A good property manager will free up your time, put your mind at ease, and add value to your investment. While property managers take on many responsibilities, here are five of the ways they can add value to what is likely to be the biggest investment you’ll make.
Property is a big investment, so you’ll want to make sure you’re doing everything possible to gain strong returns. That’s where a property manager comes in. A professional property manager can add value to your investment, while also freeing up your time by taking on the responsibilities that would otherwise fall to you, such as screening tenants and completing regular inspections. Good property managers aren’t cheap, however they’re worth the investment for what they bring to the table.
Here are five ways a good property manager adds value:
1. They’ll Find The Best Tenants
Good tenants will take care of your investment property and ideally stay for the length of time you’ve agreed on, so that you don’t have to go through the time consuming and costly experience of re-listing your property.
While there’s usually no shortage of prospective tenants for quality properties in Eastern Sydney, finding the right match is a different story. It’s great to have a wide array to choose from, but analysing every application can be exhausting. Skip over this process however and you could be taking a risk as to who is living in your investment property.
Part of a property manager’s job is to read through rental applications to find the ideal tenants for you, keeping your wishes in mind. A good property manager will spend time doing thorough reference checks, rental history checks, and look at finances and work histories. If the prospective tenants have pets, the property manager can have them sign a pet clause. The property manager will think of these details and more so that you don’t have to, saving you time and giving you peace of mind.
2. They’ll Handle Routine Inspections And Maintenance Requests
As well as processing the initial applications, a property manager is involved throughout the entire tenancy. They’ll be responsible for ongoing processes such as routine inspections and maintenance requests.
Depending on the terms of your property’s lease, routine property inspections are conducted annually, twice a year or quarterly. As well as arranging these with the tenant, on the day of the inspection, the property manager will look out for any maintenance issues or concerns, and report back their findings. Knowing that a professional property manager is taking care of them means you don’t have to take time out from your day to complete them nor the need to travel if you don’t live near your investment property.
If any maintenance is required, the property manager will also handle this, coordinating tradespeople and the tenants’ schedules to ensure this work can be done. This will not only keep your tenants happy but keep your investment property in good condition.
3. They Maximise Your Capital Growth/Rental Yield
As you’ve bought an investment property, you’ll obviously want to be receiving returns. A good property manager will help you gain the most from it. Besides the day-to-day running of your property, they’ll have the bigger picture and longer term of your investment in mind.
With their expertise in the property market, they’ll be aware of the trends in the market and how much other properties are earning. They’ll know whether you can raise the property’s rent, or whether it’d be a risky move to do so.
A property manager can help ensure that you’re maximising your capital growth and rental yield, so that you don’t have to stay on top of these market fluctuations yourself.
4. They’re Risk Managers
As well as being able to advise on any risks that come with the financial side of your investment, a good property manager can also help mitigate other risks, some of which you’d never considered.
They’ll know the ins and outs on what kind of fencing you’ll need around the pool (if your property has one), whether electronic roller shutters have been tested for safety, when gas appliances need to be serviced, whether gutters need to be cleaned out, and smoke alarms checked.
A good property manager will be well versed in the rules of owners’ corporations, strata and insurance, which again saves you from having to research these yourself.
5. They Can Guide You Through The Long-term Process Of Property Management
If you’re planning on holding onto your investment property for a while, you’ll need a long-term plan. Again, this is an area a good property manager can help you with, as they’ll come with a strong knowledge of the market.
Whether it’s suggesting renovations or perhaps increasing the rent, they’ll be able to help you work towards your long-term investment goal. They’ll also have mortgage broker contacts that they can recommend in order to find a good fit for you.
To learn more about how a good property manager can add value to your investment, get in touch with one of our team of specialists today.