The Basics of Rental Property Management

If you are considering renting out your property, but don’t know the first thing about how to find tenants, get your home ready for showings, or what a lease should look like – this article is for you. We’ll cover the basics of rental property management and some of the best practices we’ve learned over our years in business. After reading these tips and tricks, you will better understand what it takes to be successful in rentals!

Rental Property Management Perth, or the act of managing a rental property, is one of the most critical responsibilities for landlords. There are many things to consider when ordering your investment, and this blog post will cover some of these basics. 

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The first point is that there are two different types of properties: single-family homes or apartments with more than five units. Different rules apply to each class which can vary from state to state (or province). For example, an apartment building could have one landlord and five tenants on a lease, whereas a single-family home would not have any renters other than yourself living in it. A good rule of thumb would be to find out what applies where you live before deciding on how you want to manage your property.

After figuring out what type of rental you have, the next step is to find a management company or hire from within. You need somebody who has experience with managing these types of properties and knows all the ins and outs, including establishing an income for yourself each month and paying taxes on that money.

What Does a Rental Property Manager Do?

The rental property manager is the person in charge of everything related to a rental property. They serve as the liaison between the landlord and tenant, set up maintenance appointments with vendors, submit forms for tax breaks and subsidies when applicable, and handle all aspects of upkeep on the property. The duties can vary depending on what type of property they are managing but typically include: 

  • collecting rent from tenants every month
  • ensuring that utilities are paid each time they come due
  • screening potential renters for their suitability as tenants according to criteria such as income level or credit score established by the owner or management company
  • reviewing leases before signing them to ensure that all parties understand their responsibilities under it (including termination dates)
  • inspecting units periodically during the tenancy to make sure repairs have been completed.

The responsibilities of rental property managers can be daunting, but the rewards are worth it. If you want to have a successful investment that is easy for you and your tenants to maintain, consider hiring someone who specializes in managing rentals. Our company has been one of the Best Property Managers Perth, providing high-quality service by taking care of every detail, so our clients don’t need to worry about anything other than enjoying their properties! We would love to help make sure your property thrives with great tenants and minimal hassle from start to finish.

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