Why use a Property Manager?
We understand that purchasing an investment property is a big decision and you want to make sure it’s fully taken care of. When it’s time to rent out your property, you can either manage the property yourself or you can engage a property manager to help you. If you are undecided here a few benefits to consider for using a property manager:
Minimal Stress
Working with a competent property manager can save you from the countless headaches and stress that can come from having to manage your investment property. Finding, screening and managing your tenants, property inspections, and organising repairs and maintenance are just some of the tasks a property manager can help you with. It is common for many investors to quickly dismiss the idea of hiring a property manager, but a good property manager can be the factor that can drastically improve the return on your investment.
Finding the right tenants
Without a doubt, the most important task of property management is finding the right tenant. Property managers speak to hundreds of potential tenants and process a lot of applications. Property managers are experienced at screening tenants, completing reference checks, reviewing rental history and to make sure the tenant can afford the property without placing them into financial hardship. This is to ensure you receive high-quality tenants for your property. A property manager builds a good solid relationship with their tenants and know how to keep their tenants happy and therefore they are more likely to want to stay and renew their lease. This reduces vacancy periods and wear and tear on the property and as a result potentially saving you money.
Avoid confrontations
It is especially important when you have a family member or friend living in your property to have a property manager there as an independent third party. A good property manager will always have a professional manner and is the middle person between you and the tenant. A tenant will first call the property manager should there be any problems such as maintenance, leasing and inspection issues. A property manager is also able to deal with problems such as rent arrears, invoice payments and bond related matters such as tenant damage, end of lease repairs & cleaning and attending the tenancies tribunal. Sometimes when there isn’t a property manager involved, landlords develop great friendships with their tenants, which can make it difficult to maintain boundaries and hold tenants accountable to navigate issues that may arise – such as late rent. A property manager is a great liaison person between you and your tenant whilst still maintaining a strict business relationship, allowing you to maintain any pre-existing friendship you already have.
Immediate contact
Should there be an issue with the property or any other tenancy related issue, property managers are readily available and are able to act quickly if immediate action is required.
Access to trades
Property managers have access to good quality licenced trades that can act quickly to get the work done, especially in the case of an urgent issue such as blocked drains, leaking gas and loss of power. Property managers also generally receive and negotiate a better rates from trades.
On time rent
Good property managers will work to ensure your tenants pay their rent on time and work with tenants should they happen to full behind and implement strategies to assist the tenants whilst still working within legislative guidelines.
Following legislative requirements
A good property manager does the majority of the work for you whilst following strict legislative requirements. Some people don’t know that there are frequent legislation changes and private landlords are bound by the same legislative requirements as a property manager. This means that if you are thinking about managing the property yourself, you will need to stay up to date with the legal requirements. Engaging a property manager can take this stress away from you and may save you time and money over the long term.
Regular inspections
By engaging a property manager you are guaranteed regular inspections allowing you to keep track on the condition of the property. In most cases you should receive at least three inspection reports per year. Regular inspections lowers the risk of damage and you are alerted to any maintenance items which gives you the opportunity to attend to them sooner rather than later.
Property management fee is tax-deductible
Some people don’t realise that the management fee a property manager charges is tax deductable which gives you more value for money and a better reason to take advantage of the service and expertise that a property manager has to offer.
Keeping with current rental market
A good property manager will be up to date with market conditions and trends. They will able to assist in giving you up to date rental appraisals, the type of tenant that will likely be attracted to your property and implement rental increases at the required time.
Other benefits
Property managers have access to landlord preferred insurers. These insurers only work with property managers because they know legislative requirements have been met and the processes have been followed. Should there be the need for an insurance claim a good property manager will assist you with this by submitting the claim and sending any relevant documentation in a timely manner therefore reducing the claim time and reducing stress to.
Minimising vacancy periods
Property managers can help shorten the time between an old tenant leaving and a new one moving in. So, if you have a tenant who leaves at the end of a lease or there is a break lease situation a property can act quickly making sure outgoing and ingoing inspections are completed, the property is marketed and arranging opens in a timely manner in order to find a new tenant as quickly as possible.
Marketing expertise
A property manager has access to the best resources and connections to help you promote your property and set a competitive market price. A property manager will assist you and advise you of areas that is required to promote your property. They will take photos, create professional-looking ads and market your property on the best property platforms available in order to find the best tenant for you.
If you believe that working with a property manager is a priority and believe it will save you stress, headaches and money then please don’t hesitate and speak to us today to arrange a free rental appraisal.
