Why You Should Hire a Property Manager for Your Investment
Buying an investment property is a financially savvy move. You can build equity for the future, generate wealth through property appreciation, and provide yourself cash through passive income produced by renting out or leasing the property. You can even use it to hedge against inflation. Still, not all financially savvy property investors are prepared to deal with advertising, finding tenants, dealing with legal issues, and other seemingly basic but important matters.
This is where you need a property manager. With an experienced one on your side, you’ll be sure to get the best returns possible on your investment. Make sure to find someone from your local area in Australia. If you live in Perth, you need Perth property managers. They have the best understanding of the local market, not to mention the rent rates, which means you’ll get the best deals.
Here are a few more reasons to hire a property manager to maximise the value of your property investment.
Fewer Problem Tenants
Screening tenants can take a huge chunk out of your time. It involves not just checking their rental history, but also contacting the references they provided to confirm legitimacy. You’ll also have to schedule property viewings, which can last a couple of hours. If you’re not experienced in these matters, you’ll end up with a pool of problem tenants. You may also spend double or even triple the time, which can add up to hours of lost income opportunity. Getting a property manager means leaving this aspect of the business to their capable hands. You’ll receive a list of well-vetted tenants, and all you;ll have to do is to choose from among them.
More Chances at Renewals
Conversely, hiring property managers means having happy tenants. Property managers know what tenants want, and they’re adept at providing these requirements. If your tenants are satisfied, there’s a higher chance that they will renew their lease on your property. In addition, working with a property manager also ensures that your property is always occupied and thus always generates income.
Ease of Communication
If something goes wrong in your property, you don’t have to be the one to deal with it. Your property manager will take care of things, from handling the call from the tenant to finding the right person to do the maintenance or repair job. Moreover, you don’t have to spend as much since property managers have established contacts with tradespeople, and as a result, they can get the best rates.
Regular Maintenance
No matter how strict your rules may be, it’s inevitable that something will go wrong in your rental or leased property. A property manager helps with the maintenance of facilities by performing regular inspections to see if anything’s amiss. If there are any, then they can promptly contact the right people to do the repairs at a lower cost (see previous point). If your property is always in good condition, it’s going to be more marketable, and you’ll always be able to ask for rates that are on a par or even better than current rates in the property market. Take time to read any property condition report to find our about any maintenance issues.
On-Time Payments
Sometimes, even the best lessees forget things and miss out on payments. You may even forget that a payment is due, yourself, perhaps because of a busy schedule. When you’re working with a property manager, you don’t have to worry about these matters. They make sure that they’re consistent on rent collection and remitting these payments to you. In relation, having a property manager means having a buffer between you and the tenant. They will deal with problems like late payments so you can avoid unpleasant situations. What’s more, property managers have also perfected the skill of being strict but not abrasive to tenants. Less friction means more chances of amicable dealings.
Everything by the Book
By the book of law, that is. Private owners are also covered by the laws that apply to property managers. As such, you’ll need to keep abreast of all the latest developments. If you leave this part to the property managers, you’re sure that you’ll always be in compliance with current legal requirements. They can even handle your taxes. All of these will save you time and money, and makes your property even more appealing. After all, what good tenant will want to rent a property whose owners are not following the law?
If you need any more convincing, just keep in mind that having a property manager handling most of the work means you don’t have to deal with as much stress. You can sit back and relax, knowing that a competent professional is making your investment work for you.
Daily Bulletin
