3 Forgotten Ways Property Managers Add Real Value for Landlords
For many property owners, real estate is a side business in addition to their regular careers. Because of this, many don't have the time or industry knowledge to successfully manage their rental properties. And this is where property managers shine. Property managers act as the go-between for landlords and tenants.
They also handle the day-to-day aspects of managing investment properties. However, you still have your own responsibilities as a landlord. Here's an overview of what you can and cannot expect from your property manager.
What Property Managers Do?
Property managers often bear the brunt of criticism from both landlords and tenants, but they actually do quite a lot of work for you. For starters, they track down tenants to collect rent payments, organise maintenance and repairs and find new tenants for vacant properties. Experienced property managers can also help you set appropriate rental rates according to changing market conditions.
What is a Landlord's Role?
Although property managers can handle a lot of tasks for you, that doesn't mean that you can just sit back and watch the rent roll in. Look at it this way: if your property manager handles the details, you are responsible for the big picture. This includes things like renovating, purchasing appliances and making decisions about evicting undesirable tenants. At the end of the day, it is your property, so you have final say in important matters. The best property managers will help you with these decisions, answer your questions, and provide relevant advice based on a wealth of experience.
3 Ways a Good Property Manager will Add Value and Save you Money
That being said, property managers provide a host of benefits, including:
- Reducing Costs - Your property manager is on the front lines of dealing with your tenants, and this includes maintenance requests. Catching any issues early on can save you money on any necessary repairs. Experienced property managers often have relationships with a variety of tradies, which can help you save even more money.
- Minimising Vacancies - Having a property manager on-site makes it easier to get new tenants in quickly after they have given the previous tenant notice to move out. The less time between tenants, the less of a gap there will be in your rental income. Your property manager can facilitate this process and advise you as to which prospective tenants are likely to be the most reliable.
- Boosting Long-Term Returns - Because property managers can manage as many as 200 different properties at once, they are innately familiar with the property rental market. This gives them unique insight into appropriate rental rates. They can advise you when it is time to increase your rates, boosting your income over time.
There are many more benefits to hiring a property manager, but these are a few of the most prominent. And if you don't live in the same area as your rental properties, a property manager is invaluable. They act as your eyes and ears on your properties when you can't be there in person. Don't discount this important benefit.
How to Choose the Best Property Manager
There are many property management companies out there, and some Darwin property managers are better than others. Take the time to interview several candidates before making your final decision. You'll be interacting with your property manager on a regular basis, so it is important to choose someone with whom you can get along.
In addition, your property manager will be taking care of one of your most valuable assets, so you need to find someone trustworthy. You won't be short on options when it comes to choosing a property manager, so you are sure to find one who is a good fit for your needs and preferences.