Not every rental property owner needs to hire a property manager, it is perfectly acceptable to do it yourself. However, things rarely go to plan when first investing in property. Property managers provide a buffer between you and your tenants, removing the hard work and stress, allowing you to focus more on enjoying the rewards of your investment. PRD Wagga specialises in rental properties and property management services in and around our area. It is tempting to manage your own property and many investors have considered this at one time or another.
Here’s 5 questions to ask yourself if you are considering going it alone.
Do You Have Property Management Experience?
Secure tenants, collect rent and fix issues as they arise…sounds easy, right? There’s so much more to property management than most people realise and learning as you go may be very costly. For a landlord who is just starting out, hiring the wrong tradesperson, taking too long to fill a vacancy or selecting the wrong tenants can quickly eat into your income and cause a great deal of stress. Do you understand the laws and legislations that preserve the rights of both tenants and property owners? Navigating these laws and legislations can be tricky for a landlord with no legal knowledge or property management experience. If these laws are breached there is the potential for harsh consequences against the landlord. A professional property manager is always up to date on current laws and legislation and can advise all parties on the best way to avoid any breaches. If you want to invest in real estate, but don’t know the first thing about property management, hiring an experienced property manager can be the right choice for you.
Do You Have the Time to Manage Your Property?
Most people aren’t full time property investors and have a day job to do as well. Managing a property takes time and if you cannot give your property the attention it needs, the success of your investment could be jeopardised. The daily obligations of property management can easily take away time that could be better spent making more money at your other job, so hiring an outside manager may be the right move for you.
Is Your Rental Property Close to Your Home?
The further the distance between you and your investment property, the harder it is to manage. If your home is in Sydney and your rental property is in Wagga, it will be much more difficult to find tenants, to handle complaints, respond to emergencies quickly and take care of maintenance issues. The time it takes you to get to the property and the cost of getting there will also add up. Hiring a good property manager can actually save you money and time.
How Many Investment Properties Do You Own?
Even one rental property comes with a large amount of responsibilities and these are significantly increased with the more properties you have to lease. The more rental properties you have, the more tenants, maintenance issues, complaints, and vacancies you will have to deal with. Additionally, managing the rental incomes can be time consuming and scheduling repairs and shopping around for quotes can be a full time job in itself.
Are You Able to Deal with Tenants?
Dealing with tenants can be stressful. From complaints and evictions to maintenance issues and rent rises, all of these things can quickly take their toll on you. A property manager develops a professional relationship between themselves and the tenant which makes them skilled in handling landlord-tenant conflict. It also allows them to mediate any issues that arise around the property and act according to legislation, the tenancy agreement, and what is best financially for the landlord.
A property manager can play a vital role in the rental process of an investment property. They will seek to maximise your weekly rental income and source high quality tenants who will look after your asset like it was their own. If you are looking for the best property management team to look after your property, contact the team at PRD Wagga today.