Ask many seasoned property investors and they’ll tell you an experienced property manager is worth their weight in gold.
A good property manager can add significant value to your investment and make your life a whole lot easier.
Here are six reasons why you should rent out your property the easy way, using a rental property manager.
1. Stress less, achieve more
A property manager relieves you of all the small inconveniences of managing an investment property. No chasing down rent, dealing with difficult tenants, managing tradesman or wading through paperwork. All of this is done for you, so you can reclaim your time and freedom. This means you can live and invest wherever you like, as you won’t need to be close to your properties for day-to-day management. It also means you get to spend your time more profitably, working on your property business rather than for it.
2. Lower vacancy rates
As a property investor, it’s in your interest to retain tenants and keep vacancy cycles to a minimum. A property manager will do just that. They’ll show you how to prepare a property to maximise revenue, as well as help determine optimal rental rates that meet market demand.
Just as importantly, a property manager will expertly market your property, leveraging their own marketing channels to get people in the door.
3. High quality tenants
Property managers have specific screening processes in place to ensure your rental is matched with a reliable tenant. This service not only keeps your investment happily occupied and in the black, it protects you from the hazards and complications that can arise from difficult or unreliable tenants.
4. Legal know-how
It just takes one tricky tenant to cause significant legal worries. Property managers will help navigate complex property management legislation, as well as advise you on how to best protect yourself from potential legal issues – from evictions and inspections to lease terminations and rent collection.
5. Save on hidden costs
An important part of being a landlord is keeping your property in top condition. Not only does this keep tenants happy, it helps preserve the value of your investment. A property management team has the expertise to identify maintenance issues. They also have access to a whole network of contractors and repairmen who have already been tested for price and quality. This can end up saving you significant time and money compared to hiring and managing your own tradesmen.
6. Increase value
Ultimately, all of the above will contribute to protecting the value of your investment.
Furthermore, property managers can:
- provide feedback on how to upgrade and modify your property to best meet the market
- advise you on optimal times to increase rental rates
- and keep you informed on the value of similar properties in your local market.
If you’re ready to take the work out of managing your investment property, contact Sydney’s property management specialists K.G. Hurst and see what they can do for your portfolio.