Is it worth getting a Property Manager to manage your property?

It’s the question landlords everywhere ask themselves: do I really need a property manager? After all, you could source your own tenants, collect your own rent, and do your own property inspections? While these certainly sound doable, it’s a case of landlord beware, as managing your own property can turn sour very quickly.
When you choose to use a property manager, being able to step back, relax and give the day-to-day responsibility to them is just one of the benefits – and we’ve got five more to share!

5 Reasons to Use a Property Manager

When using a property manager, you can take advantage of the many benefits their services provide, including:
Communication – your manager is the first point of contact for your tenants. They’ll be the one who gets the 1 am phone call about a blocked toilet or leaking roof. They will also be the one who organises the tradespeople to attend to the property and fix the problem. Being skilled communicators, your property manager will be experienced in diffusing challenging situations, identifying issues, and implementing solutions. They will also keep detailed records of these interactions.

Rent collection – your rental manager will take responsibility for collecting the rent and following up when rent goes unpaid. As such, they will contact the tenant and organize immediate payment, plus any late fees. If required, your manager will also take steps to begin the eviction process and other tasks as required by law.

Property marketing – your property manager has the responsibility of marketing your property, screening and selecting your tenants. Managers have access to a variety of marketing tools, as well as a large database of potential tenants to pick from. When screening tenants, your property manager will seek detailed information about your tenants, such as their past tenancies, references and employment. These checks help them select the best tenant for your property, which is one who will pay the rent on time and care for the property.

Maintenance, repairs and property inspections – a manager will schedule regular property inspections where they will identify areas that need fixing or are due for maintenance. This includes identifying tenant damage or lack of care, such as a dirty oven or an unmown lawn or helping to meet Healthy Homes standards. By being proactive, they can help reduce your outgoing costs, by ensuring corrective action is taken earlier before things deteriorate further and cost more to fix.

Personal benefits – by handing over the care of your rental, you in turn gain the benefits of additional time and freedom, along with lower stress levels. You can take a holiday without worrying that your tenant will call, have someone else perform regular rental property inspections and are able to spend time with family and friends, not your tenants. You also have the advantage of being able to own rental properties outside of your immediate area, as your manager will be onsite on your behalf
There are also other advantages to outsourcing your property management, including the manager’s experience and knowledge of legal requirements, access to reliable tradespeople, creating a buffer between you and your tenant, and being able to give a current appraisal to ensure your tenants pay market rates. With all these benefits, hiring a professional to manage your property is a win-win situation for all.