As a property investor, you may have wondered if it is worthwhile paying the extra property management fee or would you be able to save by self-managing your property.
However, it would only take one problematic tenant to create significant legal and financial issues for a Property Owner and you may not have the experience or resources to deal with it properly, hence racking up unnecessary costs.
This, and many other reasons, some of the main ones listed below, are the main reasons why Property Managers are worth the investment, helping Owners maximize their returns on their investment.
Consider this an investment, a way to save money as Property Managers have a lot of knowledge and skills that they will contribute to the management of the property. Aside from taking care of the day-to-day running of an investment property, manage the tenant relationship and ensure legal compliance, they provide peace of mind that the property is well looked after.
The opinion on rental price of a commercial property or a residential property may vary, and sometimes significantly. Experts in current market trends and local suburb values, Property Managers are able to set the right price in order to maximize your returns while minimizing vacancy periods. Plus, their advice is invaluable when it comes to rental review.
Advertising & Marketing
Approaching the right market segment and targeting the right tenants for your property will require specialized marketing and advertising skills. Experienced in this field, Property Managers will not only understand the unique selling points of the property and use their base of contacts, but they have appropriate communication channels to ensure the right exposure is given to prospective tenants.
Tenant Selection & Retention
Background checks are critical as the quality of tenant can affect the profitability of the property investment. Property managers have a huge range of proven tools and techniques to select the right tenant including National Tenant Database, screening techniques, reference checks, rental history verification and interviews.
Tenant Retention is important in keeping costs as low as possible. Good Property Managers will take proactive steps to reduce the likelihood of vacancies by managing a positive relationship with the Tenants with a quick response time.
Property Managers are hired to relieve you of the daily hassle of tenancy needs and the requirement of managing the nitty-gritty of your property. This can be quite time consuming. From enquiries to conflict resolution and maintenance or repair issues, they ensure that the property is managed to the best interest of the Owner and that the tenants enjoy their tenancy. Property Inspections are conducted and Property Condition Reports are produced to monitor the condition of the property closely.
In ensuring regulatory compliance, a professional property manager attends courses to update their knowledge on the latest property requirements based on the WA legislation.
This will help keep the property legally compliant and ensure that unnecessary legal fees are not incurred by the Property Owners.
This is especially true when it comes to tax time. With a proven system and procedure in place, the Property Management company that you hire will keep accurate and thorough records of income and expenditure including receipts and tax invoices. This will help optimize tax deductions and will save time and money.
They also have a network of reliable tradesperson to help with repair and maintenance issues.
Peace of mind, reduced stress, more time and the prevention of legal costs are just some reasons of how a property manager can add value to your investment property. If you have any further enquiries, Time Conti Sheffield Property Managers are here to help.
Author Bio: This article has been shared by Randall Baker who has previously worked as the general manager of one of the top property management companies in Perth. With close to 20 years experience within the Perth property market, Randall has seen many changes across the property industry. Randall is passionate about delivering the best outcomes for Perth homeowners and landlords.