Whether you want to get your first investment property or have a growing portfolio of varied rental properties, you may be considering if you need property management services in Australia. If you’re still on the fence, here is everything you need to know so you can make an educated decision about hiring a property manager.
When Should You Consider a Property Manager?
There are many reasons to consider a property manager, but if you’re unsure when it becomes a necessity, here are the general guidelines.
- If you aren’t interested in managing your property hands-on, collecting rent, arranging repairs, keeping records, locating tenants and conducting property inspections (to name a few) may be a lot on your plate.
- You live far from the investment property. Having someone located closer to the investment property, with local networks and knowledge is peace of mind as they can get to your property quickly.
- You don’t need or want a relationship with your tenant. Many people don’t want the trouble of managing day-to-day needs as people can be sensitive and you may need to deal with conflicts down the line. If you use a property manager, everything is handled for you.
- You don’t have the time to invest in managing your own property. Unfortunately, managing an investment property is a time-consuming process, so if you’re already busy enough, a property manager can make this easier for you.
- You can handle the cost. When it comes to time vs cost, if you have the ability to lean towards the cost aspect, you can opt for a property manager. The cost is even tax deductible.
- You have multiple properties. The more properties you have, the more work it is, so this is a great point to engage a property manager to take a load off you.
What Does a Property Manager Do?
Now that you know when to hire a property manager, here is what a property manager actually does to help you manage your properties.
- They try to maximise your return on investment while also minimising risk.
- They can advertise your property for rent on the appropriate platforms.
- Open and stage your rental property for viewings.
- Screening tenants with things such as reference checks and a rental history review.
- Organise tradespeople if any repairs and maintenance are needed.
- Manage the condition of the property and report the process.
- Inspect the property on a regular basis.
- Manage your financial accounts for the investment property and report back to clients.
- Manage the tenancy agreements and handle questions.
You Choose The Level of Service
When you have decided to use a property manager, you don’t necessarily have to engage them for all your needs. Depending on how much money you want to commit, you can hire a property manager to suit your specific needs.
For example, if you have one rental property and have enough time to handle the rental property’s maintenance but haven’t handled a lease agreement before, you may only need a property manager for the contract side of things. On the other hand, if you’re working full-time and have three rental properties, you may want your property manager to handle all your maintenance and account needs.
Undertaking the management of investment properties, yourself is a risk. There’s more to being a landlord than just getting a monthly amount of rent. To ensure you are legally compliant and have peace of mind, a property manager is a great choice.
But which property manager? It’s an easy answer if you’re in Point Cook, it’s Established Property.
Out of all the properties in Point Cook, a huge 30% are rental properties. This means there is a market when it comes to renting in Point Cook. To get your share of this market, you need to know the local area and the legal requirements, and this is where an expert property manager from Established Property comes in. Let Established Property handle the hard work while you enjoy a return on your investment.
