The costs associated with hiring a property manager are a focus point for many landlords. Property management is a hands-on gig – there are matters of signing the lease, collecting rent, managing tenant disputes, and property inspections. Your property manager will choose reputable tenants, chase unpaid rent, organise for repairs and maintenance and oversee inspections, freeing up a lot of your precious time. We’re here to break down just what is involved in property management and the reasons why having an experienced property manager will benefit you in the long run.
Your Property Manager Knows Marketing
Property managers are expert marketers who will ensure your property is advertised well to stand out in a competitive market. Your property manager knows how to minimise the time your property spends vacant.
Their inside knowledge of the market and how to appropriately price and advertise homes can make an enormous difference in how long your property sits unoccupied.
Booking and hosting inspections for potential tenants can be time-consuming and may not fit into your daily schedule. For example, tenants may want to inspect your home in the middle of a weekday when you’re at work, making it harder for you to show your home and may result in it sitting unoccupied for longer.
Screening Potential Tenants is Easier
You want to make sure your tenants are dependable for paying rent on time and will look after your property.
Contacting references is a time-consuming process in itself, as you don’t know when the reference will be available to answer your questions. Having a property manager dedicated to these processes will free up time for you to live your life outside of finding a tenant.
Self-managing your property can only get busier from here. After your tenant moves in, you’re on the clock almost 24/7 for any maintenance issues or general tenant concerns at the property.
Property managers also have access to tenancy databases that show your potential tenant’s rental history to see if they have been consistent with rent and left properties in good condition. This is the best way to find out if your tenant will be reliable and take care of your property, so it’s beneficial to have a property manager for these matters.
They Will Take Care of Beginning and End of Lease Matters
Drawing up, signing and reviewing the lease are all time-consuming procedures with many legal matters involved.
Condition reports are crucial to the commencement and conclusion of a rental agreement. An experienced property manager knows what to look for when conducting exit reports and will ensure you aren’t left out of pocket when your tenant leaves. Finding a tenant is not a one-and-done process. If your tenant decides to vacate your property at any time, you’ll be back at square one trying to find a new tenant, which, as we know, is a very time-consuming process.
Your Property Manager Will Handle All Legal Matters
Are you up to date with the latest property/tenancy legislation? Do you know about changes to your rights & obligations as a landlord? What about changes to your tenant’s rights? Your property manager knows all of this and more, and they’ll be able to break it down for you without the messy jargon.
There are also legal matters concerning the bond. Your property manager will ensure the bond is paid prior to your tenant moving in and will have it lodged correctly with the relevant state body. Managing your property bond can be confusing, especially when your tenant is moving out, so it’s helpful to have the expertise of an experienced property manager to oversee these processes.
There are severe consequences for breaking residential tenancy laws, regardless of whether your breach was intentional. Having an experienced property manager educated in rental legislation can take the pressure off you and prevent any mishaps.
Property Managers Come With Contacts
Property managers can keep track of and initiate contact with your preferred providers should anything go wrong on your property. Of course, if you don’t have a preferred provider, you can rest assured that your property manager will have contacts that provide high-quality work and will treat your property with the utmost care.
Here’s the good news – your property manager is tax-deductible! So if the main thing driving you to consider self-managing your property is cost, consider the deductions that come with having a property manager.
As we mentioned before, having an experienced property manager will minimise your property’s vacancy periods, which will increase your rental returns, putting more money in your pocket in the long run.
How to Find The Right Property Manager
Working with the right property manager will make the process of renting your investment property stress-free. It’s essential to work with someone you trust, whom you know is dedicated to managing your property with care and enthusiasm. Here are some tips for finding a great property manager:
Do your research, and read about other homeowners’ experiences with the property manager you’d like to work with. Tenant reviews can also give you great insight into how compatible you may be with a property manager.
It’s important to lay all of your questions out from the beginning. This will help you build trust with your property manager and give you an idea of how they work and whether they would be a good fit for your property.
Some questions you might want to ask are how many properties they currently manage, how they handle difficult tenants, what distinguishes them from other property managers, and how they can help you get the most out of your investment property.
Contact Meadows Property Group
At MPG, our team endeavour to deliver outstanding service at all points of contact. We understand the value of your investment property and want to make things as simple as possible for you. Our hands-on property management service will leave you knowing that your property is in the best hands, and your property will be cared for and treated as if it were our own.
If you’re ready to find your perfect property manager, get in touch with our team today and learn how we can help you maximise your investment through property management.