Buying an investment property as a nest egg for your retirement is a fairly common thing to do these days, and with the ever growing rental market in Perth as the city expands more and more each year, it can be a wise move. Looking after your investment can often be a lot more effort than most people realise so engaging the services of a property management company can help you take the hassle out of owning and maintaining your rental property.
Firstly, property management companies know the ins and outs of the law, which is something not to be taken lightly. Using the wrong type of tenancy form or not lodging the tenants bond correctly can result in the owner receiving a hefty fine, sometimes even up to $20,000. A reputable property manager will have a complete handle on what can and can't be done, and what needs to be carried out when.
Property managers will carry out a high-level, detailed inspection of your property before any tenants move in, and will carry out the same inspection when the tenants vacate. Down to the last mark on a wall or carpet, they will know exactly what condition the property was in when tenants took possession and will have a certain expectation of how the property needs to be maintained. In the event the tenants are not maintaining the home to the required standard, they will be able to intervene and ensure the situation is rectified and your home remains looked after in a manner which you would expect.
Being able to find trustworthy tenants is also a quality that should be part of any reliable property manager's skillset. They will have access to tenancy databases and review all references provided, both work and personal ones. If you had to find your own tenants directly, how sure could you be that the references they provided were accurate and above board?
You also need to think about what happens when issues arise at the property - do you want to be the one fielding calls about broken appliances, leaky pipes or problem neighbours? Employing a property management company means that they deal with any maintenance at the property or other issues that may arise during the tenancy.
So if you are prepared to be the one sorting out maintenance issues on your weekends off, finding tenants when your property is sitting empty and conducting background checks on your potential tenants, then don't consider a property manager. But if that all sounds like too much hassle for you, give Time Conti Sheffield a call on 08 9362 5333 or visit our website at www.timeconti.com.au - we are one of the most trusted Perth property management companies and will ensure your property is well-maintained and remains a sound investment for you.