If you've managed an investment property on your own, you’ll know that it’s often a huge investment of your time.
A much better investment might be a Property Manager. Not only will you save time, you could also save money and avoid headaches down the track. Here are just a few of the reasons why a good Property Manager is good for your investment:
1. Better tenants
Finding the right tenants for your property can be a long and difficult process. A Property Manager will have a database of potential tenants looking for a home just like yours. They’ll know how to appeal to a large number of potential renters, because the more people who apply, the more quality applicants they’ll have for your property.
We’ve all heard horror stories about nightmare tenants. Property Managers are also experts at screening tenants to ensure you don’t get any nasty surprises down the track.
2. Local knowledge
Choose a Property Manager with a good reputation in your area. That way they’ll know the local market and how much rent you can charge. They might even suggest some small changes to your property that will bring a better return.
3. Regular inspections
Finding the time for rental inspections can be hard. Many homeowners find the inspection process uncomfortable and won’t know what they can legally request when it comes to maintaining a property. Having a Property Manager means you’ll never have to worry about an inspection again. They’ll even send you a comprehensive property report after the inspection.
4. Maintenance and repairs
The last thing you want to do is sort out a leaking tap first thing in the morning. A Property Manager is the first point of contact for your tenant, and able to deal with your tenant’s issues whenever they’re needed, whether it’s a repair or a lost key. And when a good tenant receives good service, they’re more likely to stay with you at the end of their tenancy.
5. Expertise
Unless you’re an expert in tenancy legislation, a Property Manager can really take a load off your mind. As well as understanding your rights and your tenant’s rights, a Property Manager will have a full understanding of compliance. With so much legislation around rental properties, managing all of it yourself can be a huge and potentially costly risk.
6. Collecting rent on time
Your property is an investment and you need to make regular mortgage repayments. Therefore, you also need your tenant to pay their rent on time. Property Managers are very efficient at ensuring rent is paid when it’s due. They’ll also have procedures in place should your tenants fall behind in their rental payments, which can help you avoid one of the most stressful parts of owning a property.
A Property Manager’s fees are usually tax deductible, which means the benefits far outweigh the costs.
