When it comes to real estate, the property management side often gets overlooked. It makes sense, given many homeowners live in the houses they buy. Not every homeowner needs a property manager. However, if you do move into real estate investing, having an understanding of what a property manager does is essential.
Nitschke’s property managers, for example, invest in our relationships, both with owners and tenants. There’s no hand-balling from one agent to the next.
Let’s go through some of the common queries surrounding this essential part of renting out a property.
Tips for landlords of Adelaide Hills rentals
1. Do I need a managing agent?
No, you don’t. You can oversee it yourself but, like we touched on, to maximise your investment, it’s important to use a professional who’s trained to deal with any type of situation that arises… whether it’s record-keeping, marketing, dispute resolution or anything else.
2. Who chooses the tenants?
You have the final say, as the owner. We check applicants’ suitability and make sure they meet our agency’s criteria.
3. How long is a typical lease?
The agreement can be written for any period of time, given both parties agree. Standard leases are for 12 months, but increments of six months are common.
4. What about setting the rent?
There are variables that we explore, including common prices in the suburb, number of bedrooms and bathrooms, and how new the property is. Prices are usually adjusted according to amenities, (view, recent updates, square footage, layout, and floor level).
5. And, can rent be raised?
Once a fixed-term lease is signed, the rent cannot be raised during the lease. Upon renewal, it’s common for the rent to be reviewed. On a periodic agreement, the rent can be increased with 60 days written notice.
6. What classifies as emergency repairs?
As for maintenance, there are tasks that tenants are responsible for (and those that fall into the hands of the owner). Refer to the Residential Tenancies Act for a complete list, but it consists of issues such as a burst water service, a broken toilet, and an electrical fault.
If we haven’t touched on your questions or you’d like to learn more rental property tips, contact Nitschke’s property managers. We’ve recently been awarded for our inclusive approach, coming fifth in SA+NT’s Property Management Department of the Year.
Your family is in good hands, with ours.