Some property investors like to save money and provide a DIY approach to the management of their investment rentals. This can work fine for the ones who have experience, and the time to do it - but what if there was actually plenty they were missing out on by not engaging the services of a professional property manager?
Because if you find the right one, they will go above and beyond just doing house inspections, finding new tenants and collecting the rent. A very good property manager can add extra value to the whole process of property investment, by working alongside you as an adviser and helping you take a proactive approach when dealing with your rental (or rentals).
Risk management
Yes, even for the most cautious investor there are still many risks that come with owning a rental property.
Do you understand the latest laws are regarding tenanted properties? And do you have the appropriate insurance to cover any issues? It is a property manager’s job to be up-to-date on any legislation relating to investment property, and they can then ensure you are aware of the implications too.
Read more: 4 tips on how to balance your property investment portfolio
Investment planning
Most investors will have some sort of plan when it comes to their portfolio, but sometimes they lack the clarity and knowledge to really get where they want to - so this is where a good property manager can help. If you are able to find one who has expertise in the field of rental investment, then you’re certainly onto a winner!
By understanding your goals, a property manager could assist in a variety of ways - keeping an eye out for opportunities for further investment, make suggestions on how to get more out of your portfolio, or put you in touch with experts that could offer some further guidance.
Proactive maintenance
Often landlords and property managers only pay attention to issues after something has broken or stopped working. But what a really good property manager would do (where possible) is keep an eye out for things that may require fixing in the near future. This type of proactive approach could help minimise costs, particularly if regular maintenance means an expensive item doesn’t have to be replaced.
Property market insights
There is always plenty of coverage in the media about what is happening in the property market - and it can be difficult to keep up with it on a daily basis. By having a dedicated property manager you can rely on them providing relevant information about what they see happening in your local suburb, and other insights that could help you stay on top of what is an often changeable marketplace.
You could potentially miss a chance to increase your weekly rent if you don’t have a good understanding of current rental rates, but a property manager can always ensure you’re getting market value.
Building solid tenant relationships
Good tenants can be hard to find, so leaving that to a property manager will help save you time sifting through all the applications to identify the best ones. And once you have the right tenants in place - a property manager can maintain a regular relationship with them to make sure they are happy and feel looked after. This will include promptly attending to anything that needs fixing, and always being a reliable contact in case of any issues.
A respected tenant will always treat your property with respect, and is likely to stick around through rent increases - because on the flip side, good landlords and houses can be hard to find too.
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Want to make sure you keep risky tenants out of your rental property? Check out our free guide below...
