If you own an investment property, or you’re looking at purchasing one, you’re probably wondering whether you need a property manager or if you can save some money by handling it on your own. But the truth is, self-managing your investment property can end up costing you more than hiring someone who knows what to do and how to do it well. In this article, we highlight the benefits of hiring a professional to manage your property and the potential risks if you don’t.
Finding tenants quickly
Property managers have a number of sources they can use to find tenants for your property, that you simply would not have access to if you chose to self-manage. At Position One, we use real estate portals such as realestate.com.au and domain.com.au, as well as positionone.com.au, to connect with prospective tenants. This is on top of the growing pool of prospective tenants we have in our database and that we connect with on a daily basis when conducting open homes and taking enquiries from people looking for rental properties.
Finding the right tenants
Not only does having access to a large pool of prospective tenants mean your property will be leased quickly, it also means we have more options when choosing the perfect tenants for your property. We also have a stringent process for ensuring that your property is inhabited by the best possible tenants including checking national databases for defaults, checking rental references with previous property managers and confirming employment by checking references. We do everything possible to minimise the risk of placing a bad tenant in your property.
Understanding the legalities
There are many laws, rules and regulations that come with rental properties. As property managers, we know everything there is to know about smoke alarm compliance, swimming pool compliance, tenant rights and landlord rights. We ensure that all legal bases are covered at all times, so everyone is protected and there is minimal risk of any unwanted situations arising.
Protecting your property
As property managers, we take great pride in looking after our client’s properties. Routine inspections, and all the paperwork that goes along with them, need to be carried out every three months to ensure the tenants are caring for your property. A thorough inspection also needs to be carried out prior to your property being leased. These inspections take a lot of time and involve specific processes that you may not be aware of if you choose to self-manage your property.
Saving you time
Self-managing an investment property takes up more time than you likely realise. Paperwork, processes, legalities and inspections are just the beginning of the work involved. Property managers also spend time showing potential tenants around the property, ensuring rental payments are being made, taking photographs for the bond, addressing maintenance issues quickly and dealing with any day-to-day issues that might occur. If you choose to self-manage your property, you will also have to spend time educating yourself on the correct processes for all of the above.
When considering the amount of time and work involved with managing a property, it is well worth the fee of a property manager to have the peace of mind of knowing that your property is being cared for and any issues are being dealt with by a professional.
At Position One Property, we are committed to offering you consistent, attentive, best practice property management in Brisbane and surrounds.
Brisbane is full of opportunities for property investors. We want to help you take full advantage of them by expertly managing your property for you.
For property management that combines expert knowledge with that personal touch, talk to Position One Property today on (07) 3843 4511 or email firstname.lastname@example.org