Buying properties to rent can be quite a lucrative business venture. For those individuals who’re interested in learning more about this potential extra source of income, this article will outline some of the fundamentals of property management in Hassall Grove.

What exactly is property management?

As the name indicates, property management is the means by which industrial, commercial, or residential properties and real estate are managed and cared for.

While property owners can be their own managers, many landlords choose to hire third-party individuals and companies, with these parties being responsible for maintaining and caring for the property.

What are the tasks expected of Hassall Grove property managers?

Office Building for Lease Plumpton

Property managers have many responsibilities, such as:

  • Maintaining the property. In order to keep the property rented, it’s imperative that the property be kept in good condition, as no tenant will be likely to rent a place that has become run down or is otherwise poorly maintained.
  • Finding tenants for the owner. Property managers are also responsible for ensuring that tenants are found for the property, and that those tenants are able and willing to properly care for the property during their tenancy.
  • Collecting and processing rent. Hassall Grove property managers are tasked with making sure that tenants are paying the correct amount each month and that they are paying their rent in a timely fashion. It’s essential that property managers in Hassall Grove always pay close attention to when rent is paid, especially if those payments are tardy.
  • Dealing with problems that come up at the property during the occupancy of a tenant. During a lease, there are many issues that a tenant could experience, including chipped or peeling paint, broken pipes and other plumbing issues, and the like. It’s the responsibility of the manager to make sure that these problems are all dealt with as effectively and speedily as possible.

Should you handle your own property management or you should allow a Hassall Grove property management company to manage your property for you?

Some states have specific regulations on who can act as property managers, so the answer to this question will largely depend on where you’re located. In the majority of states, an individual must be a licensed real estate broker in order to act in the capacity of property manager. If not a licensed broker themselves, persons can act as a manager if they are working under the guidance and umbrella of a licensed individual.

For the sake of success and practicality, it’s always preferable for the property manager to be someone who has experience in managing and maintaining a property. This is primarily due to the fact that someone with experience will be more likely to foresee any issues and will be familiar with common problems tenants experience, so they will be more able to determine the most effective way to fix them.

While a Hassall Grove property management career has the potential to be quite profitable, this doesn’t mean that this job path is the best choice for you. If you’re thinking about entering this line of work, make sure to look at your options and to do your homework so that you are familiar with what will be expected of you.

If you own a rental property, contact Hilton Parkes Real Estate today at 02 9832 3211 to receive a free rental analysis of your property.