Property managers crucial in rental management and lease agreements
Category Rental Management
Renting a property, whether residential or commercial, comes with a host of responsibilities that can be overwhelming for landlords. This is where a reputable property manager can offer expert advice and serve as a valuable partner in ensuring efficient rental collection, thorough property inspections on top of covering all legal aspects in lease agreements.
Craig Coetzee, managing director of leading property management company, WatchProp, says that the focus should be on safeguarding both landlord and tenant rights. Property managers play a pivotal role in fostering a harmonious tenant and landlord relationship.
Coetzee highlights some of the advantages of a property management company:
- Rental collection. Collecting rent on time is the lifeblood of any property investment. Property managers have the experience and expertise to establish efficient rental collection systems, reducing the risk of late or missed payments. By setting clear due dates, sending timely reminders and offering convenient payment options, property managers can provide landlords a consistent cash flow. Not only does this benefit landlords, it also maintains tenant satisfaction as transparent and hassle-free payment processes contribute to a positive rental experience.
- Incoming and outgoing inspections. Property inspections are an essential part of lease agreements to effectively maintain the condition of rental units. Property managers conduct incoming and outgoing inspections to document the condition of the property at the beginning and end of lease agreements, but will also conduct regular inspections to ensure the property is well maintained. Inspections protect the landlord from potential disputes which invariably result in security deposits being affected. Regular inspections also provide tenants with a fair assessment of the state of the property and their responsibilities in the lease agreement.
- Lease agreements. The foundation of a tenant and landlord relationship is the lease agreement. These agreements outline the rights, responsibilities and expectations for both landlord and tenant. Property managers have the expertise to draft structured and legally sound agreements that address all pertinent matters relating to both tenant and landlord. Matters such as rental terms, rentals due, maintenance responsibilities and rules and regulations are all covered reducing the chances of conflicts arising out of any dispute.
- Legal compliance. Laws can be intimidating. Property managers have an in-depth understanding of the legal requirements when renting property and will ensure that lease agreements adhere to all laws and regulations to safeguard the rights of landlords and tenants.
Coetzee says that property managers are indispensable when managing rental collections, conducting property inspections and drafting and managing lease agreements. With a streamlined service that property managers provide, landlords and tenants are assured that not only are their rights protected in terms of the law, but that a harmonious relationship is maintained throughout the lease period. As landlords seek to maximise their property's potential, a reputable property manager is a strategic choice to deliver long-term profitability.
Contact WatchProp Commercial and residential on 021 441 8800, Sectional Title on 021 914 6660 or email info@watchprop.co.za.
Author: Watchprop