For anyone considering to invest in rental properties Adelaide, the selection of a reputable property management service is for the success of your investment.
This article explains four of the most important factors to look for when you are selecting a residential management company.
- Choose local: Find a company that knows your local market intimately. Choosing a local operator ensures your property manager will be able to quickly attract tenants because they know what prospective tenants look for in your area and highlight them to get the property occupied quickly. Minimising the downtime that your property is vacant is key to a successful rental investment. Property managers who know your community can make recommendations you can trust and act on with confidence. This is a win-win situation for the estate management business, potential tenants and you, as the owner.
- Technology support: Find a rental manager that successfully manages properties using professional property management software. When the company uses efficient, industry-specific software, billing, maintenance and repairs are duly recorded. As a client, you should be able to contact your rental managers online to find out exactly where your investment is at, whenever it suits you.
- Transparent financial management processes: Reliable financial management of your residential investment is one of the most important aspects of your rental income, and a key reason for employing a reputable company. Rental payments should be moved from the business trust account to your account in a regular, timely fashion. This ensures you are maximising the return on your rental income, rather than the funds remaining in the property manager’s account, potentially gathering interest. It is also important to find a company with staff who are trained in accounting principles, so the financial aspects are handled with complete accuracy and integrity.
- Choose experience and good reputation: When you are selecting a rental manager, make sure you ask about their management experience and request at least three references from current or previous landlords and tenants. Your chosen company will be responsible for your entire property investment, and you need to be sure they are trained to do so.
Ensure they have good customer service and communication skills because they are the people who will find suitable tenants and keep them happy for as long as possible after the lease is signed. Tenants who are unhappy with the property manager as your representative will not only move on somewhere else but also talk about their negative experiences with everyone they know.
Finding a good residential management service for your rental properties Adelaide isn’t easy. The recommendations above should help you to make a well-informed decision that will optimise your real estate investment.