Having a rental property is a great investment as it can provide you with a passive income.
However, managing a rental property isn’t as passive as it may seem. It is better to hire a property manager to help take care of your property. With the skills and knowledge that a good property manager offers, they can definitely help you save a lot of time and lessen your stress.
To help you further understand their value, here are the reasons why you should hire a property manager:
1. A property manager can make wiser decisions.
As the property owner, sometimes you can be too emotionally attached to the property that it can be hard to decide on changes that can actually be beneficial to it. The same goes with being too attached to a tenant that you have a hard time raising the rent.
Since a property manager has years of experience in handling different investment properties, they can make better and unbiased decisions that can improve your property and have a long-term impact on its value and returns.
2. A property manager knows tenancy laws better.
When you think that you can handle your rental property on your own because you think no legal issue will occur, you are setting yourself up for a surprise. Disputes and issues are bound to come in any investment property; and when it comes, you should be knowledgeable enough to handle them.
A property manager is prepared for any disputes and can often prevent them from happening in the first place. They are more knowledgeable and experienced to handle legal concerns and are equipped to go to court if needed. This can save you a lot of stress in the long run.
3. Issues and repairs can take a lot of time and effort.
If you are renting out a property, proper maintenance is a must. Given that there are tenants using the property, it will be more prone to issues and repairs. Moreover, since they do not own the property, the maintenance and repairs should be taken care of by the landlord. This means that all complaints and maintenance requests will be addressed to you.
By hiring a property manager, you get to save yourself from calls and urgent requests from your tenants asking to have their plumbing or electrical issues fixed. This will give you more time for other things and help you avoid stress. Property managers will also take care of regularly checking the property and providing consistent maintenance to keep your tenants happy.
4. It can be hard to increase rent.
As time passes by, maintenance and other property costs increase. Hence, your rent should also increase for you to maintain your profit. Increasing rent can be hard to do on your own as you are not an expert and it usually ends up as a personal negotiation among the tenants. Many factors can be involved like being personally and emotionally attached to your tenant.
This is another reason why hiring a property manager is a must. Property managers are more knowledgeable about rental rates and they will be able to discuss the increase with your tenants in a professional manner.
A Good Property Manager is Worth It
A property manager can be your best investment yet. It might seem pricey at the beginning, but once problems start appearing, you’ll surely thank yourself for hiring a property manager. Hire a property manager with enough knowledge and experience in the Perth rental market.
Do you need more property tips and buyer’s agent recommendations? Get a free consultation from us at 08 6215 0200 or send an email to firstname.lastname@example.org.