It only takes one problematic tenant to create significant legal and financial issues for a landlord, most of whom don't have the experience, expertise, resources (not to mention the time or the patience) to deal with these satisfactorily.
On the other hand, a professional property manager has all of those attributes and more. They will take care of the day-to-day running of an investment property, handle the tenant relationship and ensure that all legal obligations are met - and in doing so, they play a key role in helping landlords maximise their investment returns.
If you're in any doubt about why you should invest in a property manager, have a look at these facts:
Fact 1 They set the right rental rates
A professional property manager is familiar with local property trends, rates and values and will use their experience and industry knowledge to set a market-related rent that strikes a balance between maximising your monthly income and minimising vacancies.
Fact 2 They are experts at marketing properties for rent
They're experts at advertising and promoting your investment property and will use their extensive network, marketing know-how and innovative communication tools and channels to reach the widest possible pool of prospective tenants.
Fact 3 They find the right tenants
The quality of tenant can either make or break a property investment and a professional property manager knows how important tenant selection is. They use a range of proven tools and screening techniques to find the right tenant including thorough reference checks, database checks, verification of rental history and personal interviews.
Fact 4 They're experts at managing tenants
They manage all daily operational aspects of the tenant/landlord relationship, handle any enquiries or complaints and take steps to resolve any conflict as quickly and efficiently as possible within the parameters of the lease agreement and according to the law. They also ensure rent is collected in full and on time, they handle all property inspections, co-ordinate any tenant queries and ensure that all issues are resolved quickly, efficiently and satisfactorily.
Fact 5 They ensure that the landlord complies with property and tenant legislation
A professional property manager will keep up-to-date with the many laws and regulations that apply to rental properties and tenancy and can play a key role in ensuring compliance, helping landlords avoid legal action and if necessary, handling the legislative process.
Fact 6 They handle all maintenance and repair issues
A property manager takes care of the day-to-day operation of your property, leaving you to do what you do best. They use their extensive network of proven tradesmen and contractors to secure the best price and will oversee any work that needs to be done. A good property manager will also make suggestions for preventative maintenance work which can save you money over the long-term and increase the value of your investment.
Fact 7 They reduce vacancy rates and ensure better tenant retention
Vacancies are costly and a good property manager will take proactive steps to reduce the likelihood of vacancies through effective tenant selection, determining appropriate rental rates and marketing the property efficiently.
Fact 8 They keep thorough records relating to the property
It's the property manager's job to keep accurate and thorough records of income and expenditure including receipts and tax invoices. Having an organised financial reporting system saves time and effort and reduces stress levels when it comes to tax time - plus they can advise on what deductions are allowed and how you can claim for these.
Less stress, less hassle, more time, peace-of-mind and greater financial freedom are a few more reasons why you should invest in a property manager, but obviously not all property manager are equal.
Always choose a trustworthy firm of property managers such as Time Conti Sheffield which has a proven reputation of quality client service and performance excellence. Time Conti Sheffield has been servicing clients in property management in Perth for over 60 years and their long list of satisfied landlords and tenants all agree on the benefits of investing in a property management firm. Find them on 08 9362 5333 or visit their website, www.timeconti.com.au to see why you should invest in a property manager.