The benefits of using a property manager
Tenant screening can be a complex process, and if you don’t have sufficient experience in the real estate industry, you might end up choosing a bad tenant. The main problem with bad tenants is that it can be quite difficult to make them leave your property.
Less legal problems
Experienced landlords are aware of the fact that a single bad tenant can cause a great deal of financial and legal headaches. A high-quality property management company is armed with a lot of knowledge and they can protect you from potential lawsuits and vulnerabilities. Each Australian state will have their own laws that can affect a landlord.
If tenants don’t rent your units for long periods of time, you will have to deal with a series of issues like lost rent, having to clean the property, change the locks, repaint walls, replace carpets, make small repairs, go through the tenant screening process and marketing campaigns again. These things take time and can be quite expensive, but can be avoided by keeping your tenants happy.
More efficient rent collection
Handling the collection of rent and late fees is an extremely important aspect of property management. To ensure consistent and reliable cash flow, rent must be collected on time every month, and it’s important that tenants understand that.
Do I need a property manager?
Not every rental business requires a property manager. That being said, whether you do or don’t require one depends on the multitude of factors: number of properties, experience in Real Estate, where your property is located, or your priorities!
However, the right property manager can be life-changing and help to significantly increase the efficiency of your enterprise. Whether or not to hire a person to manage your investment is a big decision – and one that requires some thorough research to ensure you, or a property professional, is the right person for the job.
By hiring a professional property manager, you can add great value to your rental property investments, which is why so many experienced real estate investors agree that working with a good management company is the best thing.
Commonly asked questions
What does a New Zealand property manager do?
A property manager’s job description is to act as an intermediary between you (the landlord or rental property owner) and your tenants. Depending on the extent of the contract you sign with your chosen property management company, property managers services can extend to the following:
- Finding new tenants
- Assessing the suitability of potential tenants, including performing checks (e.g. references)
- Collecting regular rental payments from tenants
- Carrying out property inspections, maintaining a condition report
- Communicating and managing tenants – answering queries, booking tradespeople for repairs, and generally acting as an intermediary for landlords and tenants.
- Staying relevant: having sound knowledge of the local area of your property is crucial.
Owning and leasing a property can be highly profitable, but finding and managing tenants to help pay the bills can be demanding. Even the easiest of tenants will invariably come with requests, and attending to these queries and maintenance can be both stressful and time-consuming.
Some owners choose and prefer to be involved in every decision that surrounds the management of their property. However, if you like to get stuck in, it can be challenging to hand over the reins to a property manager who typically works best with a hands-off approach.
Managing a property is a time-consuming task. You will find yourself on call 24/7, so be prepared to have your personal time disrupted to tend to a maintenance issue. Not only are you responsible for managing these, but also for payments or lease issues.
A property manager is likely hugely experienced in the management of homes, but also people! So, depending on how long they’ve been involved in the industry, they should have a largely defined process.
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