas
- Available emergency services all year
- Property maintenance and repairs
When something happens insurance can be there to help with the problem and your property managers should also help guide the coverage and claim process.
Marketing and Promotion
The ability to rent out your property quickly to high quality tenants is a must have if you want a profitable investment. Your property management team should be able to market your single or multi family home effectively and quickly when new tenants are required.
- Features and benefits compared to Competition
- Use traditional or modern marketing methods to reach prospective clients
Financial Administration
At the heart of every residential property rental are the finances that either make the investment profitable or not. For a rental to become profitable your management team has to cover a variety of issues.
- Rent Collection & recovery of expenses.
- Prompt reporting of any potential reduction in income.
- Strict response to any arrears.
- Control of any maintenance expenditure.
- Monthly statements.
- End of year financial statement for tax returns.
Planning and Forecasting
As time goes by the value of properties will fluctuate, and rent prices will also move up and down. Proper forecasting and market research helps you get the best price for your property while staying in demand.
- Market research
- Competitive comparisons
- Accurate Rental Appraisals & Pricing
- Predicting market changes
Save Yourself Time By Hiring The Right Property Management Team
Hopefully you have a broad understanding of what to look for in the company that will manage your property rental. Be comfortable with your choice by doing your research first, and use their existing clients as a source of additional information. Your goal should be to spend less time worrying about your property or profit margins and more time doing what you love.