Why rental management services are essential for landlords
Category Rental Advice
Owning a rental property is a great investment for bringing in an additional income, but it can also be a harrowing journey if you go at it alone. With South Africa's residential rental market back in positive territory, it's the perfect time to capitalise on your investment while ensuring peace of mind. And with that, rental management services are key to ensuring you get the most from your real estate goal.
Attracting and retaining tenants
There are various aspects you will need to consider when locating the right tenant for your property. The first and foremost is the rental price. Is your property priced affordably? By researching similar homes for rent within your neighbourhood, you will be able to get an idea of what your rental price should be. Key factors when pricing your property include the location, size of the property and the benefits included such as utilities, cleaning services and whether or not it's pet friendly.
Tenants have an abundance of options when searching for a home and so you need to ensure that your property stands out. By getting a professional photographer to take beautiful, high-quality pictures you will have no problem attracting potential tenants to your listing.
Good tenants can be hard to come by and so once you've secured one, you'll want to know how to keep them. There is nothing more frustrating for a tenant than having various unattended issues around the property. Addressing maintenance concerns quickly will keep your tenants happy and ultimately benefit you in the long run as it will help keep smaller maintenance tasks from turning into larger issues.
Maintaining your rental property
Rental maintenance is one of the biggest responsibilities of a landlord and is known to be a huge pain point for investors. Regular inspections can be extremely helpful when it comes to maintaining your property and keeping stress levels to a minimum.
- An entry inspection is required for the tenant to identify any concerns and for the landlord to document the condition of the property before handing over the keys. Make sure to keep a signed record of all your findings.
- Routine inspections are not something many landlords do but absolutely should. Creating a schedule with your tenant where you are able to do a routine inspection every couple of months is an opportunity for the landlord to identify maintenance issues and for the tenant to discuss any problems such as a roof leak.
- Exit inspections are vitally important as it's not only the time to identify any damage your tenant may have caused but for you to note what normal wear-and-tear repairs or maintenance issues may need to be addressed before the property is rented out again.
Maintaining your property on a regular basis will not only keep your tenants happy but will also increase the value and so it is in your best interest to keep the property in good shape. When decorating your property, try to keep walls neutral, avoid light carpets and invest in good quality fittings such as the stove and oven in order to ensure less maintenance is required.
Partnering with a property management company
Renting out your property can be quite time-consuming and bring on a great deal of unwanted stress. If you feel that your time would be more productively and enjoyably spent doing something other than actively managing rental properties, then choosing to partner with a property management company will ensure the entire rental process is taken care of efficiently and professionally while you reap the rewards.
FMS Sales and Leasing will handle every aspect of the rental process from marketing your property on the appropriate platforms, screening potential tenants and handling all the administration including the signing of the lease agreement. We will conduct routine inspections and provide you with digital inspection reports, deal with tenant queries on a weekly basis, including those relating to maintenance, financial concerns and legal issues. FMS Sales and Leasing property practitioners are qualified, experienced and well equipped to provide exceptional service, so contact us today to create a seamless rental journey.
Author: FMS Sales and Leasing
