Managing multiple investment properties can be time consuming, not to mention stressful when things go wrong. The role of a property manager is to take the stress off your hands. From handling tenant issues and maintenance to understanding legalities, this blog covers the main roles and reasons why a property manager makes a world of difference.
According to research by Domain, most Australian investors – around 75 per cent, use a property manager to manage their investment property; there are plenty of reasons why.
With numerous responsibilities, laws and regulations applying to investment property owners, outsourcing the management of your rental property saves time and stress compared to managing a property yourself.
1. Finding quality tenants.
Sourcing and securing quality tenants require a lot of time and effort and is not as easy as people think. When finding the right person for your investment, property managers have a strong advantage over those managing their property alone.
“Property managers are experts in their local rental market and typically have a database of verified tenants living in or looking to move to the area. With experience in dealing with multiple types of tenants, they can match the right people to the right property – making for a swifter and more effective process compared to managing it yourself,” explains Carolyn Wheatley, Principal of Belle Property Dural.
“The other benefit is that property managers often have access to databases and software, allowing them to verify tenants and their rental history. Self-managed investment property owners generally won’t have access to this kind of data so take more of a risk when it comes to placing a tenant in their property.” – Carolyn Wheatley.
2. Managing maintenance and repairs.
Property owners can find themselves in hot water if maintenance and repairs aren’t handled quickly and correctly for tenants. As such, this is a key area where a property manager alleviates unexpected stress and hassle, stepping in to deal with the problem quickly and efficiently.
3. Understanding the fine print.
Several laws apply to rental properties, investment owners and tenants, varying from state to state, and owners must be up to date with the fine print when renting out their property. This can be a lot to keep track of, especially when new laws and changes are made, and, for many, having a professional take care of the legal side of things is a deciding factor in employing a property manager.
“Being across all the requirements of the Tenancy Act also makes it easier for property managers to have difficult conversations if they need to, which can be extremely uncomfortable for self-managed investment property owners, especially if they’re not across all the rules.”
4. Collecting rent and property inspections.
Perhaps one of the most important roles of a property manager is maintaining the ongoing (and on time) payment of rent – something that can be tricky when managing alone. Life happens, and your property manager will be the first point of call for tenants who need to notify you of any problems, and they will deal with it accordingly.
On top of this, your property manager will ensure your property is respected and clean throughout the tenancy. This is done through routine property inspections, with inspection reports available to the owner to verify the upkeep.
If you’re tired of the way your investment is managed, it may be time to speak with the team at Belle Property Dural and regain confidence in the way your property management. Call Belle Property Dural’s Principal, Carolyn Wheatley 0407 120 483 / 9129 2882 to discuss the advantages of having us on your team.
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