Before you decide to be involved in self-management of your property or hire a rental property management Melbourne service it is important to evaluate what matters into the management of properties. A basic investor may only see a rental property as a simple equation dealing with rental income – (mortgage + expenses) = profit. However, this may be a basic formula for an investor but if you are someone who is going for the self-management option, you should also add up the landlord duties and energy you require to deal with the tenants. And if you are going for hiring a rental property management service, it has its own costs too. In order to decide which option you should go for, we have evaluated all the landlord duties which you will have to go through or that if you could pay a property manager for dealing with the chore.
Owning a rental property means scheduling seasonal maintenance to keep everything functioning and to check in with your tenants. A good maintenance means to respond on timely basis to deal with emergency situations which require being active and efficient in dealing with such scenarios.
- Addressing Vacancies
When a rental property is vacant and requires to be filled, it requires a lot of tasks in finding the right tenant. The factors that need to be acknowledged when keeping a tenant include putting up an ad, finding someone who would agree to the rental amount, someone who would agree to your terms and conditions, some who has the ability to pay timely rent and conducting criminal checkups. Clearly, this requires too much of time and efforts.
- Tenant Relations
A good manager will check in with their tenants at least once every quarter. This meeting can be regarding reminders of seasonal maintenance or just a general meet up asking if everything is alright or not. Sometimes, a tenant will call you for complaints and its resolutions, either way, you will be the contact point for the tenant and it is you who has to address the queries and get them resolved.
- Rent Collection
We all wish for the rent collection to be an easy task but what if the rent cheque doesn’t show up on timely basis? That is when the situation requires you to be extra efficient and putting up your time in calling the tenant, listening to their excuse, giving them extra time and waiting for the time to come where they would pay you the rent. Rent collection is a very difficult task of the entire property management system.
The above factors and situations are pretty clear and after reading this, I am pretty sure you have made up your mind if you should go for self-management or a property management service.