Did you know property managers can help when you’re buying or selling an investment property? Here are the ways they can use their knowledge, networks and experience to help you buy or sell.
Property managers may specialise in tenancies, but did you know they can also be an invaluable resource when buying or selling your investment property? Here are some of their areas of expertise you can tap into when you are ready buy or sell your investment property.
1. They Have Local Expertise
Property managers spend their time focused on all aspects of the property market, so their knowledge extends far beyond the day-to-day work they might take care of for your property specifically. Experienced property managers understand the ins and outs of buying and selling in your area, as well as being true experts on the local rental market, so they can make great recommendations for buying a property that will deliver great returns for your portfolio now and into the future.
2. They Know You And Your Property
Great relationships between landlords and property managers are essential, so there’s a good chance your property manager will know you well and understand your needs. A knowledgeable professional can offer another perspective on what to look for in a home that will attract quality tenants, as well as what to consider when selling your existing property. They’ll also be very familiar with your current property, so they’ll know any issues to address prior to selling, which renovations might add value to your sale and the key selling points you can highlight to get the best result.
3. They Have Other Connections And Networks
Property management isn’t a solo endeavour. Your property manager probably works with a lot of other professionals in their day-to-day job and, in many cases, they’ll have a referral partnership in place with experts they trust and are happy to recommend. Before buying or selling your property, it’s a good idea to check in with your property manager to see if they can connect you to sales agents, mortgage brokers, buyers agents, tradespeople, home stylists or any other services you might need throughout the process.
4. They Have Relationships With Other Investors
The nature of their work means property managers have many other investors on their books, so they might know a buyer or seller looking for their next opportunity. The property manager will understand what both parties are looking for, so they’re in a unique position to recognise a good match and put you in touch if appropriate.
5. They Understand Your Obligations And How To Communicate With Tenants
If you’re selling your investment property, there are rules around what you need to tell tenants, how much notice to give when asking them to leave, when you can do open home inspections and so on. If something goes wrong or circumstances change halfway through the selling process, there are some cases where you could be liable to pay compensation to the tenant. Your property manager will know these regulations and can advise on how to avoid any potential issues, so get in touch with them as soon as possible in the process.
Finding out that they need to leave their home isn’t always what a tenant wants to hear, but a great property manager will also know how to communicate respectfully with plenty of notice.
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