Any landlord knows there's a lot more to the job than collecting rent each week and piling your earnings. Property investing can offer high returns, but they don't come without a fair deal of work.
Property managers can help significantly, but many landlords don't want to pay for their service. When you consider, however, just how much money property management can save down the line, you realise their fee is marginal.
Here are three tell tale signs you should hire a property manager today:
You haven't reviewed rent recently
In case you missed it, property on the Gold Coast is massively valuable and growing every day. The Gold Coast now boasts six suburbs where the average home is valued at over $1million. Some of these suburbs showed growth as high as 21 per cent over the last twelve months.
If you haven't adjusted your rent recently, chances are you're missing out. Rental reviews, however, aren't an easy task and there are a number of factors you should consider. Landlords who attempt to set rent on their own might miss the mark, leading them out on money or new tenants – both of which are detrimental for any investor.
Because they follow the market carefully, property managers can help make sure you're charging rental rates that are fair yet competitive.Their expertise can also guide you in things like:
- Where to buy an additional investment property
- Which renovations will add value to your home
- How to save money at tax time
You struggle to fill vacancies
It's definitely time to bring in the professionals if you're still relying on DIY rental sites and nonprofessional photographs to fill vacancies.
If you've ever posted an unpaid advertisement online, you know how quickly it gets bumped down the page and out of sight. As a part of their services, property managers will pay for premium ads on listing sites, ensuring that your property stays front and centre until it's filled. They'll also supplement the advertisement with professional photos of your unit, guaranteed to help draw in tenants.
Property managers also have access to massive databases of people who are looking to rent in your area. That means none of your marketing efforts will fall on disinterested eyes.
Beyond the Internet, property managers can also help advertise using print publications, signs and fliers.
Your tenants often need to call you multiple times with requests
Most people don't purchase an investment property with the intention of becoming a full time landlord. It's a lot of work, particularly if you own multiple properties or live far away.
Tenants might call you at all hours with questions and requests. If you're struggling to take care of their needs quickly and efficiently, you may need property management services.
Property managers have a much wider network of service people and tradesmen than the average DIY landlord. No matter what repair or maintenance issue your tenants require, chances are they know someone who can fix it. Plus, we've likely worked with them before so know they'll do a good job and not overcharge.
In general, property managers can act as a middleman between you and your tenants, which not only saves you time, but ensures that all queries and communications are handled professionally. Some of the things property managers can help with includes:
- General communications
- Lease agreements
- Lease renewals
- Ending a tenancy
- Enforcing late fees
To find out more about how a Ray White Surfers Paradise property manager can help you run your investment like a successful business, reach out to our expert team today.