It's tempting to go it alone as a landlord when managing your property. Many investors have considered it at one time or another and if you’ve got a good tenant and live in the same city, how hard can it really be?
At the end of the day, when leasing your home, you’ll be dealing with people – and when it comes to people, there's something we always say ... expect the unexpected! Property managers offer a middle between you and your tenants, allowing you to stress less about every little thing that happens at the property and focus more on enjoying the rewards of your investment.
Start to finish
Your local agent can help you right from the start, by arranging public viewings of the property while also handling all applications and references from prospective tenants. A good agent will oversee the daily tasks and responsibilities of your investment property and most importantly, will facilitate the smooth communication between you and the tenant.
Renting a property has many laws and legislations pertaining to both the tenants and property owners.
Navigating these laws and legislations can be tricky for a landlord on their own.
National Tenancy Database
A property manager will also have access to the National Tenancy Database to ensure any prospective tenants do not have poor history with previous rentals, which can save you stress and worry down the line.
They will then devise a shortlist of prospective tenants that meet the requirements and pass all the checks, which you can then choose from.
Your property manager will arrange the lease documentation; manage rent collection; coordinate bond lodgement; see to maintenance; conduct quarterly home inspections on your behalf; and can manage utility expenses, such as water and council rates.
If you have trouble understanding the market rate for your property and setting the weekly rent accordingly, your property manager can work all of this out for you and save you the hassle. They will monitor rental prices for your area closely so that you are up to date on current market conditions in order price your investment accordingly.
When things go wrong
Tenants and property owners alike tend to prefer dealing with a professional body, as often people feel uncomfortable addressing issues directly with each other. If a situation arises that requires court action (and it can very easily come to this) property managers are familiar with the legal proceedings and can even represent you at the hearing. Not to mention, their understanding of the legalities could very well stop things going to court in the first place.
Experienced property managers will also keep tabs on the latest zoning regulations, federal and state laws which may apply to your property, landlord rights and property value.
And above all, a property manager offers you peace of mind!