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Those of us fortunate enough to own property often accumulate enough wealth to buy up even more property. Renting out a property is a fantastic way to create a passive income. This income can only be considered “passive” of it doesn’t feel like work and the easiest way to achieve that it to leave the logistics and hard work to professional property services.
1. Maximising the Profit of Your Investment
Professional property solutions providers know that it is in their best interest to ensure their services encompass this first point. Property services, in order to be effective, must deliver the most profit with the least hassle to the owner/landlord to be considered worth the price.
2. They Can Set Fair Rental Rates
As experts in their field, property managers will be very familiar with the current state of the property market and its outlook for the near future. This allows you to set fair rental rates that are still competitive with their expert input.
This is a common mistake made by property owners who try to manage a single (or multiple properties) singlehandedly and find that they quickly run out of capital before collecting a single tenant’s rent.
These rates will vary depending on if you are renting out a residential or commercial space which professional property managers will adjust accordingly at regular intervals.
3. Collecting Rent and Levies
When it comes to the collection of rent and levies this is where things are most likely to get a bit awkward. Especially in cases where payment is late or not made at all, professional property services providers know exactly what procedures to follow that are legally compliant in order to receive all payments in a timely fashion for the benefit of all parties involved.
4. Managing Levies
When living in a complex each tenant of a sectional title is expected to pay a monthly levy. This goes towards the maintenance of the property as a whole. Communal areas don’t magically stay functional and aesthetically well-kept without some form of cash flow. Property management services ensure the levies are used to maintain things like the security services, swimming pools, gardens, staircases, elevators and walkways.
5. Advertising the Property
Property services providers have the connections and ability to advertise a property to attract tenants willing to pay the asking price. This includes digital marketing, listings as well as showings of the property.
6. Finding Tenants
This takes time and dedication, and even more time if you do not know where to look. There is more to it than finding people who would like somewhere to live. Professional property solutions providers don’t only have the ability to find tenants quickly so that properties do not stand empty and owners lose out on potential profit, they have the expertise required to find the right tenants.
The right tenants are those that plan on staying for a good deal of time in order to fulfill a contract and are reliable so you know they will pay levies and rent on time.
7. Ensuring All the Necessary Legal Compliances are Handled
The legalities involved in the owning and letting of property roll deeper than many people understand. You must ensure that your practices are compliant with a number of Acts, which, without the correct training, is much easier said than done. Property services will provide legal assistance in terms of compliance and all other situations that call for legal intervention, like cases of non-payment and eviction.
8. Managing Relationships
The toughest job when it comes to owning and letting property is managing relationships. This can be between tenants, between tenants and owners, or between trustees and board members. Whatever the case may be, property solutions have been carefully pieced together to make communication and managing relationship its forte.