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Jul 3, 2024

Why get an agent to manage your investment property

Making sure your investment property is properly managed and protected is paramount to the investor. Appreciation and profitability go hand in hand towards ensuring that your investment enhances wealth creation and provides security for this generation and the next. It is important to compare and contrast the most desirable qualities of property management. This is where choosing a reliable and reputable agent to manage your investment property pays dividends over the long term. The leading attributes of choosing the right agent The number one attribute an experienced agent will provide is to find the right tenant/renter for your property. According to Local Agent Finder, a real estate agent can help you find suitable renters to help you avoid periods of vacancy and income loss. Agents will be able to employ all the necessary marketing methods to ensure that your property is highly visible to potential tenants. The agent can then show the home to prospective tenants/renters with open inspections that showcase the property in the best possible light. Of equal importance is the agent’s ability to deal promptly and effectively with any property-related issues that may occur. The best property managers are fully licensed, real estate agents. They are also aware of your state’s laws that relate to rental properties and can advise about your landlord/residential rental provider rights. Facilitation of mediation In fact, a good real estate agent does far more than just rent your home and collect your money for you. They also facilitate mediation in the event of late payments (providing a debt-collection service if necessary), organise emergency repairs, resolve maintenance issues and even handle the payment of various bills. Time and money savers The property manager helps provide a complete management service. This avoids wasting time and money. The duties that a good property manager will perform include: the advertising/marketing of your investment property; sourcing and screening potential tenants/renters; managing your financial accounts; completing inspections whenever needed, and promptly organising and sourcing tradespeople for repairs and maintenance. In addition, a property manager handles the tedium of paperwork, contracts and other necessary documentation required for renting out your investment property. All-important questions  Find out if the agency of interest has a dedicated team of property managers. How many years of experience does the property manager offer? In the event of mediation or potential court-based procedures, what is the agent’s success rate in legal situations? How many properties does the agent manage? (i.e. are they too overburdened to give your property the one-on-one service it warrants?) Will they be in attendance to highlight the property’s features during inspections? What is their weekly or daily availability for showing your property to potential tenants? Perhaps, most importantly, what procedures are in place to assess a tenant’s financial security/background and previous rental history (i.e. reliability) as a tenant/renter? The thoroughness, credibility and proven record of the answers to these questions should be an investor’s guiding light in choosing the right agent to manage your investment property.

Mar 15, 2023

Are there risks with self-managing my property?

Owning a rental property is a great way to build your investment portfolio and diversify your assets as you plan your life into retirement. When you do purchase you will find the decision to either have the property managed or self-manage. Employing a property manager to take care of the intricacies of property rentals can remove potential stress from the day-to-day care of the property and tenant management while maximising your investment. Alternatively, you may have the time and the resources to self-manage the property. If this is a strategy that you choose, be aware of the risks and benefits around self-management. One of the financial benefits of self-management is there are no management fees charged from an agency. These fees can range from management fees to letting fees, leasing, representation at tribunal, advertising and marketing and other ancillary fees. You will also have a more hands-on approach with the management of the property as you will be dealing with the tenants, rental payments, and day-to-day maintenance. You will meet with and approve tenants and are required to build a relationship with them throughout the tenancy. While there are some benefits, it is worth weighing up the financial costs with the implications of self-managing, especially should things go wrong. Hiring a professional property manager can reduce stress and risk as they have the most up-to-date knowledge and training of the relevant acts and legislation surrounding rental properties. They are able to navigate any challenges that may rise with tenants including representation at tribunal and insurance claims if required. A property manager will manage the collection of rental funds and ensure that the tenants are paying their rent on time per the agreed schedule, and should they fall into arrears, will take the relevant action that is required. The time it takes to show tenants through properties, process applications, and prepare the required lease documents and condition reports add up and a property manager and their team can give you back these precious hours by including it as part of their service and fees package. Consider how much your time is worth and analyse the costs and risks that are associated with self-managing when weighing up your time and deciding whether to have the property managed by an agent. Your time is precious, and a property manager can help you get this time back, efficiently managing the process. They will also have a list of licensed and insured preferred suppliers that will attend your property and ensure that work is carried out to a satisfactory standard at a reasonable cost and help to mitigate any losses to you. If you would like to compare self-management to having your investment property professionally managed, contact our property management team to discuss how we can help.