Why hiring a property manager ?
Posted by: Multi Dynamic Ingleburn, 14 Jan, 2022
Why hiring a property manager can save you time and money

Why hiring a property manager can save you time and money

A common misconception with first-time investors is that they won't need to hire a property manager and can handle the management activities themselves. 

Many discover that being a landlord comes with some negatives, not least the irregular working hours. Most investors, understandably so, don’t want this stress. Hiring a professional property manager is an excellent and reasonable choice and let us explain to you why. 

What is property management?

Put simply, Property Management is taking care of all aspects of your rental property. Both everyday and strategic tasks such as marketing your property, preparing listings and meeting tenants, collecting rent, screening future tenants, organizing maintenance and repairs if needed.

 

A good property manager saves you time and money. 

Major Property Manager Responsibilities

  • Coordinate viewings for potential tenants;

  • Set the price based on the market;

  • Screen tenant applications;

  • Negotiate on your behalf and handle all tenant complaints;

  • Handle any issues that arise; 

  • Clean the house before and after each tenancy;

  • Take care of utilities or other services;

  • Be familiar with the area at the expert level;

  • Make suggestions for renovations and repairs needed;

  • Responsible for legal aspects, especially the right lease agreement;

  • Collect rent;

  • Advertise and market the property, including managing online reviews;

  • Minimize vacant periods and ensure a stable flow of tenants;

  • Oversee evictions and end of the tenancy;

  • Keep all paperwork, receipts and record everything property related;

  • Organize open homes;

  • Schedule routine inspections to the property;

  • Pay all property bills (from collected rent);

5 reasons to hire a property manager in 2021

  1. Time management

The most important reason to hire a property manager is that the process of renting a home in itself is extremely time-consuming. 

For example, you would be expected to do showings for all potential tenants as well as screen each of them. It can be very difficult to schedule these showings around your everyday life activities. Plus, you will have to take care of housekeeping and preparation for viewings.

As an investor you may feel there are better ways to utilize your time other than showing potential tenants your apartment, studying NSW leasing legislation, or trying to schedule repairs. 

2. Art of negotiation

On top of all this work, you'll be expected to handle all of the negotiations of renting your house and pricing it, which definitely requires special skills to make sure you’re getting the price and tenants you want.

Communication will not end once the lease is started, it will just begin. You have to be in charge of routine visits, tenants’ or neighbors’ complaints, and every time you have to be diplomatic and make sure things work out. 

3. “Houston, we've had a problem.”

Can you imagine waking up at 3 am because the roof at your leased property started leaking and your tenants are freaking out? Well, if you don’t have a property manager, you have to be prepared for all kinds of emergencies.

A property manager will be able to take care of all issues for you, giving you time to focus on other things. Most importantly, managers conduct regular inspections and they know exactly the state of the property and can prevent most of the damage.

Moreover, a property manager knows all legal aspects of the state in terms of tenants’ and landlords’ maintenance responsibilities and rights.

4. Local experts

Property managers are experts in all facets of their trade. They will have a deep knowledge of the area, average prices, and they maintain a large database of good quality potential clients. And they also know how to handle troublesome tenants, saving you the stress.

5. Save your money

Surprisingly, hiring a property manager will save you money. Property managers are aware of the market, so they will be able to save you money by making suggestions for renovations or repairs that are necessary before something goes wrong. 

They can also get vacancy periods almost non-existent. According to one expert, reducing your vacancy period by just one week can cover up to 2 percent commission over the year.

Plus, property management agencies normally add some extra value to their services, ex., they are normally paying for upgraded advertising on RealEstateCom.au and work 8 to 12 hours a day just to make sure they are worth it.

Choose a company that doesn’t cut costs off by overloading its managers. Find out how many properties your manager oversees and pay a bit more to make sure your future manager has enough time for you.