Everyone knows that there is nothing more valuable than good tenants. Still, many landlords fail to realise the equal importance of finding a good managing rental practitioner who can support both the tenant and the landlord to ensure that the agreement between both parties will last.
Importance of a rental practitioner
Regional Director and CEO of RE/MAX of Southern Africa, Adrian Goslett, explains that having a good rental property manager is perhaps one of the greatest assets a landlord can have. “Outsourcing the management of your rental portfolio to an experienced expert will safeguard your investment, ensure greater returns, and minimise the headache of managing challenging or demanding tenants,” he advises.
Those who have never outsourced these services before might be unable to tell the difference between a good and an average managing rental practitioner. To help you know when you have found a great managing rental practitioner, RE/MAX of Southern Africa shares the following tips:
- A great managing agent will keep you informed about both the state of your property as well as the plans of the tenants. This will help you plan for renovations, maintenance, and the possible need to advertise if the tenant does not plan on renewing the lease.
- Going hand-in-hand with warning you about upcoming maintenance issues, a great managing practitioner will also have a list of reputable contractors with whom they have worked in the past. Anyone who has had work done in the past will know how difficult it can be to find a reliable tradesperson, which makes these recommendations invaluable.
- The market is constantly changing, and a great managing practitioner will know this. They should offer regular reviews on how your property compares to other similar rentals within the current market and offer suggestions if there are any possibilities for your property to perform better. Sometimes, they might even recommend a drop in price if there is a risk of losing a good tenant to a more competitive rental market.
- As an industry professional, your rental manager will be among the first to know of any changes in legislative requirements. They will keep you updated on any relevant changes to help you avoid any legal repercussions.
“A great rental property manager is there to support you and your property goals. While this comes at a small cost to the landlord, the cost of not having them at your side could lead to much more costly mistakes down the line. If you are looking for someone to manage your rental portfolio, reach out to a local RE/MAX office for some further guidance on this topic,” Goslett concludes.
For more advice about homeownership, or to get in touch with the world’s largest brand in real estate, visit www.remax.co.za.
Writer: Kayla Ferguson