Whether you’re a first time landlord or you have multiple rental properties, trying to manage your rental portfolio either full time or attempting to balance it with a job can be very stressful and time consuming. This is where a property manager who is an expert in the field can save you time, stress and even streamline your business. Here are some major benefits to using a property manager:
- Knowing your tenants
Experienced property managers have a keen eye when it comes to screening potential tenants. They have a database that will allow them to view past leases, run credit reports and perform reference checks. The last thing you want as a landlord is to accept a couple of tenants without going through a vigorous process of elimination to ensure that you did not just step into a nightmare. For example, in recent events, a Perth Landlord Daniel Tuang, had his rental property destroyed after choosing his tenants on his own. The pictures feature a scene out of your worst nightmares, as experts were so surprised by such malicious acts. Knowing that there is a chance that this could happen shows that the extensive and vigorous checks done by property managers can provide peace of mind.
- The first point of contact
It’s not always convenient for you to drive over to your property and inspect it every time something bad happens, especially if it’s in another state or town. A property manager would be the tenant’s first point of contact, sparing you from all the nitty gritty, alleviating your time. All hours of the day, a property manager can arrange for a service provider to either repair, replace items or address any issues with problematic neighbours. The last thing you want to do as a landlord is to go out to a property at 11 p.m. to tell the neighbours to turn down their music.
- Shorter vacancy cycles and better tenant retention
A good property manager will know how to keep their renters happy and satisfied. Providing a good service, being responsive and available at all times to take care of problems as they arise means tenants are more likely to stay. A landlord must consider that not only would they have to organise a rescreening for new potential tenants, they would also have to thoroughly clean the house, re-market and settling in a new tenant. It’s an extremely time consuming and expensive process that can be avoided by keeping the original tenants happy. To ensure you receive long lasting tenants, a property manager will have a time-tested tenant retention policy that provide a consistent and methodical approach to guarantee that you receive happy tenants with lengthy stays in your properties.
- Rent paid on time
Collecting rent on time sounds easier than it is. It is extremely important that as a landlord you handle this process in a most timely and professional manner as it can be a world of a difference if not handled correctly. You need to make it clear from the beginning that it is non-negotiable as it is the only way to maintain consistent cash-flow. A well experience property manager places themselves in-between you and the tenants creating a nice buffer, saving you from chasing up any late payments or having to listen to excuses. If tenants are consistently failing to pay their rent on time, property managers have the right to enforce the lease terms and even go as far as issuing an eviction notice.
- Peace of mind
Realistically it seems a whole lot easier to just get someone else to do it for you. There is less stress on your life as you will hopefully never have to deal with a nightmare scenario. You will have more time on your hands to live and invest elsewhere without the burden of dealing with a midnight call in regards to a leaky pipe or faulty wiring. As the saying goes ‘time is money’ and if someone else is handling all dirty work for you, it allows you to focus on what is more important.