The demand for property management and repair services has been on the rise. However, you cannot just employ any property maintenance and management service in Melbourne. You must ensure that you are bringing the right partner on board. Here are some of the factors you need to consider before hiring property management and repair services in Melbourne.
The first thing you have to understand is whether you need insurance for tenants and landlords. The property will not have any protection in the absence of an insurance cover. Make sure you take this aspect into consideration before you lease out the property. It is critical that you get a comprehensive insurance cover for your property.
Some of the compliance issues are whether you must have a rental permit before leasing out the property. Rental licensing depends on the jurisdiction of the state or country. A good property management company will assist you in meeting some of these compliance issues. The company should carry out a thorough inspection of your property and provide the necessary advice. The property manager you choose should be up to date with local housing compliance issues and will make sure that you are on the right path.
Deposit of Rent
You must find out whether the tenants can credit the rent directly to your bank account. It’s also critical to understand the monthly schedules of collecting the rent. Make sure you iron out all these issues before signing the agreement to avoid potential disputes with your property managers.
Ask the property manager on how he will be updating you on the management of your property. You must understand how often to expect the updates and through which means. The best property maintenance and management Melbourne service providers should not only wait for a crisis before updating the landlord. The business relationship should be continuous even when things are flowing smoothly.
The best property management company should have the right system to facilitate communication with the landlord and tenants. You will be better off if you can get the ones who have an online landlord portal that you can log in on a 24/7 basis. You need to be up to date with the ongoing management and approvals of your property. You could also confirm whether you can access the property manager through his phone or email address.
Check on the provisions that are in the rental agreement and make sure that they protect your rights as a property owner. The document may be detailed but take your time to go through it. You may find some clauses that will work against your interests. An ideal lease should prevent any misunderstanding between the tenant and landlord. The lease should also be drafted by an attorney who is an expert in your jurisdiction.
You should also understand who will sign the lease agreement. Some property managers in Melbourne sign the lease agreement on behalf of the landlord. The implication is that the landlord signs over his property to a different entity. Make sure you are comfortable with such an arrangement before making a decision. It’s advisable to go for a company that expects the lease between the tenant and the landlord. In this case, you will be in the picture of what is taking place on your property.
Your level of involvement in the investment should always remain high, and you must know what is happening with your property. This is your investment and in case of any loss, you are the one who will bear the cost.