Why use a property manager?
If you own an investment property, you may be tempted to manage it yourself. After all, how hard can it be to find a tenant, collect the rent and take a few phone calls every now and then?
As many of our clients realise, managing your own property often takes a lot more energy and can be far more complicated than you think.
Here’s why the relatively small cost of handing responsibility to a professional property manager makes so much sense.
- Save time
Managing a property is time-consuming. There are regular inspections to deal with, requests from your tenants to be considered and handled, rates or strata fees to pay (depending on the type of property you own), and any number of pesky little issues that will eat up your time.
Unless you are retired and have pretty much nothing else to do, it can be very difficult to give your tenant and property the attention they need. You might find yourself losing time at work or staying up late to make sure everything is taken care of. - Reduce stress
As long as nothing ever goes wrong, owning an investment property should be stress-free.
But when did that ever happen?
Over the period of time that you own the property, you will have difficult tenants, maintenance emergencies, sudden vacancies, damage caused by weather… the list goes on.
Property managers have seen it all before and know what to do. In many ways, you’re paying them to handle the headaches for you. In exchange for a very small monthly fee, you get so much peace of mind. - Easier financial management
When there is no property manager, tenants often try to take advantage.
How will you handle calls asking for “just an extra week until the rent is due”? Tenants often don’t understand that you are counting on their money; they think the rent they are paying is additional income for you.
When there is an experienced property manager, tenants are less likely to push the boundaries when it comes to paying the rent. The property manager will deal with the finances and you will receive your rental income into your bank account every month like clockwork. - Easier reporting
When tax time comes around, your property manager will take care of all the relevant reports. All you have to do is hand the paperwork over to your accountant. - Stay compliant
There are a lot of rules and laws governing the leasing of residential property. Breaking any of these can get you in hot water, whether it was intentional or not.
Savvy tenants who realise they are not being treated in accordance with the law will not hesitate to take you to court if they feel you are in the wrong. This can be stressful and incredibly expensive if a ruling goes against you.
Perhaps the number one goal of every property manager is to stay away from the tribunal. Your property manager knows all the rules and can negotiate to resolve situations before they become too serious.
Make the most of your property
Property managers live and breathe property. They can recognise the best tenants and will help you maximise the value of your investment so you can achieve optimal rent and reduce your holding costs.
A reliable property manager pays for themselves so many times over by saving you time, money and stress. Side-step the biggest hassles of being an investor by enlisting the help of this professional.
To work with a reliable and proactive property manager, contact our office today on 07 5501 4000.
