Apart from insisting on a no-excuses approach to collecting rent, a managing agent legally carries most of the risks attached to the tenancy management process – making the small fees they collect priceless.
It can become extremely costly and stressful when a self-managed tenancy goes wrong and, in most cases, not worth the risk. Here’s the main reasons why appointing an official property manager can save you time, money and lots of heart ache.
Residential Tenancies Act – Your Property Manager Is The Expert
One of the most crucial parts of a property manager’s role is to manage the tenancy agreement as regulated by the Residential Tenancies Act (RTA).
The RTA applies automatically for tenancies of longer than three months’ duration, whether there’s a formal lease in place or not – which means that, if you’re handling the tenancy by yourself and not aware of the rules, you could find yourself in trouble.
National Tenancy Database – Referencing Tenants Is Key
Referencing prospective tenants is easier said than done. You can ask for referees, but without access to the National Tenancy Database (NTD) you’re only skimming the surface. The NTD enables your property management agency to verify identification while conducting tenant blacklist screening, bankruptcy and court record checks.
Marketing Power – The Advantage That Works
Most people seeking a rental almost exclusively rely on the Internet to search for their new home. Your property management agency will have already tried and tested marketing channels in place, boosted by their corporate branding. This means you’ll always been a step further in terms of attracting tenants than going it alone.