To hire a property manager or not, that is the question. Today we’re discussing the value of hiring a property manager to maintain your investment property and the many ways we can save you both money and time.
How a property manager saves you money
Here are some ways a property manager saves you money, and always, give us a call if you’re thinking about buying an investment property or already have one and want to learn more about our property management services.
One of the main responsibilities of property managers is finding the right tenants for your investment property. An unreliable tenant is the easiest way to lose money via rental repairs, late or non-existent payments or unexpected vacancies. But you reduce this risk by hiring a property manager to find a reliable tenant.
Firstly, a good property manager will advertise the property across the main real estate websites and their agency’s website and organise open houses. Then they’ll screen applicants through a tenancy database and confirm their references, employment and rental history. They’ll then pass this information on to you so you can make an informed decision.
Another way they manage risks is by organising the mandatory paperwork. This includes bond requests, the legally-binding lease agreement, inspection notices and condition reports. Property managers are also responsible for staying updated on tenancy laws. So you’re saving yourself a significant amount of time and money by letting professionals handle these legalities.
Rental market advice
Property managers have the local property market knowledge to maximise rents and help you confidently set a rental price that’s in line with the current market value. We want your investment property to generate as much income as possible, but we also know that pricing properties too high risks it sitting without tenants for a prolonged period, eating into your bottom line.
Save money by ensuring you’re always receiving your rental income promptly. A property manager is adept at collecting rent and making the process as easy and clear as possible. They can also save you money by handling any late payments swiftly and dealing with the legalities of rental arrears and evicting tenants in worst-case scenarios.
When you have as much local property market experience as us, you create an enviable database of trustworthy, reliable and competitively priced local tradespeople. A good property manager will know who to call for urgent repairs or ongoing maintenance.
One of the main benefits of a property manager is that someone always has an eye on your investment property. They will liaise with tenants about any issues and solve them promptly. They will also conduct routine property inspections to ensure everything is in working order. Preventative maintenance and catching small problems before they become big issues is a big money-saver.
From experience, we also know that a happy tenant is more likely to care for their home and stay longer. This protects your investment, provides you with steady rental income and ultimately, saves you money.
One of the biggest and easiest ways to blow money on an investment property is having it sit there unoccupied for a prolonged period. We will work hard to minimise vacancies and get a tenant into your property as quickly as possible.
Should I use property management or not?
This is a personal choice, but besides the aforementioned list of ways a property manager saves you both money and time, remember that property management is a tax deduction. At the end of the day, you’re likely to save more money than you pay.
Any questions? Give us a call.
If you want further information on our property management services, please give the JDH team a call.