Property managers are worth their weight in gold. Here’s what they’ll do for you.
When you engage a property manager, you’re paying for much more than a rent collector. Of course, hiring a property manager will save you time and stress, but they’ll also help you maximise your profits with market specific advice, ensure your property is well cared for, and make sure you comply with all your legal obligations.
The issue for many investors, however, is that the duties of a property manager often go unnoticed, and when they’re doing their job well, your investment property hums along like a well-oiled machine.
But that’s no accident. Here’s what property managers do to earn their fee…
- Find new tenants
Your property manager will find tenants for you with marketing plans that are targeted to specific markets and designed to showcase your property in its best light to attract the highest rent possible.
- Handle the paperwork
From iron-clad lease agreements that protect your interests to detailed condition reports, your property manager will ensure all the paperwork is in order to set up a good relationship with your tenants.
- Inspect the property
You have the right to inspect your property once during any six-month period. Your property will notify your tenant of a pending inspection in writing, inspect your property and provide an inspection report that highlights any damage or required repairs.
- Manage tenant requests
You can give you property manager permission to organise any maintenance requests that fall under a specified dollar value. They’ll organise the appropriate tradesperson and handle the billing process without eating into your time.
- Advise on rent increases
The rental market is constantly changing and your property manager is the go-to local expert on your local market. They’ll advise when it’s time to increase your rent in line with market demand to maximise your profits.
- Ensure you meet your legal obligations
As a landlord you must comply with Residential Tenancy Act. From ensuring your property meets health and safety guidelines, to handling evictions, your property manager will ensure your legal rights are protected.
- Chasing arrears
The last thing you want to be doing is wasting your time chasing late payments from tenants. Your property manager will keep a close eye on arrears and take action against unreliable tenants.
The following advice is of a general nature and intended as an opinion and broad guide. For all legal, financial or real estate advice you should obtain independent professional advice to do with the specific nature of your circumstances before making any legal, financial or real estate decisions.