Protecting your investments: The benefits of property management
One thing that owners of investment Surfers Paradise property want to avoid like the plague is runaway tenants. There are a wide range of reasons why people might decide to simply up and leave their rental property, but the results for landlords can be devastating. Weeks of missed rent can mean getting behind on your mortgage repayments, while the property could also have been left in a general state of disrepair – which means more money being spent to get it back into a marketable shape.
This highlights the importance of finding the right tenants from the get go. However, if you're a newcomer to investment property ownership, the interview process can be a daunting experience to undertake. Everything from the way you market your home through to the questions you ask is going to play a role in the process, making it an all-encompassing procedure that requires delicacy and your fullest attention.
However, there is one option to consider that could make the tenant selection process – and overall running of your investment portfolio – much easier in the long run. Hiring the services of a professional property manager could be a great way to get the most out of your investments and help secure a great return.
What is a property manager?
The role of a property manager is fairly straightforward. Basically, they assume full landlord responsibilities for your investment properties and make sure they run as smoothly as possible. This means taking care of everything from maintenance and upkeep through to selecting the right tenants, ensuring they pay their rent on time, and taking care of any problems that arise as promptly as possible.
With a lot of experience in the real estate market, property managers are often extremely knowledgeable about the ins and outs of what makes a great rental property. Therefore, they can be a great to help you earn a good return on your portfolio – alleviating any stress of concerns you may have about being a landlord yourself.
How can a property manager aid your investment?
Having worked in the industry, property managers will have a grasp on the types of people to screen for tenancy, the right questions to ask, and the most suitable references to ask for and verify. Putting your portfolio in their capable hands is a good way to squeeze the most out of your portfolio.
Having seen countless of applications throughout their career, a property manager can easily screen potential tenants and create a shortlist of the most suitable people for your home. Removing the stress and reducing the chances of choosing a bad match for your investment real estate in Surfers Paradise can help save you money in the long term as well. The fall out from a mismatched tenant can be expensive and time consuming, so avoiding it all together is advisable.
There are a number of other benefits to enlisting the services of property manager. After working in a community for a period of time, it's not uncommon for property managers to build relationships with local business and tradespeople.
This can be a huge bonus when it comes to property maintenance and repairs, as they can use their connections to potentially secure deals for materials and services, helping you save money while keeping your investment properties in tip top shape.
Furthermore, a property manager comes with an intimate knowledge of the laws surrounding tenancy and being a landlord. This means you can rest assured knowing your portfolio will be managed within the confines of the law, and that both you and your tenants will be operating within your legal rights.