Should I hire a property manager? Perhaps as a first-time real estate property investor or one planning for expansion in Campbelltown, you’ve asked yourself this question at least once. It could be that you do not want to be hands-on in managing it or don’t have the time to do so because you have multiple properties to manage. Besides, hiring one would probably take off more than half the stress of being a landlord.
Hiring a Property Manager
You may be wondering if you really need a property manager by your side. To help you decide, here are five other reasons why you should consider getting your own property manager:
1. Easy rent price setting and collection
Property managers are usually known for their role in collecting rent, but that is not all they do. They are also tasked with attracting potential tenants. And one of the ways they do this is by setting rental rates that are attractive to the market.
This being said, losing money would not be a problem for you as property managers always take both the market and the landlord’s interests when listing the property, that is – creating a balance of affordable and profitable for both parties, respectively.
Afterward, property managers arrange the monthly rent payment in your stead to ensure that your tenants can pay on time or give follow-ups, even in the case of delays. It sure helps that they also have a systematic process of doing this, so you won’t have to knock on doors manually.
2. Effective marketing and advertising
If you don’t know where and how to put your property up on the market, say no more, as property managers will do that for you as well. Property managers know the many corners of the local market they are assigned to and are well aware of what prospective tenants want in a property.
By this, they can highlight and showcase the best features of your property and will know how to sell it. It ultimately increases your chances of getting your property occupied sooner and decreases the chances of vacancies and, thus, losing profit.
Think of listings and open houses; they are the pros of that. Another catch to this would be that if you get a tenant for your property, the property management in Ingleburn will also assist in preparing it for the move-in, such as fixing broken utilities or allowing quotations.
3. Stress-free tenant relations
Being a landlord can be pretty difficult as you need to handle many things, especially those dealing with your tenants when they have complaints and problems. In some instances, tenant-landlord conflicts are not certainly news, either.
So, if you’re at this stage, and you’re still asking yourself, “should I hire a property manager?” and don’t want to have a hand in dealing with your tenants directly, this should be a good reason to do so. One of the jobs of property managers, after all, is to represent you.
From the first step itself, which is the screening process, property managers carefully select potential tenants and give extensive background checks, minimising risk so that they will not only be capable of paying but also take care of your property when they occupy it.
In handling conflict situations and complaints, having property managers address such matters will allow you to free your energy and time and redirect them to take care of other promising possible ventures.
In addition, having a property manager around keeps things professional between landlord and tenant. At the end of the day, you are running a business, so it is important to maintain a certain degree of emotional distance from your clients. This will also prevent you from overlooking overdue rent payments and coming into possible conflicts with your tenants.
4. Efficient supervision and maintenance of the property
If you invested in a property in Ingleburn, but you live somewhere else or outside its immediate vicinity, overseeing the operations and maintenance of the property might be impossible. You can entrust this job to a property manager in the locality when you hire one; they will take care of everything for you, keeping the place running sound and smooth.
Rest assured that they will handle matters regarding repairs like leaky faucets, broken locks and other fixtures. Apart from this, they will also be the ones to conduct routine inspections to make sure utilities are functional on the clock.
Property managers will also be the ones to contact the right people to do the fixing. Property management in Campbelltown usually has contractors and suppliers already associated with them – ones they trust to attend to these things, so you won’t have a hard time looking for tradesmen yourself, and you can continue to invest in the property even if you’re geographically displaced elsewhere.
Suppose you’re planning upgrades for your property, such as repainting walls or want to do significant renovations; you can just arrange the budget together with the property management firm, and they will help you carry it out.
5. Security from Legal Problems
Like all businesses, landlord-tenant laws cover the rental property business. This includes regulations regarding lease agreements, security deposits, taxation, eviction process, and many others. These are all necessary paperwork that needs to be worked out between tenants and landlords to make sure that the transaction remains legal and within the bounds of the law.
You won’t have to worry about these with property managers, as they will do proper documentation and settle everything for you. Aside from that, property managers keep abreast of the changes in federal and state laws, so you can have assurance as well as your tenant that your rights will be protected throughout.
Work with us Now!
If you’re still unsure and undecided whether you should indeed hire a property manager for your rental business, it doesn’t hurt to ask first. You can always reach out to firms that offer property management in Campbelltown and ask them to walk you through putting up your property in the market and discuss the cost of hiring a local property manager. Indeed, you’ll have your property listed in no time after that.
And the next time you ask, “should I hire a property manager”, know that List and Sell is here to help you out.