7 Reasons Why You Need a Property Manager
As a landlord, you will likely know that managing your property can be challenging.
While some may enjoy the challenge, if you’re a landlord with more than one investment property or even a time-poor landlord, hiring a good property manager becomes more critical, particularly with the ever-changing landscape of Australian tenancy laws.
The responsibilities of a landlord
Being a landlord in Australia has its benefits and pitfalls. The benefits are:
· A steady income
· Tax savings
· Property Appreciation
· Diversification of your investment portfolio
However, the pitfalls can be significant if not managed well:
· Legal and regulatory compliance: Property and tenancy laws are complex, and you must stay up to date on them or face substantial fines and legal disputes.
· Property management: The process of finding tenants, screening them, chasing payments, dealing with complaints, and avoiding vacancy periods is very time-consuming and stressful.
· Maintenance and repairs: You must ensure the property is in good condition, and even properties in good condition require ongoing repairs. Unexpected repairs, such as electrical and plumbing issues, can be significant, and costs will quickly add up, affecting your cash flow.
· Market volatility: Real estate markets can be volatile, and your property can decrease in value.
However, most of the pitfalls of being a landlord can be avoided if you have a good property manager on your side.
The benefits of investing in a good property manager
Having a skilled property manager can significantly enhance the experience and profitability of being a landlord.
1. Time and Effort Savings
Managing a rental property is time-consuming. Some of the tasks you can expect to do to manage your property include:
· Finding and screening suitable tenants
· Handing maintenance requests
· Dealing with tenant issues and emergency repairs
· Performing periodic checks on the property
· Collecting rent
If you’re a landlord with more than one investment property, the time spent managing them becomes significant. A good property manager can take care of all of these so you can be free to focus on other, more important areas of your life.
2. Effective Marketing and Advertising
Marketing and Advertising
Effective marketing is essential to minimise vacancy periods and attract quality tenants. Property managers are skilled in creating appealing listings and utilising various advertising platforms to reach a broad audience. They know how to highlight the property’s best features and set competitive rental rates based on market analysis. This expertise ensures that the property is rented out quickly, reducing the time it sits vacant and the associated loss of income.
3. Expertise in finding suitable tenants and retaining them
Finding the right tenants is essential for maintaining a steady rental income and protecting your property from damage. Property managers are experts in screening potential tenants and conducting thorough background checks, including criminal history and employment verification.
Experienced property managers also know how to provide excellent customer service to tenants, attending to their concerns promptly and professionally and ensuring they are happy in their rental. Satisfied tenants are more likely to take better care of the property and pay rent on time.
4. Legal Compliance
Navigating the complex landscape of rental laws and regulations can be challenging for landlords. Property managers are well-versed in local, state, and federal rental property laws. They ensure that all aspects of property management, from lease agreements to eviction processes, comply with legal requirements. This reduces the risk of legal disputes and potential fines for non-compliance. By staying updated on changes in legislation, property managers protect landlords from legal pitfalls and ensure smooth operations.
5. Property Maintenance
Maintaining rental property in good condition is a must to keep your tenants satisfied, and it can also be part of legal compliance to have your property in liveable condition. A well-maintained property prevents minor issues from becoming big problems and helps keep the property’s value in the market. A good property manager has a network of trusted contractors and service providers who can ensure the property is maintained cost-effectively for you.
6. Financial Management
Property managers handle all financial aspects of the rental property, such as rent collection, security deposit and accounting. They also monitor the market and adjust rental rates based on market trends. They prepare detailed financial reports of the property’s performance to assist you in making decisions about future property expenses. A good property manager helps ensure your property remains profitable and competitive.
7. Stress Reduction
An experienced property manager can remove all the burdens involved in managing your property off your shoulders. You don’t have to deal with difficult tenants, field emergency calls (sometimes even at odd or inconvenient hours), or constantly remain up to date with laws and regulations. You can enjoy the benefits of owning an investment property without the headaches.
The key takeaway
Hiring a property manager is essential in helping enhance the profitability and efficiency of rental property management and, most of all, enhance your experience as a landlord. They save time and effort, ensure legal compliance, and improve tenant retention. A property manager is a worthwhile investment, and if you are a landlord looking to maximise your investment and minimise your stress, call RPN Global Sales. We are experienced property managers with over twenty years in the industry, and we can help get you the results you’re after.
