When you first acquire your rental property, it’s easy to think that the hardest part about being a landlord is finding the right tenants. Unfortunately managing a rental property requires ongoing maintenance, communication and even dealing with tenants at 9pm on a Friday night about a plumbing issue. This is why over 80% of landlords now use a middle man, formally known as a property manager to take care of the stress for you. Read our breakdown on why Property Managers will be the guardian angel of your rental property so you can sit back and relax.
1. Use a property manager for your rental property to stay updated on the correct laws, rights and regulations:
Expect the unexpected when it comes to dealing with tenants. You’ll be dealing with people on a long or short term basis, so it’s important to know what your rights are if things go sideways. Any damage to your property, incorrect or late rental payments are all uncomfortable conversations to have with your tenants, so it’s best to hire someone to deal with those issues. Staying updated with the current laws for tenants and landlords is what our Richardson & Wrench property managers do best, so everyone can have peace of mind knowing that our team will help to avoid any lawsuits or fines.
2. Having a property manager for your rental property means no maintenance calls:
There’s a lot of stress that comes with managing a rental property, and if you’re still working or have limited spare time, you’ll be thanking yourself everyday that minor or major maintenance issues are no longer your problem. Our Property Managers have plenty of contacts on speed dial to call at a moment’s notice. They all have great relationships with local tradesmen in the Inner West, and can usually acquire better rates on their services than a landlord. To avoid the awkward walk-through inspection, all maintenance and inspections are organised by our Richardson & Wrench property management team who will update you on the state of your property.
3. Our Richardson & Wrench property management team will manage the entire tenant application process for your rental property:
Paperwork doesn’t thrill anyone, but abiding by a thorough contractual agreement with your tenants is an absolute non-negotiable. Let our Richardson & wrench property managers handle the paperwork and legislative requirements, so everyone can have peace of mind knowing they are signing a fair and law-abiding agreement. Property managers have access to tenancy databases which allow them to avoid tenants with a bad rental history and keep their own database of prospective tenants for the area they service. This speeds up the process, and gets the right tenants into your property!
4. Our property managers will keep you informed on current property market trends:
Navigating the laws and property market trends is complex and time consuming. Lucky for Inner West landlords, our Richardson & Wrench property managers are highly knowledgeable about the local area rates and rental prices. They’ll inform you when it’s an appropriate time to raise the rental price and ensure you’re receiving the highest return on your investment property.