Benefits of hiring a property manager
As the late great Benjamin Franklin once said, “An investment in knowledge pays the best interest.”
Unfortunately, most of us don’t have the time to learn or manage the ins and outs of the entire property world.
There just aren’t enough hours in a day.
But the old saying still rings true – be it adapted in a slightly different way
By sourcing a highly skilled property manager to manage your investment properties you are investing in the power of knowledge of an industry expert that can help provide you great value both mentally and financially long-term.
They can provide many benefits for property investors, taking time and stress out of managing your investment properties. Be it finding high-quality tenants, understanding law and legislation, or providing expert advice.
There are many great benefits as to why investing in property management services can work for you.
Head on down to find out more on the benefits of hiring a property manager.
Sourcing high-quality & trustworthy tenants
Finding the right tenant for your investment property can be quite a daunting task. Whether you’re a first-time landlord or seasoned investor, a skilled property manager can help you find tenants that are:
- Rent long term
- Pay rent on time
- Look after your rental property
- Cause you fewer headaches.
Tenant screening can be a long and strenuous process. Getting the right tenants into your rental property can help save you time, money, and potential lawsuits.
Professional property management services have access to extensive tenant databases helping to identify quality applicants based on previous rent history and credibility. Be it intuition or natural instinct, an experienced property manager deals with people day in, day out and is able to spot high risk applicants and red flags a mile off – a highly valuable resource that could save you a lot of money from the get-go.
You have put your blood, sweat, and tears into your investment property, so don’t get caught out with a bad tenant that you can’t get rid of.
Save you money long-term
So, you may be thinking to yourself: But how could a property manager save me money? Well, the answer is quite simple.
A Semple property manager can help you minimise costs in the long run by:
- Finding you a high-quality long-term tenant (Semple has a 98% retention rate)
- Minimising the risk of losing money through bad tenants
- Providing property advice on current market trends helping you maximise income on your investment
- Reducing vacancy lengths
- Negotiating better rates with tradespeople on general maintenance and repairs
- Handling rent and debt collection
- Minimising the risk of potential legal concerns
- Allowing you more time to spend working on other projects or investment opportunities
- Advising you on how property management fees can be tax-deductible
Your property manager works for you – it’s in their best interests to find ways to save you money. If you’re making money, they are making money. It’s a win – win situation.
More efficient rent collection
Chasing up rent money time and again can be a real pain in the backside. Constant excuses and late payments can start to wear you down and cause unnecessary strain both mentally and financially.
By hiring a professional property manager, you pass the burden to an industry expert that will chase up late rent payments and have those tough conversations required to safeguard your investment.
The property manager acts as the intermediary between you and the tenant, making sure rent is paid on time every month and the tenant understands their contractual obligations.
If rent is late, a property manager will handle the arrears process making sure you aren’t left out of pocket or have to engage in an external debt collection agency.
If God forbid an eviction is required, instead of having to stress about the process, the legal requirements, and the tenant’s response, the property manager will take care of proceedings to the letter of the law and aim to mitigate any debt.
Shorter vacancy periods
At times vacancy periods can be unavoidable, although by having a skilled property manager in your corner you can help minimise income loss and get money flowing back into your pocket – faster.
A highly skilled Semple professional can help you with:
- Preparing your properties for rent – identifying potential cosmetic renovations or repairs required to help maximise revenue and attract high-quality tenants.
- Marketing your property effectively – through professional photography, advertising, ‘feature listing’ on realestate.com.au, providing expert advice and marketing to Semple’s extensive tenant database.
- Meeting with prospective tenants – Fielding calls and orchestrating viewings with potential prospects.
- Maximising rent rates – Providing you with high-quality tenants at an optimal rate.
Understanding the law and legislation
Both tenants and property owners are governed by many laws and legislations designed to preserve the rights of each prospective party. This allows tenants a level of privacy and peace of mind while also protecting landlords from bad tenants.
An experienced property manager will have extensive knowledge of the ins and outs of the state and federal legislation associated with your property situation and can help advise you on ways to avoid exposure to potential lawsuits or fines.
As the old saying goes – ‘The best defence is a good offense’ so by investing in a professional property manager it allows you to get on the front foot and help protect yourself from legal liability
Save time – Stress less
Life as a landlord can be quite stressful. Whether it’s chasing rent, dealing with disputes, finding high-quality tenants, conducting viewings, maintenance issues, evictions, or paperwork requirements – the list goes on.
One of the major benefits of having a property manager is not having to do any of these tedious tasks. By hiring a professional property manager, you are installing an industry expert to deal with all the ‘boring stuff’ allowing you more free time to concentrate on other parts of your life – whether it be work, travel, more free time with family and friends or organising a trip to the moon.
Take the stress out of your investment
The team at Semple has decades of industry experience in property management in Perth. With a 98% retention rate we are not just about finding the best dressed – but the best tenant for your property.
For more advice on how a Semple property manager can help save you time and money – Give us a call on 9494 2606 or drop us a line.