"We can handle it!" is the cry of many a new investment property owner. It's also true for many; the tasks associated with property ownership can be handled by many owners. But, there are many pitfalls and complexities, so hiring an expert property manager, such as one from House Estate Agents, will almost certainly yield dividends. Let's discuss 3 key benefits now of having a property manager to handle your investment.
The property is filled
As an experienced property manager, they have the know-how of what to do to fill a property with tenants, and quickly. This includes but is not limited to: online advertisement, newspaper advertisement, and holding open inspections. The process of actually selecting tenants is also partially taken care of by your property manager. For example, they'll follow up with tenants after they come to an inspection, process applications and filter out poor ones so you don't waste your time, and much more. Having someone who has experience in the matter handle this aspect of investment will save you both time and headache.
Inspections
We discussed inspections in more detail before [https://houseestateagents.com.au/blog/why-inspections-are-critical], and they are something that a property manager with expertise will handle better than an amateur. Looking out for the tell-tale signs of problems that will arise in the future is a skill and one that a property manager is well versed in. If you aren't convinced that inspections are essential, we encourage you to read the previous article as linked above.
Maximise income
Optimising your property's income stream is partially done through finding tenants quickly, as mentioned above. But, it is also done through rental increases, as well as keeping a tenant in a property. By having a property expert, they will have in-depth knowledge of the area your property is in, giving insight as to when to raise the rent, and how much by. Raising rent can also be a legal trap, so your property manager will be well equipped there as well. Further, by developing a rapport with tenants over time, they will be able to tell you in advance what sort of odds there are of the tenant staying for longer, and tenants are always keen to stay in a property with a good property manager. Many of us have been tenants at some point or another, and would know either first hand or through a friend how quickly people want to get away from that 'horror property manager!'
Summary
Property managers provide valuable services, and we've covered 3 essential ones here today; finding tenants for your property effectively, conducting inspections, as well as optimising the income of your real estate investment. If you don't have a property manager or have any questions about real estate in general, be sure to give House Estate Agents a call today, on 07 4580 0811.