If you have an investment property — or are considering acquiring one — you might be thinking you can save money by managing it yourself. How hard can it be? You simply pop a tenant in there and start collecting the rent, right? Well, managing a property and maximising your investment can sometimes be more time-consuming than you think. Not only do you have to find a reliable tenant, but you also have to perform inspections, liaise with your tenant and manage ongoing maintenance.
Let’s learn more about property management services.
Property Managers Save You Time and Money
Firstly, your property manager can minimise how often your property is vacant. They do this by securing a reliable, long-term tenant for your property. Remember, if your property is vacant for long periods, you’re going to lose money, and fast. Secondly, a property manager can do regular inspections, make note of maintenance that needs doing, and perform it before problems get even bigger. Finally, an experienced property manager will know your local market, and get the best rental return for your property.
Property Managers Can Help You Find a Long-Term Tenant
The rental market is booming, and this is great because it means there are plenty of tenants looking for places to live. But, it also means if you put your property on the rental market, you’re likely to have to screen hundreds of tenants. This screening process, which might include references and financial checks, can be time-consuming and stressful.
A property manager can utilise their database of reliable tenants that perhaps have missed out on recent properties, and if not, they can manage open houses for your investment property, collect relevant information from each potential tenant, and put the top candidates through a rigorous screening process.
Are there any Downsides to using Property Management Services?
The obvious downside is that you will have to relinquish some of your rental income to your manager. This is usually around 7-10%, but the benefits of having a reputable manager usually will justify this cost.
Need advice about your investment property?
Get support with your rental property in Point Cook or Sanctuary Lakes, Victoria.
At EST Property we have an experienced property management team who know the local area intimately and will make your investment our top priority.