DIY rental management or hiring a professional to do it for you?

Deciding whether you should work with a rental management company or handle the process on your own?

• What you need to ask yourself is the following:
• How many properties are you trying to manage?
• Do you have the correct financial management systems?
• How much time are you dedicating to those properties?
• Do you have efficient and reliable maintenance resources when problems arise?

Hiring a professional property management company is an investment, but having the right company in place will end up paying for itself by saving you time, money, and stress.

There is no way to guarantee a problem-free experience, but there is little doubt in my experience that many of the inherent risks involved in the rental process can be mitigated by professional management.

There is also a growing trend where tenants are requesting managed leases to ensure their experience throughout the rental period is as well managed and smooth as possible.

Tenants are often viewed as the potential problem, but troublesome landlords can also be tricky.

There are therefore a number of benefits, including long-term advantages that landlords should consider when deciding if professional property management is best for their investment properties.

Below are some key considerations:

1. By screening and credit vetting tenants using trusted platforms, the risk of non-payment can be dramatically reduced. This means long-term tenants, more efficient rent collection and a reduced potential of legal issues.

2. A thorough in-going, mid-term and out-going property inspection using a cloud-based photographic recording platform, will greatly reduce the risk of arguments over property condition and damage.

3. Having transparency when it comes to the management of utilities accounts and invoicing is vital. Providing professional statements and using an efficient accounting system is critical in maintaining a paper trail and protecting all parties.

4. It is a legal requirement that all deposits are placed in an interest bearing account. Having an independent third party manage the deposit in an audited Trust Account not only sees a financial benefit, but also means that the deposit is safeguarded until any potential disputes are resolved at the end of the rental term.

Ultimately, by maintaining good relationships between a landlord and tenant, and holding both parties accountable for their respective responsibilities, the rental experience can be improved for all concerned.