In budget-conscious times everyone is looking for ways to cut costs while maximising revenue. When you own an investment property it’s tempting to think you could save on property management fees by doing it yourself.
But before you decide to go down that path, here are a few considerations that reveal the real costs (and risks) associated with managing the property yourself.
7 Compelling Reasons To Hire A Property Manager:
Cut the emotion: When it’s your property, understandably you have an emotional connection to it. Every bill associated with this property can be agonised over, every task debated, every decision questioned. Take the emotion out of it. Use someone who knows how to manage a property and has done it before. They can make decisions based on calculated reasons and logic rather than gut feel.
Expert guidance: A professional property manager is an expert on the local rental market. They will know exactly how much rent to charge to get the best rental outcome for you. They monitor the rental market daily and will have insights about tenancy agreements and how to get the best position for you.
Experienced assessments: Got five applicants for your property but don’t know who make the best tenant? It’s not as simple as it seems. A good, REIQ accredited property manager will be able to run a background check on you prospective tenants to ensure they don’t have any red flags in their rental history. They will also be skilled at assessing who will look after your property the best. This is where a PM really delivers. They are usually, fast, efficient and accurate.
Trusted tradies: When a tenant calls with a busted pipe, the property manager will have a list of trusted tradies at their fingertips who will be able to respond immediately and affordably.
Cut the hassle: Do you really want to collect rent, issue rent receipts, manage inspections, set up a maintenance schedule for the property? These are just a few of the daily tasks that a property manager can take over for you.
Lower costs: It’s counter intuitive but by hiring someone whose job it is to respond to maintenance issues quickly, you can save money. They will tackle the small problems so they don’t become big problems.
Compliance: Know your Form 18a from your Form 10? Do you know the correct time frames in which to issue a Form 11? Or how much notice to give when increasing the rent? Or issuing an eviction notice? A property manager knows all this and more. They can ensure you remain compliant and save you time – and money – by helping you avoid unnecessary QCAT appearances.