Becoming a landlord opens up a whole new world of challenges for property owners. Sure, building a real estate portfolio is a smart investment strategy, but along with all the financial benefits come a lot of peripheral concerns you need to be aware of.
That’s where a professional property manager can come along, saving you from the day-to-day headaches of tenancies, maintenance and any unexpected issues as they arise. Here are just three of the best reasons to bring a manager in to oversee your investment property.
When you become a landlord, the biggest wild cards you will have to deal with are your tenants. In an ideal world, every tenancy agreement would go off without a hitch, with simple, painless advertising and interviewing, no damage to your property and all rent paid on time. Sadly we don’t live in such a rental utopia, and dealing with tenants can be tricky business.
An experienced property manager is able to take all of these potentially stressful issues off your hands. There’s a huge pool of prospective tenants out there – six million in Australia alone, according to figures from IBISWorld – but a property manager can navigate those waters and maintain the agreement from when it’s signed to the day it ends.
Whether at a national or state level, the laws governing houses for rent tend to vary in subtle ways. Any time the legislation changes, it is the landlord’s responsibility to amend their agreements as required, and keep tenants fully informed. Evgeniya Hawthorne, research officer for the Real Estate Institute of Australia, sees this as another area where bringing in a property manager can be a wise decision for owners.
“Education, ongoing training programs and seminars are important and helpful tools in order for a property manager to keep abreast of changing legislation and market conditions,” she says.
As mentioned above, being a landlord isn’t always smooth sailing. That’s why it pays to have a professional on hand to tackle any problems that might spring up throughout the course of a tenancy. Whatever the situation, chances are your property manager will have already been through it, and will have the know-how to resolve it with little impact on you.
It’s not personal for a property manager, they’re simply there to get the job done and maintain tenancies in a firm but fair manner. You can’t ask for better than that.