Why Hire a Property Manager?

Oct 27 2014 / 1:59 am Was written by Atwell & Co. Comments Off

If you own an investment property, one of the biggest decisions you have to make is whether or not you should hire a property manager. Whether you own one property, or 5, here is a checklist you can go through to determine whether or not you can do the job yourself, or if you should organise someone else to do the work for you.

The most obvious benefit of using a property management firm is time efficiency. If you would prefer to spend your time working your regular job, holidaying or enjoying your retirement, a property manager is ideal. Not only will they organise the advertising and help you to find a tenant, they will also do all the background checks, collect the bond and rent, organise any repairs and they will carry out the property inspections themselves. Once a lease is up, they will then organise a new lease, or new tenants.

Proximity is another issue. Unless you live nearby to the property, you probably don’t want to be travelling back and forwards any time something goes wrong, so if you choose a manager who is located in the area, and knows it well, you will save yourself a lot of time, effort and petrol.

A manager’s job is to know the local market – so the research is done for you. They will be able to tell you how much the property is worth, the local demographics and who is most likely to rent in that area. They also have the best resources available to find the right person for your house.

Keeping up to date on the local laws, neighbourhood plans and legislation is something property managers are trained to do, so they will be aware of any developments that might affect the value of your investment property and they will know your rights as the owner and the rights of tenants, in case there are ever any debates.

If you hate paperwork, you’re in luck. Tenancy agreements, bond, any repair forms and entry condition reports are all taken care of.

The main benefit of property management? All you have to do is sit back and watch the rent money coming in.

Atwell & Co Real Estate
Unit 6 / 29-30 Grattan Street Prahran, Victoria 3181
Phone: (03) 9510 6203 URL of Map