Rockingham Blog

Why do I need a Property Manager?

Why do I need a Property Manager?

As a landlord, you can cut costs by managing your property yourself as you don’t need to pay management fees. However, if you lead a busy lifestyle, and don’t reside close to your investment property, hiring a good property manager can end up freeing up your time and the reduce the stress of owning and investment property.

Property managers are trained for the job, and look after landlords, tenants and investment properties on a daily basis. They have connections with local tradespeople, and are experienced with all regular administration and documentation that needs to be dealt with.

DIY property management can be a great money saver if you’ve got the time to spare. However, you may not have the same level of expertise or network of useful contacts as a property manager to manage your property efficiently, and emotional involvement can be a risk.

If you don’t have the time and patience to deal with any delayed or missed rent payments, complaints from neighbours and any damage to your property, the safe option would be to hire a property manager who can deal with these issues for you.

A survey of investors by Woolcott Research found that two out of five self-managing landlords interviewed had experienced tenants defaulting on rent. It also found that landlords who used property managers to manage their relationships with tenants faced fewer problems.

What makes a great property manager?

Ideally, you’ll want to find a property manager who can offer you the following:

  • The ability to achieve the highest possible rental return
  • A professional, personalised service
  • Experience in managing properties like yours
  • Education in property management
  • Superb communication and organisation skills

Questions to ask a property manager before you sign them on

Once you get in touch with a property manager, it’s ask them the following questions:

  • How many years’ experience do they have in the industry?
  • How many properties are they currently managing?
  • Does the agency also handle sales? (This could be useful in the future)
  • What’s included in their property management fees? (Request a breakdown)
  • What is their screening process?
  • How often do they generally contact landlords?
  • Explain how do you handle repair requests?
  • How do you handle a tenant who doesn’t pay rent on time?

Switching property managers

If you feel as though your current property manager isn’t meeting your expectations, there’s no harm in looking at your options. If you’d like to compare property managers or different real estate agencies including marketing fees and property management history, you can compare at LocalAgentFinder.com.au, and find the right property manager for your rental property.

What do they charge in my area? Find the right property manager here.

The easiest way to find out what agents charge in your suburb is to use LocalAgentFinder‘s free agent comparison service to compare local property managers. Compare commissions, marketing fees and property management history. You can also understand their level of service by looking at independent homeowner reviews. 

 

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