Did you know there are over 2 million Australians who invest in residential property?
And, there’s a reason why 75 per cent of these Australian landlords choose to have a property manager look after their investment property. Whether you’re a local landlord or a long-distance investor, a property manager can save you both time and money.
1. Setting you up with good tenants
Yes, a property manager will advertise your investment property to suitable tenants, but they’ll also do so much more. They’ll screen those tenants to make sure they’ll pay the rent on time and look after your property. Property managers have access to tenant databases alerting them to tenants who have not paid their rent, broken a lease or damaged a property in the past. Getting the right tenants is the key to smooth and successful property investment.
2. Taking care of maintenance and repairs
A property manager will take the time and hassle of organising both routine maintenance and emergency repairs off your hands. They will arrange regular inspections, take note of any issues with the property and let you know if something needs repairing. They can also arrange the repair for you. And when the tenant calls at 10pm with a blocked toilet, your property manager will solve that one too, without you having to lift a finger. Property managers maintain relationships with good, reliable tradies so you know the work will be done properly, adding value to your investment.
3. Keeping up with the law
The average property investor is unlikely to be familiar with the finer details of the regulations that govern tenancy agreements. A property manager, however, is across the rights and responsibilities of both the landlord and the tenant. You can rely on your property manager to be up to date with the latest in tenancy legislation, such as the new residential tenancy law introduced in March 2020, or the ins and outs of the COVID-19 rental moratorium transition period in place until September 2021. If there’s a problem with the property, your property manager will know whether you or your tenant are responsible for the cost of repairs.
4. Acting as a buffer
Having a property manager who acts as the go-between between you and your tenants can be invaluable. Not only does it shield you from those late-night blocked toilet calls, but it can also save you time when it comes to organising routine inspections and maintenance. Property managers have finely honed negotiation and communication skills and are experienced in dealing with tenants in difficult circumstances. Having a third-party intermediary can take the emotion out of tricky situations between tenants and landlords.
5. Reading the local market
A property manager knows the local rental market intimately, and so they know exactly how much rent you can command for your investment property. In a tight rental market, such as we’re experiencing in Singleton at the moment, a property manager can advise the right time to increase the rent, and by how much. In more sluggish markets a property manager can advise on the best strategy to get your property rented out, including property presentation and setting the right rent.
Still concerned about the cost?
If a property manager can help you avoid one lawsuit, one eviction or even one month’s vacancy without a tenant, they’ve already paid for themselves.
If you’re looking for a property manager or investment property in the Singleton area, our friendly and professional property management team are here to help. Get in touch today.