Managing your own investment property takes time and willingness. Enter, the property manager.
A property manager takes on the sole responsibility of managing a landlord's day-to-day obligations and a good one should spare you the time and effort at a fairly reasonable cost.
According to REIQ contract trainer, sales manager and auctioneer Jason Bedwell, a good property manager is like the power supply to your portfolio, with the systems and quality of the services provided determining the asset's performance which compounds over the life span of the investment.
He said the amount of separation you create from the competition by ongoing reviews to maximise rental incomes, systematic inspections for asset protection and situational awareness used in negotiating strategies for the benefit of all parties results in far greater value added to the performance while avoiding common pitfalls, risks and potential extra expenses.
"Something I say often is a good property manager costs you nothing but a poor one can cost you thousands," said Jason.
A good property manager costs you nothing but a poor one can cost you thousandsJason Bedwell
If you have tenants in your property, then you can outsource your responsibilities as a landlord to a property manager.
Some owners go it alone, but doing so can result in a lot of administration tasks which need to be taken care of and this can be difficult if you have other commitments such as full-time work.
Property managers are responsible for finding tenants, rent collection, inspections, entry and exit reports, paperwork tenant turnover and lease signing.
As well as this, they handle all the paperwork and any tenant requests or concerns including maintenance and repair work.
They may also offer advise on how to complete affordable renovations to add value to the property based on tenant feedback or market expectations.
And finding one is not difficult as there are many reputable agencies around.
Make sure to interview at least three property managers before making a choice and bear in mind, they might not be the cheapest.
Having peace of mind, knowing that the management of your property is in good hands will allow for more time to carry on with other aspects of life.