Investing in real estate can be a highly profitable venture, offering a consistent flow of passive income and the potential for long-term appreciation. However, effective property ownership goes beyond the initial purchase; it necessitates adept management to maximise its returns. When it comes to handling your investment property, there are two primary options: self-management or engaging the services of a professional real estate property manager.
As property management specialists, it’s no surprise that we advocate for entrusting your investment to a professional property manager. While some clients opt for self-management to save costs, engaging an agent often proves to be a more financially prudent decision. A proficient property manager’s role is to optimise your return on investment while minimising any risks landlords may face.
Let’s delve into some of the benefits that a professional property management agent can bring to their landlord clients.
Peace of Mind:
When it comes to timely rent payments, a proficient property manager diligently monitors the bank account, ensuring rent is promptly received and swiftly addressing any tardiness. With landlords leading busy lives and managing other commitments, overseeing rent payments or other requests from your tenant might not always be a priority.
Long-established property management agencies have forged reliable relationships with skilled tradespeople. Consequently, they can negotiate preferred pricing, passing on the benefits to their clients. This streamlined process ensures that repairs are swiftly and reliably executed, contributing to happier, more secure tenants who tend to stay longer.
Protect your Investment:
A good property manager will also regularly inspect your property, knowing what to look for when it comes to preventative maintenance. Having a forward plan or pre-emptive measures in place goes a long way towards trouble-free property ownership. Often, self-managing landlords may not inspect their properties regularly, feeling uncomfortable managing this with their tenants. If they do inspect the property, they may lack the experience to know what to look out for. This can lead to undiagnosed issues that can become more expensive to rectify if not addressed early.
Fulfilling Your Obligations:
As a landlord, navigating tenancy legislation and guidelines can be akin to walking through a minefield. There are specific rules governing communication and the prompt handling of tenant requests. A professional property manager adeptly manages these risks for their landlords, ensuring compliance and smooth operations.
Enjoy your Investment without Emotional Strain:
Additionally, emotional attachment to your property may cloud your judgment, leading to potential conflicts with tenants or neglecting essential repairs. A property manager can offer an objective perspective, regularly reviewing the rent and providing up-to-date market advice.
When self-managing landlords form personal relationships with tenants, it can be challenging to increase rent appropriately. Having an intermediary like a property manager allows the landlord to enjoy the benefits of their investment without added emotional baggage or guilt when rent adjustments align with market conditions. As renting local property might not be your primary occupation, maintaining an objective view of your investment’s standing in the current market can be challenging, potentially leading to unrealistic price expectations. In our experience, self-managing landlords often have a tenant that pays rent at level up to 10%-20% below the market rates.
Engaging the services of a property manager is akin to having insurance for your investment, and, of course, the costs are tax-deductible. Professional property management streamlines operations, providing expertise, and alleviating the day-to-day management burden offering peace of mind and, based on our experience, leads to improved rental property performance.
When assessing your investment’s returns, the focus should always be on maximising profitability and minimising risk.
If you are a Landlord with an investment property please reach out, we would love to discuss how we can help you.
As property management specialists, it’s no surprise that we advocate for entrusting your investment to a professional property manager. While some clients opt for self-management to save costs, engaging an agent often proves to be a more financially prudent decision. A proficient property manager’s role is to optimise your return on investment while minimising any risks landlords may face.
Let’s delve into some of the benefits that a professional property management agent can bring to their landlord clients.
Peace of Mind:
When it comes to timely rent payments, a proficient property manager diligently monitors the bank account, ensuring rent is promptly received and swiftly addressing any tardiness. With landlords leading busy lives and managing other commitments, overseeing rent payments or other requests from your tenant might not always be a priority.
Long-established property management agencies have forged reliable relationships with skilled tradespeople. Consequently, they can negotiate preferred pricing, passing on the benefits to their clients. This streamlined process ensures that repairs are swiftly and reliably executed, contributing to happier, more secure tenants who tend to stay longer.
Protect your Investment:
A good property manager will also regularly inspect your property, knowing what to look for when it comes to preventative maintenance. Having a forward plan or pre-emptive measures in place goes a long way towards trouble-free property ownership. Often, self-managing landlords may not inspect their properties regularly, feeling uncomfortable managing this with their tenants. If they do inspect the property, they may lack the experience to know what to look out for. This can lead to undiagnosed issues that can become more expensive to rectify if not addressed early.
Fulfilling Your Obligations:
As a landlord, navigating tenancy legislation and guidelines can be akin to walking through a minefield. There are specific rules governing communication and the prompt handling of tenant requests. A professional property manager adeptly manages these risks for their landlords, ensuring compliance and smooth operations.
Enjoy your Investment without Emotional Strain:
Additionally, emotional attachment to your property may cloud your judgment, leading to potential conflicts with tenants or neglecting essential repairs. A property manager can offer an objective perspective, regularly reviewing the rent and providing up-to-date market advice.
When self-managing landlords form personal relationships with tenants, it can be challenging to increase rent appropriately. Having an intermediary like a property manager allows the landlord to enjoy the benefits of their investment without added emotional baggage or guilt when rent adjustments align with market conditions. As renting local property might not be your primary occupation, maintaining an objective view of your investment’s standing in the current market can be challenging, potentially leading to unrealistic price expectations. In our experience, self-managing landlords often have a tenant that pays rent at level up to 10%-20% below the market rates.
Engaging the services of a property manager is akin to having insurance for your investment, and, of course, the costs are tax-deductible. Professional property management streamlines operations, providing expertise, and alleviating the day-to-day management burden offering peace of mind and, based on our experience, leads to improved rental property performance.
When assessing your investment’s returns, the focus should always be on maximising profitability and minimising risk.
If you are a Landlord with an investment property please reach out, we would love to discuss how we can help you.
