Is a Property Manager Worth It?
When Australians think about what goes into managing a rental property, we mostly tend to think about keeping the property maintained and merely collecting rent not the actual property manager themselves.
However, in reality, it can be a complex headache that bogs down the uninitiated. This is where a property manager can step in and ultimately save the day.
What’s so complicated about managing a property? And how does hiring a property manager simplify it?
Government Mandated Documentation
Filling out the required paperwork can be a hassle, and time-consuming. Paperwork in the form of lease agreements, checking credit ratings of tenants and conducting background checks all takes time and needs to be done properly.
A property manager will manage the aforementioned tasks for you, so why not take advantage of the training and experience they have to offer.
Understanding and Keeping up With the Law
Are you familiar with the Residential Tenancies Act? Have you studied it comprehensively? It might be worthwhile letting someone who knows what they’re doing, handle it for you!
New legislations are introduced, while existing ones are amended all the time, a property manager’s job is to stay in the loop at all times. Detailed and working knowledge of the law will protect you, your property, and your investment.
A property manager will act as a valuable buffer between you and your tenants. From the very first step of finding the right tenant who will pay on time, and enhance the value of the property by taking care of it, to stickier scenarios revolving around disputes and breach notices.
A property manager will ensure you create goodwill and good relations with your tenants, whilst not having to engage personally with every single resident.
Repairs and Maintenance
It feels easy enough on paper, practically it’s an entirely different story. You need to have experience when it comes to tackling such problems, and frankly, most of us don’t have that.
It is far more likely that a Property Manager not only knows the best crew in the immediate area to efficiently repair and maintain your valuable property but will also get you the best price for it.
Property Managers are an invaluable asset, and completely worth the extra cost.
Number of Properties
If you have multiple rented properties that need looking out for, hiring property managers becomes a requirement. It is impossible for a single person to take care of multiple properties.
A property manager is no longer a luxury, it’s a business decision that ensures efficiency and profitability.
Property Managers Cost
Most Property Managers in Australia will charge a tax-deductible percentage fee on your rent earnings for your property management.
Which is totally worth the trouble, in fact, you end up saving money if you factor in the amounts saved by getting reliable repairs, maintenance and good tenants.
Different managers have different fees, but like most things you get what you pay for.
What a Property Manager Takes Care Of
A property manager will take care of everything for you, starting with advertising the rented space, employing background checks on prospective renters, collecting rent on your behalf, maintaining the property, repairing as required, and handling all the complaints in an efficient manner.
Hiring a Company is Better Than an Individual Property Manager
You want a company working for you that is tried and tested. A company that has a dearth of experience to offer, lower prices and better management of rented properties. Your prize investment deserves an expert looking out for your best interest.