Once you have invested your hard earned dollars into your investment property you are faced with an important decision:
- To employ a property manager
- To manage your property alone
No matter which way you decide to go it is critical that you put your investment goal first: to maximise your profit.
There are numerous benefits to using a property manager. The obvious benefit is saving time, but what many individuals don’t consider is that investing in a good property manager can actually increase your profit, too. Especially in the long term.
To give yourself the best chance to generate a healthy return on your investment, rental properties require time, care, and commitment. That’s exactly what a good property manager will give you.
The extra care a property manager puts into your property gives you peace of mind that your property is positioned for growth in the market place. Here’s how:
- Don’t short-change your rental price
You can look at the classifieds to check out the value of rentals in your area of investment, but if that’s how you decide the final rental price of your property you may end up short-changing yourself. A good property manager will provide you with comprehensive insights into the local and surrounding rental market. They will also take into consideration features of your unique property such as proximity to schools, public transport access and numerous other lifestyle factors that tenants are willing to pay more for.
- Good tenants do matter
It’s one thing to want quality tenants that will respect and value your property, but it’s another thing to find the time to advertise, market your property and screen tenants for approval. Good property managers have the skills and tools to attract a wide variety of tenants. They will screen them, conduct reference and employment checks, and ensure the tenant is accountable for the upkeep of your property.
- Ongoing care and maintenance
Routine inspections are a key part of the value property managers deliver. As a landlord, your property manager should provide you with frequent updates including incident reports and images following each routine inspection. To ensure your property is profitable it needs to be maintained constantly and a good property manager will ensure this is done.
- Ensure you are compliant
Investors who rent their properties privately are vulnerable to litigation should issues arise with the tenant. When using a property manager, the landlord (you, the investor) is backed by legally binding rental agreements that gives landlords the right, within the boundaries of the law, to take appropriate steps to resolve matters justly without going to court. It is not always easy to navigate the terms of contracts, bond authorities and other legal requirements, so it helps to have a property manager on your side to explain the processes involved.
Unhappy with your property manager? You can change.
Many landlords think that they can’t change Real Estate Agents while the property is currently tenanted. You can. Usually, you can have your property rented out and appoint a new property manager at any time. Changing property managers doesn’t affect your current tenant or their lease agreement.
This is another added benefit of using a property manager. You’re in control. After-all, your investment plays a crucial role in your future wealth. So you want to know you are in control and aware of your options every step of the way.
If you have any questions about renting a new or established property, chat to the team at WhiteStar Property Management. Call us on 1300 652 842 or leave us a message using our contact form.