What are the benefits of using a property manager?
The hustle and bustle of everyday life can seem like a lot to handle when you're trying to juggle between your job, family and investment properties. There are a lot of stresses that need to taken care of, especially for those who are new to being a landlord to tenants. However, one of the real estate industry's hidden gems are property managers who can assume control of your investment portfolio and take care of the day-to-day running of your homes.
Here are some of the benefits you can experience when you hire a property manager to help with your investment real estate in Surfers Paradise.
With their years of experience in the market, property managers who have been in the game for an extended period of time will have the natural intuition of being able to cut down potential tenants to a shortlist of the most viable candidates. This is an essential decision to make for the long-term health of your portfolio, with a number of characteristics making up the best type of tenants to have.
Hiring a property manager means they'll know the right things to ask, as well as take away the right information from their reference lists. If they've got great connections within the local market, they could even know the last landlord or property manager – giving them a more truthful insight into a particular tenants suitability for your portfolio.
Accurate market appraisal
Furthermore, giving landlord control over to an experienced property manager means that the rent you'll be charging your tenants will be accurate and in line with the widely accepted medians seen in your local community.
Nothing turns potential tenants off like feeling ripped off, so having a property manager handle that side of things gives you a more accurate reading to work with.
Taking care of maintenance
The usual landlord responsibilities are transferred to your property manager, who will take charge of ensuring your portfolio runs as smoothly as possible. This includes conducting regular inspections and taking care of any repairs that are causing problems.
With the importance of retaining and increasing the value of investment properties, this is an essential part of your portfolio upkeep and maintaining a positive level of growth for the future.
A professional relationship with your tenants
As an inexperienced landlord, it can be difficult to know where you stand with your tenants. However, employing the services of a property manager gives you a conduit between yourself and the occupiers of your property, allowing your property manager to relay information in a prompt and professional way.
Keeping the relationship between yourself, the property manager and the tenants of the home purely focussed on business will help keep emotions out of any difficult decisions that may arise in the future.
Buying investment property and becoming a landlord automatically gives you a whole host of legal obligations to understand and uphold – especially if you're renting the property out to tenants. There are laws that ensure both sides are able to live within their rights – so you need to ensure you don't violate these laws, intentionally or otherwise.
However, talented property managers are educated in the latest changes to tenancy law, giving you expert guidance in these matters. They can help to ensure all parties are within their rights and aid you if a legal problem does arise.
Professional property viewing
Holding an open inspection is the best way to entice tenants and buyers alike, but if you're new to the investment game, it can be difficult to know what to emphasise. However, a professional property manager can host these events and capture the attention of the largest group of people possible – giving you a wider range of choice when it comes to tenants and buyers.