Benefits of Property Management
Property owners who place a premium on their time are the one’s who often see the greatest return on their investment in a property manager. A reliable and efficient property manager can help you add significant value to your property, which is why many real estate investors prefer to have their properties managed by Professionals. Whilst many investors think they can save money by managing their tenants and properties themselves, in most circumstances, this is not the case.
Why Use an Agent
A professional real estate property manager knows their local rental property market inside out. He or she is well aware of the processes involved in renting and managing properties and is experienced in managing the relationship with both landlords and tenants. The agent knows the associated legislation and legal process and ensures that all procedures are followed thoroughly according to state legislation.
Your property manager can act as a mediator between you and the tenant which can be crucial in the event of any problems you may be faced with throughout the tenancy. Your property manager can help to alleviate the tension when it comes to having confronting conversations such as late payment of rent or the state of cleanliness in the property.
What Does a Property Manager Do?
Property managers do more than simply finding you a tenant or collecting rent. These are just some of the items that a property manager will take care of for you:
– Advertise and market your property to attract quality tenants;
– Lease the property to tenants following a thorough screening process;
– Collect bond, process rental agreements and other formalities involved in letting your property;
– Regularly inspect the property condition through routine inspections;
– Take care of overall property maintenance;
– Property managers have a ready-to-go list of reliable trades people who can take care of the necessary maintenance activities as needed, even on short notice;
– Collect rents and pay property-related expenses such as rates notice, water rates, insurance premiums etc.;
– Maintain a record of all accounts relating to the property;
– Liaise with the current tenant for all matters that may arise; and
– Ensure that all property-related activities are in compliance with the federal, state and local laws.
Put simply: an efficient property manager offers peace of mind and takes the hassle out of the ongoing management of your investment property.