Everything you need to know and should know about rental management
Category News
If you've been a landlord for several years, you're bound to have encountered some kind of stressful situation relating to a tenant. These situations are the reason that many landlords use a reputable rental management service, such as the one offered by Jawitz Properties. We connected with Ynnis Willson, Head of Rentals and Rental Management at Jawitz Properties, to get the lowdown on all the advantages of rental management services.
Top advantages of letting out your property through a rental agency
Willson explains that while there are many advantages to using a rental agency, the two most important ones are the vetting process and entry and exit inspections. Jawitz Properties' comprehensive tenant vetting service includes credit checks, reference checks, employment checks and affordability checks and validity of documentation. At the end of the vetting process, we'll give you a score card and recommendation relating to every prospective tenant. While a tenant's circumstances may change at any stage, the in-depth check will give you peace of mind that the people who rent your property are financially responsible and will look after your home.
Detailed entry and exit inspections are also vital for both the Landlord and the Tenant, not only to ascertain responsibility on maintenance and repairs but to ensure you retain the value of your physical asset.
A property practitioner can also guide you in terms of rental yield and market escalations.
Rental agencies offer landlords flexibility as far as possible, and there are various payment options available depending on what you need. "An upfront fee based on the value of the lease is charged for tenant placement," Willson clarifies. "If you require rental management services, you will be charged a percentage based on the monthly rental, however there are other options depending on the clients needs."
Misconceptions about rental management
Willson highlights that one of the common misconceptions that landlords have is that the real estate company takes on the risk associated with the rental property if the tenant does not pay. "This is not the case," she explains. "The landlord continues to take on the risk and benefits of ownership, while the rental agency assists with rental collection and issuing of any necessary letters of demand. We will also guide you in terms of eviction if necessary."
Another positive note for landlords is that Jawitz Properties offers eviction cover and has a retainer attorney to assist when needed, at a discount rate.
From a tenant's perspective: the advantages of renting through an agency
If you're looking for a property to rent, chances are that you've come across an abundance of adverts on Facebook and other social media for granny flats and other types of property to rent. While it can be tempting to look at such properties, it's important to know that there are various benefits for tenants - as well as landlords - to make use of a rental management service. "Protection of your deposit is a key protection that comes with renting through an agency," explains Willson. "Provided that there is no damage to the property over and above usual wear and tear, this deposit, as well as interest accrued, should be returned to you when you move out."
Willson also points out the advantages of detailed entry and exit inspections that should take place when you rent through an agency. "These inspections provide protection and peace of mind for both the landlord and the tenant," she shared.
If you're looking for a rental agency to manage your real estate investment, get in touch with Jawitz Properties. We have a dedicated team of in-office administrators who focus on managing the physical and financial wellbeing of your investment.
Author: Jawitz Properties
