PROPERTY MANAGER VS SELF-MANAGED
Quite often I will be asked the question, “Why do I need a Property Manager, don’t you just fix leaking taps”? The short answer is no.
So, you’ve purchased an investment property, well done! But where do you go from here? To start earning rental income, you must find tenants for your property and fast. The longer your property is vacant, the more it is costing you. Being an independent landlord comes with a plethora of responsibilities, and can be very time-consuming. However, appointing a property manager to assist with the everyday management of your property can be an excellent option, especially if you own multiple properties or plan on expanding your property portfolio. Many investors who jump into becoming an independent landlord quickly find themselves feeling overwhelmed by the amount of work it takes to manage a rental property.
As a landlord, not only will you be responsible for screening and approving tenants, you will have to deal with marketing your property, maintenance issues, rent collection, responding to tenant complaints, conducting regular routine inspections, and dealing with the odd eviction. Self-managing your property can have the benefit of saving you money, however an agent will most like achieve more rent for your investment thus saving you the fees involved in having an experienced professional. Overall managing your property can also be extremely time-consuming. You will need to be available to answer any tenant questions or queries at all times. If a tenant calls you at three in the morning because their stove has caught fire, you are responsible for handling the issue in a timely and professional manner. An important thing to think about is whether you have the time, experience, and knowledge to manage your own rental property.
There are also many legal obligations that are involved with being a landlord. If you are not in compliance with all local, state, and federal legislation that pertains to rental properties, you will be held liable, even if you do not fully understand the legislation. Landlord insurance is also required, and it is important to be covered before renting out your property.
By appointing a property manager, many of the tasks involved with managing a rental property will be taken care of for you. Property managers will organise the marketing and advertising of your property, conduct regular inspections, handle all maintenance and repairs, collect rent, and take care of evictions, thus saving you a bucket load of time. Your property manager will also act as a means of communication between you and your tenants, giving you some autonomy and privacy. This also means you can own properties virtually anywhere, as the distance will no longer be an issue.
At Running Property, we value the importance of being the “eyes and ears on the ground” for your valuable Investment Property.
