If you’re a first-time investor, there’s likely a whole raft of responsibilities you may not even have considered.
And even if you are an experienced investor with several properties in your portfolio, you probably don’t have time to manage everything yourself.
That’s where a good property manager comes in. They will not only take care of all the things you don’t have time to do, they will also help you secure the best tenants, navigate the ever-changing legal landscape and maximise the return on your investment.
The Property Mentors CEO Luke Harris said a good property manager is a vital component of a successful investment strategy.
“Some investors choose to manage their property themselves to save a few bucks, yet we find, time and time again, this ends in tears,” he said.
“And if you miss something because you are too busy or inexperienced, such as a safety or maintenance issue, it will cost you significantly more trying to fix the problem.”
Luke said when it comes to property investors, searching for the cheapest rate was false economy.
“After investing significant time hunting around you may find some cheap rates, but you will also get what you pay for - poor service, because the manager is likely looking after far too many properties,” he said.
Here are some other reasons why you need a good property manager on your team.
Navigating the legislation
Rental laws are complex and ever-changing.
In Victoria, there are well in excess of 100 rental laws, and a legion of new legislation came into effect in March this year.
It can be difficult to stay informed – and if you breach a law, you could be in line for a big fine.
A good property manager will ensure you meet your legal obligations.
“With so much compliance and legislation to keep up with, you really need to invest a huge amount of time to manage a property properly yourself,” Luke said.
“Most property management rates are actually quite affordable when you take into account the time, what they have to do, and the skills and experience they need, to manage what is after all often your largest asset.”
Accurate market advice
Just like legislation, the property market is far from constant. Rental prices, marketing tools and property trends change at a rapid pace.
Having a good property manager means you will always be in the know.
Luke said when selecting your property manager, seek out someone who is an experienced investor.
“An active property investor has a unique advantage over other property managers,” he said.
“They understand first-hand that the difference between a good and a bad property manager can also mean the difference between an assured, hassle-free and easy to achieve income stream versus poor service, the wrong tenants, maintenance problems and unforeseen issues.”
Getting and keeping the right tenant
Tenant selection can sometimes be the most stressful part of the investment journey, but a good property manager will make the process as smooth as possible.
They will take care of inspections and vet applicants by conducting employment, credit and criminal background checks to give you peace of mind.
Once you have found the perfect tenant, an experienced property manager will help you keep them, by developing a great relationship and ensuring maintenance is addressed and communication is prompt.
All this adds up to reduced vacancy times, which will save you money and maximises your return on investment.
How The Property Mentors Can Help
Our experienced team will provide all the expected property management services, from finding the right tenants, to taking care of day-to-day administration and freeing you from routine inspections and maintenance checks.
However, unlike most property management agencies, while we help you to maximise returns and deliver results now, at a strategic level we also keep an educated eye on your overall financial goals.
Our premium service is designed to lay down solid foundations, protect your property portfolio and ensure your long-term financial security.
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