Real Estate Expectations: Reasons to Retain a Property Management Agency
A property managing agency can offer a host of benefits to property owners and landlords. Did you know they can do a lot more than just collect rent for you? Many landlords and new property owners aren’t aware of the savings in time, energy and ultimately money they can have by obtaining the help of a good property management agency. This is why we’ve provided a quick outline of exactly what a property manager can do for you and how to find a reputable one.
Benefits of a Property Manager
- Organise timely inspections. They will give proper notice to both you and your tenant, giving you the opportunity to be there if you choose.
- Conduct inspections and follow up. You can trust a good property manager to conduct inspections on your behalf. They will take photos to keep records, and follow up on any actions you or your tenants need to take in regards to repairs or maintenance.
- Organise repairs and maintenance. Your property manager will likely operate in the local area near your investment property, which means they’ll know reputable repair technicians and maintenance professionals nearby. They can organise any repairs or regular maintenance for you.
- Interpret the tenancies act. It can be difficult to keep yourself well-versed in the relevant legalities surrounding property ownership and tenancy. This makes a good property manager an invaluable asset. They will be able to correctly interpret all relevant laws and regulations and make sure you and your tenants comply with legislative requirements.
- Have expert knowledge. A good property manager will know what you need to do to comply with laws that might affect insurance claims. They also have procedures and processes in place to ensure everything is handled correctly and your risk as a landlord is mitigated.
How to Find a Property Manager
It’s clear that the benefits of having a property manager outweigh the minimal extra costs. So, how do you go about finding one?
- Look locally. You’ll want to have a property manager who is close by your property, or close to as many of your investments as possible. A local manager will be able to perform inspections and in general, stay on top of your property.
- Ask around. Check with other property investors to see who they use and get some recommendations.
Choosing a Good Property Manager
It might be easy enough to find a property manager in your chosen area, but how do you know if they’re going to be good? Here are a few questions you can ask them to determine if they’re right for you?
- Is property management your core service?
- How do you handle and maintain good communications?
- How do you mitigate risk for your clients?
- Can you provide me with landlord insurance, and what does that insurance cover?
- What is your vacancy and occupancy rate?
If they are unable to answer any of these questions, then you'll have to keep looking, But, if they answer these questions well, and to your satisfaction, then you’ve found yourself a quality property management agency.
It can be a complex and fraught business owning an investment property and being a landlord. A good property management agency can take a lot of that stress away from you. Having someone else manage your property also frees up a lot of time, which you can now spend on other areas of your life. Having a property manager can provide you with peace of mind, so you can sleep well at night.