Why Should A Property Manager Manage Your Investment Properties?
Dilleen Property Group 2023
Once you’ve begun building your property portfolio, you will need to take on the responsibilities of a landlord and ensure that your properties are managed properly.
This includes managing income and expenditures and physically maintaining the properties. As the number of properties in your portfolio increases, so do your responsibilities and you will find your tasks as a landlord starting to pile up. Fortunately, it is possible to outsource these tasks to a property manager to take some pressure off your shoulders and allow you to focus on growing your property portfolio.
What is a Property Manager?
A property manager is an individual or a third party that helps to look over the daily operations of your property. As you add more properties to your portfolio, it becomes harder to take care of minor maintenance issues and tenant-related inquiries by yourself. A property manager’s job is to ensure that your properties are maintained up to standard and the tenants remain happy.
Why Should You Use A Property Manager?
Property managers take care of everything from start to finish, this includes and is not limited to advertising your property, screening tenants, taking care of bills and managing maintenance. A property manager can give you peace of mind by keeping the investor and tenant relationship professional when it comes to dealing with monetary and maintenance issues. Many investors are too focused on maintaining what they have instead of continuing to build on their property portfolio. Without a property manager, investors likely get caught up on small monetary issues for repairs such as sourcing the best quotes for an air conditioning replacement. This can become very time-consuming and stressful when handling it all on your own.
What Does A Property Manager Do?
Rental property managers perform the majority of the property administration. Under the property owner’s permission and arrangement, they can use rental income to pay for bills such as council rates, water rates, strata fees, maintenance and more. They also keep up to date with laws and legislation related to the property market. As the market continues to change over time, the property manager must be aware of the ins and outs of the market.
In short, a good property manager should conduct the following duties:
Set and handle rent
Advertise and conduct background checks on tenants
Solve tenancy issues
Schedule and keep a record of inspections of the property
Organise quotes for repairs and replacements
Manage finances and records
Organise insurance for the property
Review rental increases over time
Conclusion
As you begin to build on your property portfolio, using a property manager will take the load off your shoulders. You can efficiently allocate your time to find the next best property deal rather than worrying over the smallest issue of your existing properties. If you want to use a property manager for your property, you can contact our recommended property management team DRPM. Furthermore, if you’re looking to build your own property portfolio or need help starting your property investing journey, feel free to contact us here to learn more about our services and investment strategy.
Disclaimer: This is not intended as legal, financial, or investment advice and should not be construed or relied on as such. Before making any commitment of a legal or financial nature, you should seek advice from a qualified and registered legal practitioner or financial or investment adviser.
