Being a landlord is financially rewarding, but it is also a full-time job with a number of responsibilities, which is why property managers are an attractive alternative, prompting the question, what are management fees for rental property?
A good property manager really does reduce the administrative burden for landlords, which is just one of the reasons great property management companies are in demand for looking after rental properties.
Furthermore, a property management company helps your home realise its full potential by avoiding long spells of vacancy and bringing reliable tenants.
And that’s just a few of the key services you can expect.
Other services include your property manager helping to coordinate home maintenance tasks.
If you are wondering what are management fees for a rental property, the ongoing fee for services is a percentage of the monthly rent, and varies across companies.
Usually, landlords find it more worthwhile to focus on the suite of services provided as the time, effort and knowledge required to manage their property and tenants by themselves can become unrealistically overwhelming for one person.
What do management fees for rental property cover?
- A property manager is a link between the landlord and tenant. Upon request, the company can intervene immediately and take the desired action. As a convenient point of contact for the tenant, the property manager also helps expedite maintenance on property. This is especially helpful for tenants who may not be able to contact a landlord residing abroad or interstate.
- Investing in a property isn’t difficult but securing consistent occupancy and competitive rental rates is far from easy! Searching for tenants and capturing the best rental rates is a job ideally left to a property management company. Your property manager will conduct rental reviews of your property from time to time, and handle internet marketing and other rental advertising activities on your behalf. This is a time-consuming and specialised service that busy landlords are happy to delegate to their property managers.
- Property managers are obliged to run screening processes to find quality tenants who have a stable income and a flawless rent paying record. Besides ensuring occupancy, your property management company will also collect rent, chase rental arrears (if any), and make all outgoing payments on your behalf from rent received.
- As you may imagine, there are multiple administrative tasks associated with property rentals and client relationships in Adelaide. There is also the mandatory requirement to comply with the provisions of the Residential Tenancies Act 1995. Property managers are well-versed with the applicable rules and processes, freeing you of the stress of connecting and managing many touchpoints, in a meaningful way.
To summarise, management fees for a rental property cover several tasks essential to ‘putting your property to work’ and helping you meet your goals from your residential or commercial investment.
That is why Adelaide landlords are less interested in knowing what are management fees for rental property and more focused on partnering with a reputed local property manager like McGrath Real Estate.