Thinking about managing your property yourself?  You’ve invested a great deal in your residential property and you need to maximise its potential.  Managing a rental property can be a time consuming and stressful task.  If you are too busy to do this, do not want the hassle of managing the tenancy and the property and/or lack the knowledge or resources to run the property successfully then having a professional do it for you can actually help you make more money in the long run.

Here is a look at the key benefits a professional property manager offers

Less Administration

Property management takes time, organisation and attention to detail.  Property investors often have full time jobs on top of having their own property or portfolio of properties so a property manager will take away the hassle of running the day to day operations of the investment.  Property managers carry out several functions such as advertising rental properties, vetting new tenants, organising bonds, negotiating leases, investigating and resolving complaints, manage maintenance and repair work and advise on legal rights.  This all takes a lot of time to build knowledge and experience in which can turn into a fulltime job on its own.

Higher Quality Tenants

Bad tenants are expensive!  From unpaid rents to eviction and legal proceedings you will lose money if you rent to the wrong tenants.  Dealing with tenants directly requires a high level of customer service skills.  Property Managers will build relationships with quality tenants so they have longevity and prevent problems before they arise.  Property managers are experts in vetting and sourcing quality tenants then retaining good relationships with them.  Through regular contact and meetings property managers make it easier to avoid confrontations and conflict should any issues arise.

No Issues to Deal With

With eyes and ears on your property, regular inspections and frequent communication you’re less likely to experience any major issues with tenants and therefore less likely to lose out financially on tenants that damage the property and don’t pay their bills.  In addition if an issue happens property managers are accessible and available all hours of the day.  Having that support mechanism in place gives landlords security that their property is being looked after. 

Supply Chain & Buying Power

Property Managers have a supply chain locally that they trust and can call on when necessary.  These tradespeople are insured, registered and provide guarantees on workmanship. Due to the amount of work they refer they also benefit from the best service and reduced rates.  Due to buying power property managers can offer discounts through their selected networks of service providers such as insurance, accountancy, cleaners.

Greater Financial Outcome

Professionally managed properties retain quality tenants reducing vacancy times and allowing Also when its time for rental reviews its often easier for a professional to deal with rental increase negotiations than a landlord. 

Managing your own property is not necessarily going to save money, in fact using a property manager can make you more money!  If you are serious about achieving financial freedom through property investment then leaving it to the professionals is an important step in that process. 

Anne Timpany

027 684 8842