Landlord duties can be quite extensive and hard to keep track of, especially when you own multiple properties. Hiring and passing on this responsibility to someone else will save you lots of time and stress. But what does a property manager do, and how can you benefit from it?
1. Reliable Tenants & Legal Knowledge
A good property manager needs to know how to separate good from bad applicants to reduce the risk of financial loss. They'll perform an extensive background check which includes a person's credit information, their criminal history, employment status etc. Knowing the ins and outs of law can be crucial when asking certain questions. These laws are constantly changing, which is why you need someone who can be on top of it.
Even though the owner could do this task themselves, it would take a better part of their day, especially if there are a lot of applicants. A person with years of experience could review the same amount of people in just a fraction of the time.
2. Monitors Maintenance & Repair Obligations
Regular maintenance is vital for the overall well-being of your property. When a problem does arise, someone will have to fix it, and property managers usually have an existing network of the right people for the job. By hiring only the most reputable, trusted and cost effective workers, there won't be money wasted on botched repairs.
Some simple tasks such as changing the air filters have to be done by the tenants on a regular basis to prevent any issues. The manager will regularly remind them of these tasks and proceed with corresponding measures if they don't comply.
3. Regulates Financial Operations
Managers need to have a good insight into the current status of the market in order to set an attractive rental price. Afterwards, they ensure consistent payments by setting a fixed date with repercussions for late payments. As an owner, this can be a stressful process if you need to do it on your own. Property managers know their way around problematic tenants and possess solid communication and negotiation skills.
Alongside rent, managers take care of other financial matters such as taxes, security deposits, repair costs and many others. By receiving a report at the end of the month, the owner can very clearly measure the success of his property portfolio and where improvements can be made.
4. Reduces Costs & Manages Risks
Even though it might seem more profitable not to hire anyone, property managers can sustain the portfolio and increase earnings in the long run. Successful management requires full-time commitment, which is not an option for most working people. Trying to balance out everything can leave the owner stressed out and lead to bad decisions. By keeping their head clear at all times, experienced professionals will only choose the best tenants with a clear history to increase the sustainability and well-being of the property.
Get your free session with a property manager Wollongong today by contacting us via our phone number or by leaving your information in the contact form. There are absolutely no strings attached, and through the discussion with a professional you'll receive the best possible advice on how to utilize your property as efficiently as possible.