INVESTING
as possible after receiving notification ( at their own cost , unless the repairs are due negligence of tenants or their visitors ).
• Keep the tenant ’ s deposit in an interest-bearing account and provide statements on request .
• Provide receipts for all payments made by the tenant .
• Keep receipts for all repairs done to the property that have been deducted from the deposit .
• Return the balance of the deposit ( plus interest ) to the tenant within 14 days of expiry of the lease if repairs are required , or 7 days if no repairs are necessary .
“ Remember , as a landlord , it ’ s in your best interests to keep good tenants happy and your property in excellent condition ,” says Savage . “ Doing so will reduce vacancies , improve income stability , maintain rental growth potential and enhance your property ’ s resale value – all vital elements of optimising your investment yield .”
Property Management Okay , so you ' ve thought about hiring a property manager , but you ' re concerned about the fees . We get it ! Let us explain how property management functions and how the fees work in a bit more depth .
If you hire a Full-Service Property Management Company , you can expect to pay a percentage of the monthly rent as a “ Property Management Fee ”. By using a percentage-based property management fee , the property management company will be motivated to get the property rented and obtain the highest rent possible as they are getting paid a percentage of the rent . They are in it with you in good times and bad , as rents increase , they make more money and if rents should fall their fee drops too .
A Management Fee can often range between five and fifteen percent depending on the property type , location , and what services are included in the fee .
Property Management general responsibilities 1 . Rent Collection
Not only collecting the rent but
61 SEPT / OCT 2023 SA Real Estate Investor Magazine