It is tempting to go it alone as a landlord when managing your property. Many investors have considered this at one time or another. If you have secure tenants who pay on time every week, always leave the property in perfect condition, and nothing breaks how hard could it be?
A property manager is an essential piece of any investment property. They offer a middle between you and your tenants, allowing you to stress less about every little thing that happens at the property and focus more on enjoying the rewards of your investment.
Current Market Advice
The market is always shifting. You may find that you could be able to charge a much higher rent on your property than you once thought, or you could be overcharging and struggling to find tenants because of it.
A property manager can provide an independent assessment or rental appraisal on your property and help you find the highest achievable rent.
Property Marketing
A property manager will have excellent knowledge on how to effectively advertise a property, and they will have access to the best digital platforms to advertise the property on.
A good property manager will also have prospective tenants lined up that may have missed out on a similar property. This allows your property to be filled immediately with excellent tenants.
Tenant Selection Process
Property managers are experts at securing great tenants and have the best marketing tools and a list of potential tenants who are ready to rent your property.
Property managers also have the time to show prospective tenants through a property. This takes time, which often landlords on their own do not have the capacity to provide.
Secure Quality Tenants
Property managers have a not-so-secret weapon when it comes to tenant selection, a tenancy database. This allows property managers to quickly and easily view the rental history of most prospective tenants. If there are any issues between this tenant and previous properties, red flags will be raised. If this is the case your property manager can simply reject the application and save you a lot of trouble.
Maintenance & Inspections
Maintenance and inspections will all be organised by your property manager. They will be the first port of call for your tenants if anything goes wrong, then they can inspect and organise repairs. Often property managers have good relationships with tradespeople potentially giving you a discount on their services.
A property manager will also arrange and conduct regular inspections, providing you with a detailed report after they have been completed.
Tenant Vacating Process
If a tenant wishes to vacate a property it is useful to have a property manager at hand. Sometimes a tenant may have not provided sufficient notice or are terminating the agreement for no legitimate reason. This can cause some issues that are difficult to deal with on your own.
A property manager can make sure that the agreement is being terminated correctly and for good reason. They will also inspect the property to ensure that it has been vacated in the same condition it was in before the tenant rented it.
Understanding Laws & Legislation
Renting a property has many laws and legislations preserving the rights of both tenants and property owners. Navigating these laws and legislations can be tricky for a landlord on their own. With a potential for harsh consequences against a landlord if these laws and legislations are breached, having someone on your side who can advise you is essential.
That is where property managers come in. A property manager is always up to date on current laws and legislation and will advise landlords and tenants on the best way to avoid breaching these laws.
Paperwork & Bills
Property managers are experts at ensuring that both party’s rights are preserved in any paperwork such as contracts. It can be easy for landlords on their own to accidentally miss necessary parts of contracts, providing tenants with an easy out clause to otherwise binding agreements.
Your property manager will also assist you with bills surrounding property maintenance and repairs. They will ensure that you know when bills are due so that they can be paid.
To get the most out of your property have a chat with us today.