Red Flags and Real Estate: Signs It's Time to Find a Property Manager
It might seem like a simple, money-saving option to manage your own investment properties, but often it can end up being too much for most people to handle. Unfortunately, a lot of landlords ignore the signs that signal they need help. They continue to struggle, resulting in poor management of the property, loss of income and sometimes even long-term damage. If any of the following signs sound like you, then it might be time to enlist the help of an experienced property manager. Here are some reasons why.
Strong communication is a key component in any good tenant-landlord relationship, when communication is inconsistent or absent, there is a problem. Do you:
- Take weeks to respond to requests for repairs?
- Find your tenants are often in arrears and yet you are not following them up promptly?
These are all clear signs that you don’t have the time to properly manage communication with your tenant.
When you first start out in property investment, it’s easy to fall into the trap of thinking all you have to do is sit back and watch the rental income flow in. However, you’ll be surprised at how much time it can take up. Ask yourself these questions to determine if you are time poor:
- Do you find that you’re constantly feeling stressed about your rental property and putting things off?
- Are you worried that you spend way too much time managing your property?
- Has the time you spend managing your property interfered with other commitments, such as work or family time?
There are many different laws and regulations around tenancy and owning investment property, which can be hard to keep track of, especially if they change often. Even if you are managing to keep yourself well-informed, this can take up a lot of your extra time. Do you:
- Find that you are spending hours researching and trying to interpret the tenancies act?
- Have trouble correctly interpreting laws and understanding how they affect you?
Legislation is a complex issue, but it’s important to know what is required of you and your tenants. A good property manager will be well-versed and up to date with the latest rules and requirements.
More Signs You Could Benefit from a Property Manager
You could benefit from the services of a local property manager if you:
- Don’t live near your investment property: It’s much easier to have a local professional nearby than to have to make long trips out to inspect or repair your property.
- Own multiple properties: More properties mean more demands on your time, which is something a property manager can really help with on a regular basis.
If you identified with any of these, then you may want to consider hiring a property manager to free up some of your time.
Ways a Property Manager Can Help
It might seem unnecessary to hire someone to do something you could do yourself, but that doesn’t stop us from eating at restaurants or hiring cleaners. Hiring a property manager will free up a lot of time, which you can then channel into work, family and growing your investment portfolio. Some of the tasks a property manager might perform include:
- Communicating with tenants. They will make sure rent is paid on time every month, organise inspections and follow up with any issues, and they can also organise repairs through reputable local professionals.
- Communicating with you. They will give you regular updates on how your investment property is going, as well as inform you of damage or repairs required.
- Knowing the latest legislation. It is a property agent’s job to know the tenancies act inside out, so you can be sure you won’t be caught out by a lack of knowledge.
A local, reputable property manager is a bit like insurance. Their procedures and processes ensure the proper management of your property, which mitigates your risk. Don’t ignore the signs or continue to struggle to manage your own investment property. Enlist the help of a quality professional and enjoy all the extra time you’ll have. You'll also benefit from the peace of mind. Who knows - you may even sleep better.