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Turning Your Adelaide Investment Property Into a Money Maker
After you’ve put in the work of finding and purchasing a property, Ironfish is here to help you take the next steps in your real estate journey. And when it comes to investment properties, that next step is getting tenants!
At this point you can either spend weeks educating yourself on the law and on your responsibilities as a lessee. You can research and draft up paperwork yourself, personally advertise for tenants in local papers, and shuttle from one city to the next to inspect, maintain, and handle your various investments.
Or you can hire a property management team.
Your Property Management Team
In a major city like Adelaide, a property management firm can take care of everything to do with your rental property, acting on your behalf as your agent. When you’re looking for a property management company, you’ll want to discuss what actions they’ll take on their own and what actions they’ll run by you first for approval. Once you’ve found a team that you like you’ll want to give them independence so they can bring their expertise to bear for you.
There are several important things you should discuss with potential managers. You should review their reporting structure: how often they’ll provide financial reports and what information will be in those reports. You should review their portfolio and see if they represent properties similar to yours. And of course you should discuss the fees they charge and put together a quote. Be aware those fees may be tax deductible – consult with your accountant for more details.
An Adelaide property management firm should be able to offer you full service. Right from the moment you sign with them, an agent can inspect your property and start the paperwork. They can tell you what insurance to purchase and can suggest a rate that’s fair and profitable. Once all is prepared legally, the property management team advertise for a tenant, interview, and can sign the let on your behalf. Once the tenant is installed, the property management team services the lease, collecting rents and handling tenant concerns. They do inspections, order repairs and upgrades, and keep you informed of any new laws or regulations that could affect you.
Your property management team will also oversee the actual property itself. Repairs, upgrades, landscaping, paint, and more will most likely all fall with their purview. And in the highly unlikely circumstance that a dispute with a tenant ends up in an Adelaide court, your property management team can represent you there as well.
Choosing the Name You Know
The good news is that finding a good property management team for your Ironfish real estate is easy: you can work with Ironfish Adelaide’s property management team! Not only have we put our name behind the great work that they do, you can go into the business relationship knowing that your Ironfish property manager has extensive experience dealing with property owners who only own a handful of properties.