Monday, 12th December 2022
Why is Residential Property Management Important
The way your investment property is managed will benefit the rental income generated and the growth of your asset. In this article, we explore several benefits of appointing a professional property management service to manage your investment property.
Know Your Tenant’s Rights
A landlord has certain rights which they can enforce. The same, however, cannot be said for tenants. You need to be aware of your tenant’s rights and how you can go about protecting them and yourself. While the specifics vary from state to state, the following are some of the rights of tenants that you should be aware of.
- Notice of Termination: Tenants can be evicted from the property if they fail to pay their rent on time. As a landlord, you can terminate their tenancy by providing a Termination Notice. It is important to keep in mind that tenants have the right to stay in the property for the duration of their lease if the rent is paid in full by the due date on the notice.
- Entry into the Property: The landlord is authorised only to enter the property without tenants’ consent provided the correct notice is given to the tenant.
- Repairs and Maintenance: The landlord is responsible for ensuring that the property is in a habitable state. If a repair is required the landlord is able to arrange their own tradesperson, provided they are adequately licensed and insured.
- Smoke Alarms: The landlord must ensure that there is a working smoke alarm in the property and in the event there is an issue they must action the repair or replacement within two working days of being notified by the tenant.
- Routine Inspections: The landlord is entitled to conduct routine inspections four times within a 12 month period. The tenant must be given 7 days’ notice in writing of the inspection date and time. These inspections enable the landlord to attend to any repairs or maintenance issues that maybe required.
Help You Comply With Your Legal Obligations
As a landlord, you have certain legal obligations that you must meet. The law protects the civil rights of tenants and prohibits discrimination based on race, color, religion, gender, national origin, disability, or familial status. The Residential Tenancy Act is another law that landlords should abide by. The Act and the regulations set out a standard residential tenancy agreement that gives rights and obligations to landlords and tenants.
Protecting Your Investment For The Future
Aside from the rental income that your residential property generates, you should also consider how it will fare in future. The condition of your property will have an impact on its resale value. If the property is in need of repairs, you may have to decrease its value. Residential property management services will help you maintain the property to protect your investment for the future. If the property needs to be renovated, the contractors hired by the property management company can help you do the job. The contractors will also conduct regular maintenance to keep your property in good condition.
Help You Find Reliable and Trustworthy Tenants
Finding reliable and trustworthy tenants is essential for residential property management. If you find tenants on your own, you may end up choosing someone who doesn’t respect your property. Residential property management services have access to a large database of tenants. Hiring a company to manage your properties will help find reliable and trustworthy tenants. This is because most companies conduct thorough background checks and credit checks on potential tenants before approving them. They will choose tenants who will look after your property and pay their rent on time.
To save you valuable time and money, hiring a residential property management service will make the process of managing your properties seamless. The property management service will find and screen new tenants and ensure the rent is paid in a timely manner and the property is well maintained. The property management service will also make sure any repairs and maintenance issues are maintained to a high standard to protect your valuable investment and maintain its value for the future.