Are You Managing Your Rental Property?

As a new landlord, it can be an overwhelming and time-consuming process to get your Adelaide Rentals occupied by tenants. There are many resources to assist homeowners in becoming landlords. Here are some practices that property management firms employ to ensure that operations run smoothly:

Run a credit check on your applicants – it is worthwhile to pay to get a credit check done on your applicants as part of your screening process. It lets you know the financial history of the individual who will be paying you on a monthly basis, providing more information as to how responsible they are with their money.

Do away with Cheques – Instead, set up pre-authorized debit: Pre-authorized debit will ensure that you get paid every month, and it eliminates the risk of lost checks or the hassle of going to collect rent from your tenant. Most banks have a very simple form that you can fill out so that rent can come out of your resident’s bank account every month. Talk to your financial services representative to get the full insight on the process.

Know what the law says – Every good landlord should see what they are responsible for and what their tenant has the right to do. It will prevent you from getting cheated in the future and is an overall good practice for anyone looking to protect their investment.

Check up on your property regularly – Set up a schedule with your tenant so that they know you will be dropping by to check up on the property. It will help build the relationship between you and your tenant, prevent grow-ops in your home, and assure you that your income property is still in one piece

Managing your Adelaide Rentals can be stressful, we all know someone who has had a terrible rental experience, or a homeowner with a horror story of tenants trashing their home.

Furthermore, the time involved with finding tenants, maintenance, and upkeep, and collecting rent could classify as a second full-time job. Luckily rental management companies have you covered. The property management team will do all the hard work necessary to find you, qualified tenants, check up regularly on your home, and deal with repairs while you sit back and collect residual income. All you need is to be picky when hiring a property management company. Only go for a company that has a good track record to ensure that you get quality services.