Are you considering managing your investment property all by yourself? If the situation seems stressful, there are property managers who do this for a career, so you don’t have to do everything alone.
What Exactly Does a Property Manager Do?
Buying property is often the easy part of investing. Property management on the other hand is like a slow climb up a steep hill. You might think that all you have to do is get tenants to sign a contract and move in, but there’s actually a lot more to it.
For just one property, these are the kind of tasks a property agent might need to do regularly:
- Correctly advertise the property for tenants.
- Host and organise open homes.
- Carry out background checks on prospective tenants.
- Ensure all the paperwork is in order and signed.
- Collect rent and manage overdue payments.
- Negotiate rent price increases.
- Liaise with tenants for any queries.
- Organise maintenance and property repairs.
- In short, managing a property can be a lot of work.
Established Property is known for doing all of the above, with the added benefit of being locals to the Wyndham and Point Cook areas. So if you’re in the area and considering property management, consider them.
When Do You Need a Property Manager?
If you have kids or a full-time job, or you’re just on the go, you may not be able to take on another task. Ask yourself if you want to use your valuable time to support a tenant or to chase late payments. If the answer is no, it may be best to leave the job to a third party.
Rental Laws are Complicated
If the tenant asks you to spray the house with spiders, is it your responsibility or theirs? If the tenant breaks the dishwasher, will they have to buy a new one or is this your job? If the tenant refuses to pay rent, what do you do?
If you are unfamiliar with rental law, it can be difficult to know what steps to take when a difficult situation arises. Experienced property owners know these scenarios and must know how to manage the property according to regulations which can take a load off your shoulders.
Value for Money
Ready to rent your property, but not sure how much rent to charge? Hopefully, your rent will cover your mortgage, but what if that price seems too high and you’re not getting interested applicants? A local property manager will have a good idea of prices in your suburb and can advise you on rent when listing a property.
Renting to Strangers
If someone you know and trust lives in your home, such as your adult child, you probably don’t need help. But if you plan to rent to a stranger, how will you find out the tenant’s background? A good property management agency in Australia can do a reference check for you and knows the benefits of the law to keep you informed.