Do you need a Property Manager?
It is really tempting to go it alone as a landlord when managing your property. Many might have tried this at one time or another. Many of us have hardly enough hours in the day to manage our own family, households, work, children, groceries, home maintenance, and other chores to attend to. But once you purchase an investment property, you’re responsible in many ways for managing your property as well as your tenants and you need a Property Manager..
Things related to maintenance of properties and managing tenants rarely go exactly as you imagine when first investing in property. As a landlord, you may be dealing with people, and many times it may end up with issues. Property Managers generally play a role of a middle person between you and, your tenants, allowing you to relax about every little thing that happens at the property and you can focus more on enjoying the rewards of your investment. A Property Manager does more than just advertise for tenants, things which make a landlord’s life easier and relaxed.
Factors might make you think to engage a Property Manager
Some of the factors below might make you think to engage a Property Manager.
You have Limited time: Rather than spending time managing the property and dealing with tenants, you could spend your time more wisely
You don’t want to deal with the tenant: Many people find it easier to use a third party to manage day-to-day tenancy issues, as many are sensitive and often can lead to difficult conversations such as property inspections, pre-leasing checks, bond inspections, etc. Using a Property Manager, you don’t need to have a relationship with the tenant and be placed in difficult situations.
You may be living far from your investment property: Isn’t that good to have someone local and close to the property taking care of your property? They have the ability to attend to your property quickly, will offer you peace of mind.
You’re either not interested to manage or have any interest in hands-on management: You may not want to spend your days collecting rent, arranging repairs, conducting property inspections, keeping trust accounting accounts and records, filing bonds, locating tenants, adjudicating disputes, managing tenancy breaches, reviewing legislation and lease paperwork, renewing rent and leases to name a few investment property-related activities… Yes, too many items!
What are the benefits of using a Property Manager?
- No direct communications with the tenants; no unpleasant confrontations
- Proper checks on Tenant’s leasing history; fewer ‘problem’ tenants
- Negotiating strategies with the tenants
- Less stress; on-time rental payments
- Follow legal and legislative requirements while leasing the property
- Have more comprehensive insurance cover and other advantages.
- Lower risk in reducing the vacancy of the property; continued returns
A Property Manager is an essential piece of any investment property. They allow you to get the most out of your investment while advising you around any laws and legislation you are required to follow. To get the most out of your property, please have a chat with our Property Manager below or Call 0410 066 578
Move Realty on Linkedin, click here!