With Sydney regularly featuring on lists of the best cities to live in, rental demand is high. This makes it a great place to invest in a rental property, which is a dream many Australians have because they expect it will provide them with passive income. The trouble is, it’s often not as passive as they think. From finding tenants to fixing problems, there’s a lot of admin involved in being a landlord.
However, landlords don’t have to handle everything by themselves. For a fee, they can hire a service that handles property management in Sydney. This article explores how they can help.
Simplifying Tenant Screening
Perhaps the single best way to make rental income as passive as possible is to only rent to truly reliable tenants. Doing so lowers the risk of late payments and property damage. However, getting it right isn’t easy. You need to verify the tenant’s employment and review their rental history. Property management services in Sydney have systems in place to handle all these tasks and choose great tenants for their clients.
Collecting Payments Efficiently
One of the major challenges of property management in Sydney is ensuring rental payments are made on time, as they’re often needed to cover mortgage payments or living expenses. But many landlords go into business without clear procedures in place in the event that a payment is late or refused. A professional property management service will minimise collection troubles through automated payment and reminder systems. They’ll also handle negotiations and legal steps, if needed.
Handling Maintenance and Repairs
Dealing with maintenance issues is something that can take up a lot of a landlord’s time, especially if they own an older property. It’s their responsibility to find trusted tradespeople, get quotes, and oversee the work. Taking too long could cause problems with the tenant or even land them in legal trouble. Rental property management services help the landlord-tenant relationship by handling maintenance issues efficiently.
Meeting Legal and Regulatory Requirements
Rental property management in Sydney is subject to numerous laws and regulations. These cover various aspects of a landlord’s rights and responsibilities, including rental contracts, rent increases, safety checks and eviction processes. It’s essential to comply with these, or else you may face fines and other penalties. Property management services continually monitor these regulations and have procedures in place to ensure their clients’ properties are in compliance with the latest instructions.
Reducing Vacancy Rates
Good property management firms are also highly effective at marketing properties. This allows them to find the right kinds of tenants quickly, ensuring that properties remain vacant for as little time as possible. They typically hire or work with expert photographers and writers who can create compelling online listings, listing your property as soon as the existing tenant announces they’ll be leaving. Often, that means you’ll have a new tenant right away.
Conclusion
Property management in Sydney can be a great way to earn income, but it’s not without its challenges. Working with the right management agency can save you a lot of time spent dealing with administrative tasks and disputes. For many landlords seeking passive income, that’s well worth the extra cost.
