The work from home ‘segmentation‘ trend has seen properties in sought after cities like Cape Town being snapped up – either as rental properties or for occupation.
In this blog post, we list what a property manager does and explain the benefits of getting a good property manager, then give you tips on hiring the best property management team for your rental.
What does a property manager do?
As a property owner, you have invested in your own future, and now want to make sure that you get the best return on that investment. But how to go about this? Finding a tenant and renting out your property, whether it’s a residential or commercial property, can be intimidating and take up valuable time.
That’s where a property management team can help. A good property manager is someone who can manage your property and future tenants in a way that benefits everybody. This person or team will be on top of any maintenance issues, know how to handle any tenant relations problems that may come up, and help with repairs as needed. A good property management team takes all the admin and hassle of getting a rental income out of your hands. That passive income that you were dreaming of, really can be passive.
What can they do for you?
A property manager or property management team handles the full spectrum of placing and administering your tenants.
Their duties include:
- Marketing your rental property – including taking professional pictures
- Posting your property online or in relevant publications
- Cleaning and making sure that your property is fit for viewing
- Handling appointments and showing potential tenants your property
- Checking the financial backgrounds of potential tenants
- Drawing up rental agreements
- Collecting deposits and monthly rentals
- Following up on any rental arrears
- Tenant eviction and legal matters pertaining to this
- General upkeep and maintenance
- Making keys and organising access control where applicable
- Liaising between you and your tenants in the event of any difficulties
- Acting as your representative should you live in another city
There are many benefits to using a well-known local agency to handle your rentals, as the list above shows. A residential property management company often has an in-house maintenance team and receives preferred pricing and discounts from vendors, which usually allows them to pass additional savings on to you. More than money, however, is the time and stress saved – no tenants calling in the middle of the night with a leaking geyser that’s your responsibility.
How to choose the best local team
Finding the best property management team can take your investment to the next level. With the property market in the Mother City booming, property management firms are popping up everywhere. However, rental management is a complex undertaking involving legal matters, handling tenants as well as ongoing maintenance and it is important to choose well.
The best property managers have proven local knowledge and experience on matters such as:
- Legal requirements for business premises – these may include rental licensing, inspections, or electrical certification.
- Market Demographics – Filling vacancies efficiently comes in part from understanding who your tenant pool is. For example, is the area popular with students or tourists? Is your property suited to residential or commercial use? Being knowledgeable about the potential tenant pool helps managers target their marketing efforts for maximum impact.
- Vendor Relationships – Every rental will need repair or maintenance eventually. It is thus important to partner with a management team with established vendor relationships so that your repairs can be handled timeously.
Keep in mind that there will be fees involved in using a property management agency. Each agency has a different menu of services and fees, so make sure that you ask for a detailed quotation. As an owner, you also have the option of using an agency to place a tenant, and then managing other administration yourself. However, the upfront costs of a management team should be weighed up against the long-term financial and time management benefits.
Find property managers in your area:
As Green Point and Oranje-Kloof are such popular residential areas, owners and tenants are spoilt for choice when it comes to rental and letting agents. Here are a few of the agencies in your area.
- Rawson Properties Green Point
- Tyson Properties Atlantic Seaboard
- De Waterkant & Green Point Estate Chas Everitt
- Lionlead Real Estate Sea Point and greater Cape Town area
- Keller Williams Explore Atlantic
- Stealth Properties for commercial rentals
- Rennie Property
- Volschenk and Heyns
Like any other investment asset, your rental property and financial portfolio will benefit from proactive and professional property management. Whether you own a rental property that’s in the next block or the next city, choosing a property manager can help save you time and stress and potentially boost your bottom line.
