Make your rental property work for you with a Property Manager
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While a rental investment can be financially rewarding, looking after the property requires time and this is where a property manager can make a significant difference according to the Seeff Property Group.
A property investment requires significantly more administration and management compared to other types of investments and needs both time and money to maintain it. Aspects such as inspections and visits to ensure the property is maintained in a good condition and managing the tenant and collecting the rent are just some of the tasks that come with a rental investment, says Seeff.
Where other asset classes are passive investments, a property is an active investment which requires a large commitment of time and effort and that is without having to deal with challenges such late payment or a tenant who does not pay at all.
It becomes especially challenging if you have multiple properties, or do not live near the property or have a busy job or lifestyle.
This is where a property management solution can make all the difference by taking care of critical tasks which maintains your income and property in an optimal manner to ensure your investment delivers a favourable return on investment.
Some of the important tasks that a property manager takes care of include:
Setting the right rental rate for the particular property and area so that there is a balance between maximizing your monthly income and maintaining a low vacancy rate.
Marketing and advertising the property to attract the right calibre tenants and ensuring all checks including affordability and payment track record is done.
Handling the incoming and outgoing inspections and ensuring a check list is signed by both parties and that the property is handed over in a good condition with all repairs and reparations done.
Collecting and depositing monthly rent payments timeously and payment of property costs such as utilities, levies and the like and utilising a property manager to reconcile payments etc.
Managing the tenant and legalities around late or non-payment including sending of demand letters and legal action.
Managing the tenant-landlord relationship by handling routine and emergency maintenance, undertaking routine inspections and facilitating conflict resolution when required.
Managing vendors such as maintenance and repairs and other suppliers and ensuring the jobs are completed timeously and to budget.
Managing legal compliance from the outset by ensuring correct documentation, lease agreement, FICA and other requirements to ensure that the rental meets all legal requirements.
Author: Gina Meintjes
