If you’re considering working with a property manager to help you handle your investment properties, you may have heard mixed messages out there. Although a property manager is generally the key to peace of mind while managing an investment portfolio, it’s vital to be aware of the good and bad before you make a decision about property management in Point Cook, Australia.
Pros of Property Management Companies
Experience in the Industry
A property manager has years of experience managing homes of all shapes and sizes. This means they have dealt with disputes between tenants, roommate changes, lease breaks, evictions, and more over the years. If this is your first time, or you’ve never managed properties before, these are things that can frequently be overwhelming. Thankfully, property management companies have dealt with similar situations before and are aware of the most effective strategies.
In addition, there are fair housing laws and local laws that can have an impact on landlords and tenants, and because these laws are very specific if you don’t know them, you can easily break them.
Gives You Free Time
Doing property management solo is a time-consuming task. You would be on call for maintenance issues, lease issues and the like. Property management can quickly turn into a second job.
Recruiting a property director to take on these errands opens up your schedule and gives you peace of mind knowing everything is handled. In addition, if you manage your own property, you need to be close by to handle any issues that may arise, so your investment portfolio will be limited. This isn’t an issue if you work with a property manager.
Maintenance Response & Network
One of the most aggravating aspects of property management is dealing with maintenance issues. They can occur at any time and frequently will be too much for one person to handle.
In addition to quickly responding to these maintenance issues, property managers typically have multiple contractors in their network available to complete the task. You won’t have to spend time researching various contractors to find the one that’s right for you because of this.
It is likely that a property manager has a maintenance manager ready to address any issues that may arise and keep you in the know.
Shorter Vacancy & Higher Tenant Retention
Many people believe that the hard part is over when a tenant signs a lease. However, you will need to find a new tenant at some point because that tenant won’t be there forever.
When managing your own property, long periods of vacancy can quickly reduce your profits. You need to get a new, trustworthy occupant into the vacant space immediately. This is something the property manager can handle. immediately properties ready for a new person sooner.
Additionally, property managers can retain tenants. This is because they will work to keep tenants happy, and this will result in people wanting to stay longer.
Cons of Property Management Companies
It Can Be Expensive
The most significant barrier to deciding whether or not to employ a property manager is the price. The majority of property management companies charge a monthly fee that is typically a percentage of the rent for the month for all the properties they manage for you. Additionally, there may be a leasing fee and additional charges to be aware of.
Owners Must Step Back
Some property owners want to be more involved in their investment properties, and this can be hard if you want to work with a https://www.estproperty.com.au/ as their system works best with a hands-off approach from property owners.