Owning income property in Rowville has many rewards but it also requires time, commitment, and effort. You may not always have the time to manage your property effectively. The solution to the problem is opting for services from a property management company so you can get a leasing agent Rowville property owners’ trust.
In today’s post we provide eight reasons why you should hire a company to manage your property. With the proper leasing agent, you can concentrate on other areas of your business or personal life while your agent finds quality tenants to rent your space.
Avoid Legal Issues
Renting out property comes with many regulations and laws that you must abide by. Many of these laws can be difficult to keep track of. Furthermore, you may run into issues with tenants that don’t abide by the rules and regulations you’ve set in place.
Expert leasing agents are trained to deal with any legal issues that you face which can save you time and courtroom visits.
The Opportunity to Save Money
You may believe that hiring a leasing agent to assist you will mean less money for you. On the contrary, a leasing agent handles all the financial details, and your investments will be managed. This means you don’t have to hire a third party to assist you with your finances on your property which will help you save money.
Collecting and Depositing Monthly Rent Payments
Getting money out of people who owe you can be a time-consuming task especially if they make a habit of not paying on time. Hiring a leasing agent will be particularly important to you if you have strict payment deadlines.
With a managed leasing agent, you’ll have assistance from someone who will collect rent from the tenants and deduct any fees according to your instructions. The balance will then be transferred to you monthly. This will take the headache out of managing your property finances.
Marketing and Advertising Your Property
If your property is vacant for months on end, you’ll lose money which can have severe consequences on your cash flow. That’s why you’ll need a leasing agent who can market and advertise your property. Leasing agents are skilled at marketing a vacant property to fill the space quickly.
Finding Quality Tenants
Ideally, you want tenants that will look after your property and pay rent on time. But this isn’t always the case. Some tenants tend to destroy their living space which can lower the value of your property. It will also cost you to fix any damages in the long run.
Professional leasing agents find quality tenants to rent your property by doing the necessary background checks in Australia. These background checks look at the following on a potential tenant:
- Verifying ID: Are tenants who they say they are? This will prevent identity fraud and allowing criminals to lease your property.
- Court history: Has a lawsuit ever been filed for unpaid rent or bills?
- Blacklist screening: This check helps to identify if tenants have ever damaged property or failed to pay their bills.
- Credit check: It’s important to check whether tenants are financially stable and can pay their monthly rent.
- Payment history: Tenants must have an excellent record on paying their rent on time. This check is also useful to see if tenants have defaulted on their rent in the past.
You may not have the tools or the know-how to perform proper screenings of your tenants. Therefore, you should allow the leasing agent to do this task for you to find quality tenants to rent your property.
Managing Your Tenants
Some tenants may take more time from you which will affect your business hours and personal life. This is when you’ll appreciate the assistance from a managed leasing agent the most. The leasing agent will be responsible for handling all tenant matters, routine inspections, and emergency issues that may arise.
They Have Extensive Knowledge on Tenant Laws
To manage a property, you must know your rights and the legislations that govern tenants in Australia. You, as a landlord, must never overstep your boundaries with your tenants but they must also adhere to your rules and regulations. If boundaries are overstepped, it could lead to serious eviction troubles.
Your leasing agent will know all the legislation regarding:
- Property deposits
- Rent agreements
- Duration of contracts
Your property agent should also have extensive knowledge of any recent changes in landlord and tenant legislations in Australia.
Managing Property Related Matters
Your leasing agent may have an extensive list of contacts they can call for various property-related matters. If a pipe bursts or there is a pest-related problem the leasing agent may know who to call to solve the problem.
A leasing agent will be a huge asset to you when leasing your property. So, if you don’t want to spend time trying to find quality tenants or collecting deposits and rent, allow your leasing agent to assist you.