When it comes to renting your investment property, you have two choices: self-management or hiring a Property Manager. How do you know which one is right for you?
When you’re just starting out with investing in property, you are probably considering managing your investment property on your own. While self-managing has some benefits, it comes with a number of risks as well.
First, let’s take a look at some of the responsibilities and tasks of managing a rental property:
- Advertising and marketing
- Calculating rent
- Screening tenants
- Repairs and maintenance
- Compliance with legislation and regulations
- Tenancy disputes
Not only should you be fulfilling these obligations, but meeting top standards to ensure your investment is profitable and you’re maximising returns. Ask yourself if you are able to perform your obligations well while also being able to focus on your investment goals.
Some of the benefits of self-management include more control, closer relationships with tenants, and the opportunity to save on the cost of hiring a Property Manager. However, also consider the risks, which include less personal time and performing stressful tasks on your own.
If you have been self-managing for a while and these stressful tasks are piling up, it’s time to consider the help of a Property Manager. If you are dealing with high vacancy rates, poor maintenance and repair schedules and the inability to find good tenants, the right Property Manager can handle all of that for you.
Improving vacancy rates and rental returns
One of the services we provide at Rental Results is a free appraisal of properties so that the owner can get an understanding of how it performs in the market, how to calculate rent, and the changes they can make to improve vacancy rate and rental returns. Small updates and practical renovations to a property as well as target marketing can make a big difference.
Finding the ideal tenant
A professional Property Manager has access to databases and marketing strategies to find the tenant best suited to your rental property. They also have an efficient and secure process for screening tenants to ensure a thorough background check is conducted.
Compliance and legislation
From smoke alarm compliance to pool fencing regulations, a Property Manager is always updated on the safety standards your rental property should meet. A professional and experienced Property Manager is also well-versed in rental legislation and understands your tenant’s rights as well as your rights as a landlord. Should any disputes arise, your Property Manager can handle them on your behalf.
Maintenance and repair
As the owner of a rental property, it is your obligation to provide a safe and secure home for your tenant. With the help of a Property Manager, you can be sure to keep your tenant happy and feel at ease that your investment is being taken care of. A Property Manager will be able to employ the best local tradespeople and schedule repairs on your behalf.
Despite the extra costs, a Property Manager has valuable benefits that will help you, your investment and tenants in the long run. If you are a serious property investor who is looking to improve returns and achieve greater investment goals, hiring a Property Manager is a step in the right direction.
By Lauren Robinson, Licensed Real Estate Agent at rentalresults.com.au