PM101: why a Property Manager is key to your success
Some people think that using a property manager is not important to your investment success, however a good property manager is more crucial than first thought.
Firstly, it’s important to make it clear that the level of service you receive will vary from company to company.
So it’s crucial to engage a property manager with a good track record that provides an advice-driven service, as opposed to acting as a simple rent collector.
A professional property manager will work to optimise your property portfolio. This includes maximising rental returns, minimising vacancy periods, conducting annual reviews to ensure the property is performing to its potential and providing add-value recommendations.
They will actively advertise and market your property for lease to source prospective tenants. Following a strategic marketing campaign, they’ll also complete thorough due diligence on tenants before placing them in your property to ensure they select the best tenancy.
A good property manager will also co-ordinate maintenance quotes and repairs on your behalf at no extra cost.
Importantly, a good property manager will provide you with peace of mind that your asset is being managed by a professional whom understands the relevant regulations, your rights and obligations as well as other associated state and federal laws that owners and tenants must comply with.
Self-managing your investment property can also be highly stressful from having to ensure the tenant pays rent on time, dealing with maintenance issues and conducting frequent inspections. A professional property manager will completely remove this stress and ensure the tenancy runs smoothly.
Ultimately, by optimising your portfolio a good property manager will help you to achieve your property investment goals sooner and grow your wealth more quickly.
For more insights into the best property management practices, download our free eBook, Top 10 Property Management Tips.