5 Reasons to Invest in the Right Property Manager

March 22, 2017

While a rental property can be financially rewarding, it also comes with a large number of challenges. Owning a rental property as an investment demands plenty of commitment, which many landowners just don’t have time for.

If that sounds like you, you might be wondering whether you should get a property manager for your rental. In general, a property management team ensures your rental is occupied, your money is collected and your property looked after.

But not all property managers are created equal. Since your rental property is one of your greatest investments, you want to rest assured it’s being managed properly by a dedicated team. Below are five commitments a stand-out property management company should guarantee.

They Are Someone You Can Rely on for Distant Properties

An exceptional property management team will make you feel comfortable leaving your property in their hands. This is especially important if your property is far away from your place of residence.

If you’re unable to reach your property on short notice, it can be tough to keep on top of any problems. That’s where a property management company can step in, to ensure issues are addressed promptly and properly.

If your property is over a two-hour drive away, it’s probably a good idea to consider contracting a property manager.

They Are Committed to Finding Quality Tenants

It can be tough to find appropriate tenants, especially if you’re doing it alone. But every week your rental remains vacant, you’re suffering income loss.

Experienced property managers know how best to market your property to prospective tenants. They also have the time and resources to commit to marketing efforts that ensure your property gets noticed by the right people and is occupied with least amount of time on the market.

Good property management teams ensure your property is marketed to the largest audience possible, through such reputable rental sites as realestate.com.au and domain.com.au.

They also know exactly what to look for in the right tenants. Dedicated teams vet tenants by running criminal background and security checks. They also ensure the tenant is able to pay rent and is responsible enough to pay it on time, by verifying their finances and collecting references.

They Are Dedicated to Managing Your Tenants & Property

Alongside finding good tenants, your property management company should handle all your tenants’ needs, whether that’s ongoing or emergency maintenance, complaints, late payments, or more. In essence, they stand between you and your tenant, dealing with any issues that arise so you needn’t worry.

Your property manager should conduct routine inspections on your property to ensure it’s well looked after. Even better, they should keep you in the loop on the state of your property with regular detailed condition reports.

The best property management companies are dedicated to developing good relationships with tradesmen, contractors and suppliers so they can quickly fix any issues at minimal maintenance costs.

They Work in Your Interests

A quality property management team is made up of experts in market analysis, local real estate and leasing management, to cover every aspect of your property management. They should know what it’s like to be a landowner and keep your interests front and centre.

Property managers should be well versed in property law, so they can ensure your property is compliant with local, state and federal housing regulations. They can also advise you about your landlord rights.

Property managers are expected to keep on top of lease agreements and contracts for repairs. But the exceptional team goes above and beyond, monitoring rental prices and market conditions so you’re always getting the best possible return on investment.

They Offer You Peace of Mind

Rental properties require a substantial commitment of time and work. If you already work full time and you’re trying to juggle that with managing your rental property alone, you’ll soon find your spare hours taken up with dealing with tenants or property issues rather than relaxing and spending time with the family.

Having a reliable property manager takes the hassle out of daily rental management so you can turn your mind to other investment opportunities or personal interests.

At the end of the day, it’s up to you to decide whether you will have the time, money and resources to manage your property.

Fortunately, the best property managers are happy to negotiate the amount of involvement they will have in managing your property. You’re not locked into an all-or-nothing commitment. If you’d rather handle certain tasks yourself, you can include this in the contract.

But if you want to rest assured you’re getting the most out of your rental property while meeting your legal requirements, an expert property management team can be a good way to go.

Find out more about OpenCorp’s team of property management experts who are dedicated to taking care of properties as if they were their own.

 

Learn how to invest in property with little money in this OpenCorp blog.

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