One of the first things to consider when you have an investment property is whether to manage the property yourself, or hire a professional Property Manager to do so.
DIY landlords should consider the following before making this decision:
-Do I know all my obligations as a Landlord?
-Do I have the time to manage my property efficiently?
-Do I have the resources to find a quality tenant?
-Do I have the contacts for qualified tradespeople?
-Do I have the time to conduction regular routine inspections?
-Do I know all the current legislation relating to my property?
-Do I know all the current documentation required to manage my property?
-Do I know what to do if something goes wrong?
In you answered ‘No’ to any of the above questions, than you don’t have the time to give the property and tenancy the attention it needs.
Having a thorough, qualified Property Manager will actually make you more money and will save you time and headaches in the future by minimising the risks associated with an investment property.
Property Managers have the tools and experience to find the best suited Tenant for your property. They have a bigger pool of quality applicants to choose from due to their extensive marketing and advertising. They also have qualified, licensed and reliable contractors at their demand (often at better rates than if you called yourself) if your property needs any repairs and maintenance to take place.
Property owners are bound by the same legislative requirements as Property Managers. Property Managers should attend regular training to ensure they are kept up to date with the ever changing legislation and mandatory documentation.
Landlords often develop a personal connection with their Tenant, they may feel uncomfortable chasing arrears, or questioning the Tenant about the condition of the property. This can include issuing and following up on any breaches of their lease. Property Managers on the other hand are removed from the emotions of owning the property and will always act in your best interest.
For a small weekly fee, which is tax deductible, a professional Property Manager will take away the stress and will work with you to maximise the return of your valuable asset.