Prospective investors are often worried about how they will handle tenants if they buy an investment property. This is a realistic concern. Choosing, managing and (if you’re unfortunate) evicting tenants can be time consuming, expensive and can lead to legal dramas. Not everyone is equipped with the time, knowledge, skill and temperament to effectively deal with renters. Fortunately, property managers can take over these tasks for you.
A property manager will take over the running of your property, usually for a percentage of the weekly or monthly rent. The services they offer vary from company to company, as do the charges.
Here are some of the ways good property managers can make your life as a landlord easier:
1. They know the law. They know your and your tenants’ rights and responsibilities. If anything goes wrong, they know the processes that must be followed.
2. They can maximise your rent. A property manager will know what market rent is for the area, the best way to advertise for top rent and who to target. As the tenancy continues, they will know when and how much to increase your rent.
3. They can screen your tenants. Because they will be responsible for then managing those tenants, it’s in your property managers’ best interests to choose responsible renters.
4. They provide a screen between you and the tenant. Any problems with the tenants are dealt with quickly and professionally without you needing to get involved.
5. They protect your property. They are experienced at property inspections and will notice any problems that need to be fixed. They negotiate remedial action with your tenant, if necessary. They can organise repairs – most have a network of trusted trades professionals they deal with often. They do full inventories before your tenants move in and after they move out.
6. They give you flexibility in your lifestyle. They’ll mind your property if you go on holiday, move locally, or even move overseas – all without any disruption to the tenant. Most can also pay your utilities and taxes and arrange repairs while you are away.
7. They get the rent from the tenant and transfer it to you. If there is a missed payment, the property manager notices straight away and deals with it.
8. They keep you informed. They monitor the property and the rent. Your property manager should also communicate any changes in the status of the property and give you regular updates.
9. Most importantly, a good property manager anticipates and mitigates problems before they happen. They know tenants and landlords and they know how to make and keep both sides happy.
We can help you choose a great property manager, or can answer any questions about whether hiring a property manager is right for you.