Property managers are key to a successful investment
The vast majority of investors use a property manager to look after their property. However, there are some people who have preferred for various reasons, to self-manage.
While you may not have thought about using a property manager in the past, now might be a good time to consider professional property management.
Emergency tenancy laws
Since the introduction of the Residential Tenancies (COVID-19 Response) Act 2020, property investors and tenants must operate under a different set of rules which can be confusing to navigate through. As this legislation has been extended until 28 March 2021, it can be difficult to stay on top of the changes.
While it can be tempting to go it alone and manage your rental by yourself – premised upon the notion of saving on management fees – deciding not to use the services of a licenced real estate agent is risky and can often cost you in the long run.
The amount of work involved in managing a property and how complex it can be is often underestimated. Management fees are not excessive and are normally tax deductible. It’s a small price to pay for the peace of mind that comes with having a professional handle the tenancy.
Benefits of a property manager
A property manager will take care of the day-to-day tasks and responsibilities of managing a property, and they’ll be well-versed on the Residential Tenancies Act and Residential Tenancies (COVID-19 Response) Act 2020. This is particularly useful if the property is damaged, maintenance is required, or the tenant is unable to meet their rental obligations.
As the owner of the rental, your emotional attachment can be a detriment when dealing with the tenants yourself. A property manager acts as a link between the owner and the tenant and will offer advice based on the best outcome for you.
A property manager also has access to the National Tenancy Database so they can identify any applicants who have a poor rental history when it comes to paying rent and maintaining a property. This is priceless information and can help you select the most appropriate tenant from the start.
A property manager will assist you with a marketing campaign to give you a competitive edge. Plus, they have access to rental listing websites like reiwa.com, which isn’t available to private landlords, so you can ensure your property is seen by as many people as possible.
SOURCE: www.reiwa.com.au
