Investing in property is a significant achievement, but the journey doesn’t stop once you sign on the dotted line and receive the keys to the front door.
Owning an investment property requires ongoing care and strategy to ensure it performs well, retains its value and delivers the income you need to cover your holding costs.
Many investors spend a great deal of time researching where and how they are going to buy, but they forget the final piece of the successful investor puzzle.
Why Quality Property Management Matters
When you invest in a property, chances are you will need someone to live in it. And unless you have all the time in the world, you’ll need help to make sure they have a positive experience so they occupy the home for longer and pay their rent in a reliable way.
Good property management involves maintaining the property, ensuring compliance with legal requirements and fostering positive relationships with tenants. You can try to do all this yourself, but it’s better to enlist the help of a skilled property manager who will be the bridge between you and your tenant.
Savvy investors invest in an experienced property manager so they can:
• Maintain value: Regular inspections, timely repairs and preventative maintenance preserve your property’s condition and protect its long-term value.
• Maximise rental income: Property managers monitor market trends and will show you how to adjust rent accordingly, ensuring your property remains competitively priced while maximising returns.
• Ensure legal compliance: From tenancy agreements to safety standards, staying compliant with changing regulations can be challenging. A property manager ensures your property meets all legal requirements and saves you from a costly visit to the Tribunal.
• Minimise vacancy: An empty investment property can cost you thousands in lost income. Experienced property managers use targeted marketing and thorough tenant screening to move reliable tenants in quickly.
Hands-On vs Hands-Off Investment
Many first-time investors try to handle property management themselves to save costs. However, managing a property requires time, expertise and a clear understanding of tenancy laws.
Without professional management, you risk:
• Missed maintenance issues that could cost you a lot to fix at once.
• Gaps in your knowledge of landlord obligations, leading to potential legal issues and big expenses.
• Losing hours of your time trying to find tenants, and dealing with frequent and frustrating turnover if you don’t choose the right people.
• Failing to lease your property for the right price.
• Spending hours responding to phone calls and enquiries from your tenants, including having to liaise with tradespeople, review quotes for repairs and arrange for works to be carried out.
By partnering with a professional property manager, you’ll be free to focus on work and family while knowing your investment is in capable hands.
How to choose the right property manager
Selecting the right property manager can make a big difference to your experience and profits as an investor. Look for someone who offers:
• Experience: Choose a manager who has a strong track record managing properties similar to yours.
• Clear communication: A good property manager keeps you informed, responds promptly to concerns, and provides transparent reporting.
• Local market knowledge: Understanding the local market helps your property manager set appropriate rent, attract quality tenants and meet the regulations in your area.
• Problem-solving skills: From handling repairs to mediating disputes, an effective property manager makes sure issues are resolved quickly and professionally.
Invest in the success of your property
Owning an investment property is a long-term commitment and this means challenges can arise. If you have the support of a professional property manager you’ll be better equipped to deal with these situations and maximise your returns.
Contact your local Professionals team to find out how quality property management can support your journey.
