Property management services are vital to the successful running of any real estate portfolio. Finding the time to do everything is simply not a reality for most investors. Most landlords have busy lives and, in many cases, other jobs to think about.
Jason Duncan started his own property management company, RentalMiles, after growing frustrated with the options in the marketplace. Like so many business owners, Duncan saw a process that needed fixing and decided to take the responsibility to do it himself.
“Investment properties typically play an important part in an individual’s retirement, so there is a lot on the line,” says Duncan. “We have hired experienced agents who know all of the ins and out of renting properties and the potential risks. We handle all tenant placements on behalf of the property owner and manage all of the listing services throughout various marketing websites. We have that experience of screening people to make sure the investor has quality tenants in their property.”
RentalMiles also supervises all maintenance of the property, arranges property inspections and offers thorough documentation to support you should you require legal services. The company has also introduced a rewards system to incentivize tenants to maintain properties to the best possible standard. “The rewards ensure that tenants are really taking care of the asset,” Duncan says. “Tenants are also rewarded for Re-Leasing the property before their lease ends, which means the occupancy level is maintained and no rental income lost.”
RentalMiles is unique in the marketplace in that, ultimately, it is a technology company that has built proprietary software to deliver its offering. Every tenant and landlord can download an application to their phone, through which all communications can be handled. The app is used to manage and monitor any maintenance or repairs and includes a concierge service, which authenticates the legitimacy of any service request and determines whether it is an expense placed on the landlord or the tenant.
“The concierge service then facilitates the call to the maintenance contractors,” Duncan says. “The service level of that work is controlled through the application as it allows the maintenance worker to upload before and after photos of the work to ensure it is complete. It keeps the landlord updated and removes the anxiety of having maintenance work done when a tenant is in the property.”