5 benefits of having a Property Manager!

by limniospropertygroup | 01. July 2019 14:41

5 benefits of having a Property Manager for your investment property and how it will save you stress, time and costs!


When it comes to leasing out your investment property/properties, you may be weighing up whether it is better for you to manage your property, or to engage a Property Management Agency. The most common reason owners choose to look after their own property is to save the cost of engaging a Property Manager, however we are going to share how engaging a Property Manager is going to be less stressful, save you more time and cash than you think!


We have listed the 5 main benefits gained and costs saved when an owner leases their investment property with a Property Manager.



1. The time and resources it takes to find the right tenant

A Property Manager works for you, the owner. Finding the right tenant is super important when owning investment properties. You want to make sure that the tenant/s living in your property are people that will respect it, maintain it in a good condition and pay their rent on time without any hassles which can be both time consuming and stressful for a private landlord.


Unlike a private landlord, Property Management Agencies:

• Have the ability to do background and reference checks on all potential tenants and have access to an exclusive national database. These background and reference checks are paramount in securing a suitable tenant to avoid any unwanted costs down the track.

• Will ensure your property is marketed with a premium, tailored marketing campaign.

• Conduct Home Opens, private viewings and negotiates on your behalf with any applicants and process the applications.


2. Shortens vacancy cycles

Without a Property Manager it may take time to find suitable tenants and will lengthen the time you will go without income from your property. Unfortunately, it is inevitable that tenants will move on from your property when different circumstances arise. A Property Manager will make this process smooth for you and will have a new tenant renting your property in no time!


3. Knowledge of updated laws and legislation

One very important aspect of leasing a property is ensuring that you’re up to date with the current and relevant laws and legislation. A Property Manager must attend training every year and be up to date on these laws and legislation, property codes and safety laws that are necessary. In the rare circumstance of a dispute, the Property Manager will handle any necessary court appointments and meetings. This saves the owner countless time, stress and money that would be spent if procedures weren’t carried out by legislation.


4. Conducting routine inspections & property condition reports

At the beginning of every tenancy, a detailed property condition report will be completed. Regular routine inspections are carried out every 3 months and any maintenance required is discussed with the owner. A property manager will keep on top of your regular inspections, are experienced in doing so and will offer you advice. In turn, this will maintain the value of your investment property, as well as save you time and money.


5. Following up of arrears

Property Managers handle rent collection on a fortnightly basis and are very quick to chase up any rent that isn’t paid on time and if necessary issue a breach notice. Rents are paid to the owner on a monthly basis, this ensures that you as an owner have a consistent and reliable income from your investment property. This may be more of an inconvenience when Landlords rent direct.



Whilst it does incur a cost to engage a Property Manager, the time, stress and costs you will save by having one are much greater, plus these costs are also a tax deduction.


Our Property Management team at Limnios Property Group is on the ball and will make owning an investment property a breeze, so you can get back to living.


Speak to us today to find out how!


 


 


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