News

Five Tips for Good Rental Management

Rental Managers are often undervalued assets in the management of your rental property.

What is their role and what factors should be considered when selecting one:

  • check
    Your Rental Manager needs to evaluate your tenants for their willingness to care for the property and pay the rent on time. This is an evaluation of character.

We have had an onsite Rental Manager who had a quarterly dinner for the tenants.  This made a stronger community who were better able to enjoy the amenities.  It also put pressure on antisocial behaviour: like parking for too long in the visitor spots.  She actually had a list of tenants wanting to move into the complex and could charge premium rents.

On the other side, Rental Managers have been sufficiently impressed by tenants to recommend them; and then it has been discovered they used false names and skipped out before the end of the lease owning money.

  • check
    Your rental manager needs to have the strength of character to have some tough conversations with tenants should they fail to pay their rent or to keep the property well.

We have seen a diminutive female Rental Manager insist the burly male tenant find the right cleaning product to clean the carpet right then and there during a routine inspection.  The conversation was delivered with humour to the job get done and maintain the relationship.

For over due rent we have also landlord’s insurance and need our rental manager to be squeaky clean on their rental management processes or our policy is invalid.

  • check
    Your rental manager needs to have some tough conversations with you if you fail to approve repairs in a timely manner or neglect the maintenance of the property.

Have respect for your tenants and keep your property to a standard of repair that meets your rental expectations.  If it is a corporate rental that may mean 24hour emergency support.  If it is a basic property that may mean everything works and it is clean.  If you want more rent, speak to your Rental Manager.  It might be that a cost-effective investment can increase the appeal of your property.

  • check
    Your rental manager sits in the middle of two relationships, between you and the tenant.

You give them the ability to earn a weekly income through your rental management agreement.  They are appreciative of this however often their attention to your needs can fade over time, there simply may not be time to care for you.  It can also fade if you fail to maintain your property as it is harder to rent and takes more time than they have to spend.

The tenant actually gives them their weekly income through the rent, without this they don’t have a business.  This makes some focus more closely on tenant care as the priority. It is natural they like one party more than the other.  Their business experience helps them to manage both parties well.  You can help too by doing your bit for the relationship.

  • check
    Your rental manager has a responsibility to provide expert feedback on the state of your property. If it is an older property this can be to identify insidious problems like dry rot; or plumbing and electrical problems.  The key is to find and repair these issues before any damage is caused.

If it is a new strata titled property this can be anti-social behaviour overuse of the shared amenities that upsets your tenants.  If it is consistent it can even earn the building a bad name.

One local agent consistently rented two bedroom apartments to families of six.  The body corporate was able to assist in communicating with the owners involved and gaining their support to change rental managers.

Choose your Rental Manager carefully as they are a key part of your success in maintaining the value, the appeal and the presentation of your property.

0
%d bloggers like this: