If you’ve just invested in a beautiful piece of real estate, then there’s a big question you need to address. Do you advertise privately or use an investment property manager to rent out and manage your property?
Some people are wary of using a property manager when they get an investment property. Management of your property, however, can be time consuming and costly. This is especially so if you don’t know what you’re doing. The benefits of hiring a professional soon become clear. This article explores the benefits of using an experienced property management professional for the highest possible return on your investment.
Investment Property Managers are Specialists
If you’re managing an investment property for the very first time, then you’ll soon discover how much you’re supposed to know. More importantly, you’ll learn of the dangers of not getting it right. A great property manager is a specialist in their field. They are there to inform you of the basics you most need to know. They’ll be used to dealing with issues that you may not even have considered.
Your investment property manager is trained and experienced in the ins and outs of local and national property law and rental regulations. Your property manager will ensure that you and your tenant enjoy a textbook rental relationship that protects you both. A good manager will take the time to consult with you and make recommendations for any actions you need to make to comply with the law. The guesswork will be taken out of your first foray into property investment every step of the way.
An experienced property manager knows the market. How much do you know about the rental value of Kenmore property? Brookfield property? Mt Crosby property? Do you know what it takes to boost your rental income to the next level? Do you know where to invest to get the most out of your property? Having an investment property manager is to have specialist knowledge and ground-level experience at your fingertips from the very first day.
An Investment Property Manager Will Save You Time
Some people will spend an awful lot of time to save themselves some cash. This is great if you can afford that time. But for most of us, time is money. This makes the nominal investment in property management services a sensible use of your valuable funds. Most especially so if those funds are limited. If you choose to go it alone, you’ll soon find that running a rental property takes up your time. How much is it worth to hand over the trouble of finding new tenants, for example, when you could be spending all that saved time on making more money elsewhere? A property manager will take over the task of attracting, identifying and interviewing prospective new tenants. They take care of showing them round, performing background checks and negotiating the lease and bond.
In the event that your property needs repairs, a property manager is the point of contact to manage the process. They will locate tradesmen on your behalf, and follow-up to ensure the work was done. They’ll also take over in the event of non-payment or – worst case scenario – eviction. Your property manager is always ready to start the process again if your tenant leaves. Investment property managers are there to save you time and make the rental process hassle-free.
Do You Know What To Do If It All Goes Wrong?
Managing an investment property is not without its dangers. Tenants can cause damage and many fail to pay. A property manager is there to protect your investment. Property managers follow the necessary procedures to give the best possible chance of renting without a glitch. In most cases, this is what usually happens. But when things do go wrong, it pays to have someone in charge who knows what action to take.
Your property manager knows the law and will follow it to the letter to retrieve unpaid rent or evict tenants if it comes to the worst. Because of a property manager’s experience, the process will be swifter, safer and far less painful than if you do it yourself.
Property Managers Protect Your Investment
Property Managers understand that the best way to prevent things going wrong is to secure great tenants for you in the first place. A property manager’s job starts with advertising your property appropriately and attracting the right kind of people to view. Investment property management creates a professional image, which is attractive to people who care about their home (private landlords, on the other hand, are more likely to attract those who do not care about their homes).
The role of a property manager extends to not only taking tenants to view the property, but also interviewing them. Part of the process includes checking their references and registering their bond with the correct body to ensure your investment is protected from the very first day. The reassuring presence of a professional tells your tenants that their new home will be cared for and their rights will be protected. All the while communicating that misuse of your property is not an option. This is the perfect basis for a long-term commitment from every side.
Having an investment property manager is to have specialist knowledge and ground-level experience at your fingertips from the very first day.
A Property Manager is a Business Manager
By purchasing an investment property, you have started a business. A professional property manager will treat it as such – it becomes about portfolio management. If you don’t have the time to invest in managing your property or properties well, you won’t maximise your returns. A great investment property manager will treat your property as the business it is, being there to keep it occupied, and advise you as to how you can make it better to offer the best value while maximising your returns.
So what makes a great property manager? Your property is best served by a great combination of local knowledge and business savvy. Local property management service Colleen Miles Property Management specialises in managing properties in Colleen’s ‘stomping ground’ of Kenmore. This is where her local knowledge informs her entire service, from where she looks for tenants to her market-savvy suggestions that give landlords better returns. Colleen is also an experienced accountant, meaning your property is being managed as a business from the very first day.
While hiring a property manager does involve some expense, it is clear that this, too, is a savvy investment for the successful property owner. Saving you time and hassle, having a great investment property manager on your side will help your property pay for itself many times over.