Tips & Solutions

How a Property Manager helps you invest smarter

How a Property Manager helps you invest smarter

Hiring a property manager can be one of the smartest decisions a property investor can make. Whether you’re a first-time investor or experienced with a real estate portfolio, a property manager can save you time, money, and the hassle of keeping abreast of maintenance or tenancy concerns. Here are some key reasons you should consider hiring a property manager.

Handling the day-to-day

First up, property managers oversee the general day-to-day operations that your rental property may need, from professionally screening tenants and collecting rent to scheduling maintenance and repairs. A property manager will liaise with tradespeople and tenants and are across all the latest legislation to ensure your property meets regulations. They will also update you on your responsibilities as a landlord and manage anything challenging, like tenant complaints, late rent payments, or emergency repairs.

Keeping abreast of local laws and regulations

Another benefit of hiring a property manager is that they can help you stay on top of local laws and regulations. A good property manager will be familiar with the rules and regulations governing rental properties in your area, including eviction procedures, tenant rights, and fair housing laws. 

Jaime Pratt, head of PM at VPM, says, “By working closely with a property manager, you can ensure your rental properties fully comply with regulations specific to your local area as well as state and federal legislation.

These laws can change frequently, so it’s worth the investment to liaise with someone who’s not only up-to-date but also able to be your advocate as a tenant or landlord if a tricky situation arises.”

Maximising your rental income

In addition to handling the day-to-day operations of your rental properties, property managers can also maximise your rental income.

“Our Property Managers often conduct market research to identify your properties’ most competitive rental rates.  They then use this data to pinpoint strategies you could use to reduce your operational costs or increase your revenue.” Jaime explained. 

“It can be difficult and time-consuming to stay up to date with this sort of research and data as well as legislation and know specific areas of your property that could be tweaked to save you in the long run. A good property manager will ensure you get the best return on investment possible,” she says.

Reducing your vacancy rates

Another key benefit of hiring a property manager is that they can help reduce your vacancy rates. Property managers can lower the time your property is vacant by overseeing the marketing, tenant screening and managing all the paperwork and logistics involved in leasing a property. 

Maintaining your rental properties

Jaime says she works with landlords who struggle to keep on top of maintenance on their investments to comply with regulations if they aren’t utilising the help of a Property Manager. 

“When it comes to property maintenance and landlord responsibility, Property Managers are worth their weight in gold!” she says. “Part of their role is to schedule regular maintenance, oversee and manage emergency repairs, and ensure that your properties comply with all health and safety regulations. With a property manager taking care of your investment, you will have peace of mind that they’ll be well-maintained, and they’ll be more attractive to potential tenants and therefore reap a higher rental return. You can also choose to spend your time on other priorities then.”

Providing valuable market insights 

If you’re unsure of the going rate for rent in your area, a Property Manager is a wealth of information. They can help you identify trends and changes in the market and guide you to help you make informed decisions about your rental properties. You’ll have access to their expertise, local knowledge and industry insights, which can be invaluable in making smart, data-driven decisions about your investments.

Enhancing your work-life balance

You could look at a Property Manager as being your property investment Personal Assistant. 

Jaime says, “Instead of spending your time navigating tenant issues and daily, time-consuming property management tasks, a great Property Manager will help maximise your return on investment whilst giving you the freedom to focus on other priorities in your life and/or business.”

Jaime has seen many landlords try DIY property management to save a few dollars and says it doesn’t always work out for the better in the long run.

“On the face of it, managing your own investment properties may seem logical and easy enough to do”, she says, ‘but the truth is, when it comes to building tenant relationships, managing your and their time, being across changing legislation and dealing with tradespeople, there are so many moving parts to oversee. It actually is more economical to invest in the expertise of a professional who has your best interests and bottom line at heart.”