By Ros Burton (Principal – The Real Estate People)
Whether you are brand new to investing in real estate or have a wealth of properties on your hands, you will have probably noticed that it’s a difficult job that requires a lot of your time and effort.
This, on top of your other responsibilities, creates added stress that you may struggle to cope with.
This is where a property manager can help.
They take a fixed percentage of your rental income as payment but could end up saving you money in the long term because of the range of benefits they provide.
Read on for our top 5 benefits of using a property manager for your investment property.
Valuable advice
Even if you’re experienced in property dealings, you can always benefit from the wisdom of someone who has insider tips and comprehensive knowledge to share.
A property manager will advise you on which homes on the market currently are worth your investment and exactly how much you should consider offering.
This is not forgetting the vital details such as how much time you should set aside for renovations and how much rent you can reasonably charge.
Once you’ve secured the property, they’ll also offer advice throughout the letting agreement.
Finding a tenant
With this market knowledge, your property manager can decide how and where to promote the house listing.
From hiring a professional photographer to show off the house, to using the most appropriate website and language to promote the rental, they will ensure it reaches the right people.
It’s good having keen tenants applying for your property, but you want to make sure you only take on appropriate people to live in your investment home.
A property manager can organise tenant screenings and all of the necessary admin that comes with this, such as finding out their ability to make rental payments and getting references from former landlords.
This ensures you only take on a tenant that suits your home to reduce the risk to your investment.
Tenant dealings
When it comes to tenants moving in, a good property manager can help you with all the day-to-day interactions with them (saving you a heap of time).
Often, a property manager can deal with these situations without even needing to contact you; for example, contacting contractors in the area for a repair and managing this process from start to finish. If the tenant is causing a lot of issues, a property manager can also assist you with eviction procedures.
Accounting
From rent collection to updated invoices, a good property manager will ensure your accounting is dealt with in the most efficient manner, so you are never left in the dark.
They can chase up late rent or deposits; as well as help you to make the most of tax benefits by staying organised with your income.
Ensuring you are compliant
Getting to grips with all of the laws and regulations to do with real estate can be a headache.
Property managers are fully equipped to ensure you stay compliant with any guidelines so that you aren’t caught out by lawsuits or legal trouble, from the way the property was built to avoiding discrimination lawsuits.
There are also lengthy terms and conditions to do with how much rent you can charge and eviction procedures.
They can also oversee the lease agreement, meaning that the paperwork between you and the tenant stays fair and legal and is agreed upon by both parties.
Call me biased, but I think The Real Estate People are the premium real estate agents in Toowoomba and we can help you with every aspect of investing in property and managing your portfolio.
Get in contact today on (07) 4633 8899 to find out how our services can benefit you.