Time to hire a Property Manager?

Is it time to hire a for your investment property?

For many investment property owners, regulating their properties and Tenants is not their only profession. But, when you take on the title of Landlord, there is, unquestionably, a lot of responsibility that goes along with it.

Of course, it is possible to manage an investment property on your own or with the help of another family member or friend. However, if you own more than one property or are finding that your primary profession does not allow you adequate time to be the kind of Landlord that you had envisioned yourself as, you may be considering hiring a Property Manager to assist with your property and Tenant concerns and needs.

If you’re struggling to decide whether or not you should hire a Property Manager for your investment property, here are some things you may want to consider:

Expense

It is not uncommon for Property Managers to charge a fee between 7-10% of your expected rent. So, do the math. Depending on how much you charge for rent, decide if the cost of retaining a Property Manager is worth it. However, don’t just make a decision on cost alone, also consider the many other aspects a Property Manager can assist you with and weigh up the monetary value against their level of experience, professionalism and communication skills. If hiring a Property Manager helps reduce your stress and anxiety levels, then they could be priceless.

Location

Do you live across the street or across the country from your rental property? Your proximity to your investment property can play a huge role in how well you are able to manage it. If you are able to stop by your rental property on your way to or from work or during lunch, you may have enough accessibility to manage it yourself. If you in live Queensland, but own property in Victoria, the chances may be good that you may need some extra help at times.

Time

Time may seem like an obvious consideration when it comes to any task, but it may be hard to judge just how much time managing your investment property could take. When it comes to filling a vacant property, consider the time it takes to advertise, field questions, show the property, interview potential tenants, complete paperwork and credit checks, plus check references, not to mention being there to deliver the keys when your chosen Tenants are ready to move in. Once your investment property is rented out, factor in the time it will take to deal with occasional issues like minor repairs or noisy neighbours. While it certainly is a dismal thought, you should also consider the possibility for any major issues like fire, flood or a Tenant 

who refuses to pay. All of those circumstances take time to correct. If you own more than one property, multiply those issues by the number of properties you own.

Experience

Is “Landlord” a new title for you? If so, do you feel comfortable with having all of the responsibilities that go along with that title? In addition to everything that goes in to finding Tenants and maintaining a property, in the early stages, you will also need to draft a Lease Agreement that you are comfortable with and get to know Landlord-Tenant Laws. For first-time Landlords, a Property Manager can be extremely valuable, for those reasons alone.

If you are not a first-time Landlord, but recently have acquired additional investment properties, do you consider yourself experienced enough to juggle the multiple responsibilities that go along with each rental? An experienced Property Manager, whose primary profession is maintaining your properties, may be the answer for you.

Trust

Finally, can you trust another person or a company with your “property baby?” If you are usually hands-on with most things you undertake, this is a very serious consideration. Property Managers are there to deal directly with you and with your Prospects and Tenants. They often are able to handle the marketing, collection, maintenance, complaints and possible evictions. But, can you handle someone else doing “your” work? If this is an issue for you, you can raise it when speaking to prospective Property Managers and express your desire that you wish to be “hands on” as much as possible.

Of course, selecting a great Property Manager can be just as time-consuming as selecting a great Tenant but once you have one they can be of great benefit to you.

At One Agency Robert Mure, we have a fully-capable and trustworthy Property Manager.  Our Property Manager keeps a good watch over your property and tenants and promptly informs you of any issues relating to your property. Give us a call today to see how we can help you with your investment property.

                              email: kooweerup@oneagency.com.au                    web: oneagencykooweerup.com.au

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Time to hire a Property Manager?