30 March 2022
 Categories: Real Estate, Blog

If you choose wisely, investing in rental property can be an easy way to generate passive income. And, should the value of the property increase over time, you can always sell it for a profit. To make sure the property keeps performing to its peak potential, you'll need to make sure it is managed properly. This is where property management comes in.

Property management rests a number of responsibilities on the shoulders of managers. Read along to find out what a property manager can do for you as a rental property owner.

Marketing the property

No real estate property is so good that it does not require any marketing effort to be sold or rented out. If your rental property is vacant or is expected to become vacant, your property manager can get busy with marketing so that potential tenants can know about the property.

There are many reasons why you should let a manager handle the marketing aspect of your property management. Some key marketing benefits that they can provide include:

• Having access to a larger pool of potential tenants
• Knowing how to generate and follow up on potential leads
• Getting the best deals on local property listings
• Providing the experience and know-how required to describe your property in the best way possible

With a property manager working for you, potential tenants will know when you have vacant units on your property, reducing the chances of empty rentals that lead to lost income.

Choosing the right tenants

You need to find not just any tenants for your rental property but the right ones. The right tenants should not only be able to pay their rent in full amount and on time, but also meet the basic requirements for tenancy.

A property manager can help you carry out tenant screening to identify potentially troublesome tenants that may lead to eviction notices, lawsuits and substantial loss of rental income. Some of the things that they may check during the screening process include a tenant's:

• Credit score
• Employment history
• Rental history
• Criminal record

Tenant screening is the best way to pick the best tenants for your rental property.

Complying with tenancy laws

As a rental property owner, you are expected to comply with all relevant laws that apply to your property. Failure to comply with these laws may result in huge fines and penalties, as well as the revocation of your rights as a landlord.

A property manager can be your trusted partner when it comes to ensuring complete adherence to state and local tenancy laws. They will ensure all legal requirements are met so you do not run into trouble with the legal agencies. 

Communicating with tenants

Proper communication between tenants and landlords is essential to ensure a smooth tenancy. Property managers can act as a go-between for property owners and their tenants, ensuring any changes to the initial tenancy agreements are effectively communicated.

A property manager can also resolve tenant issues on behalf of the property owner, minimising the need for legal action in the event of conflicts.

Property managers also collect deposits and rent and hire contractors and maintenance providers on behalf of property owners. To ensure effective management of your rental property, contact a local property management company near you.

For more information on rental property management, contact a company like First National Real Estate Penrith.