Anyone who owns one or more rental properties will tell you that hiring a property manager is one of the smartest decisions they could make. Whether you’re a first-time investor with one property or a long-term investor with a successful portfolio, a property manager can help you save time, money, and hassle. Here are some of the key reasons why you should consider engaging a property manager is so beneficial.
Managing the daily operations
Property managers can handle the day-to-day operations of your rental property. This includes everything from screening tenants and collecting rent to scheduling maintenance and repairs. They will follow up with trades deal with any tenant issues, chase up rent and organise emergency repairs on your behalf.
Compliance with local laws and regulations
According to Jaime Pratt, Head of PM at VPM, another benefit of engaging a property manager is that they’re across all local laws and regulations. “A good property manager will be very familiar with the rules and regulations that govern rental property in your area, including things like eviction procedures, tenant rights, and fair housing laws,” she explains. ”By working with a property manager, you can rest assured that you’re rental property comply accordingly.”
Maximising your rental income
In addition to handling the day-to-day operations of your rental property, property managers also have advice and ways to help you maximise your rental income. “Good property managers conduct competitive market research to determine the best rental rates for your property,” Jaime says. “They can also help you identify ways you could reduce unnecessary costs or increase your revenue.”
Reducing your vacancy rates
Property managers can also help you reduce the amount of time your property might sit vacancy. Using their solid database, they can market your property to potential tenants swiftly, conduct tenant screenings, and manage all of the paperwork and logistics associated with leasing your property. Jaime suggests being transparent and communicative with your property manager so they can fill any vacancy efficiently with quality tenants and generate income for you as soon as possible.
Maintaining your rental property
If you don’t live near your rental property or don’t have the time to visit regularly, being across any maintenance or issues can be tricky. Property managers conduct routine onsite inspections, schedule regular maintenance and repairs, manage emergency repairs, and ensure that your property complies with all health and safety codes. “A well-maintained property is the most appealing property for any tenant and will attract a higher rental rate,” Jaime acknowledges.
Providing rental market insights
Another benefit of engaging a property manager is that they can help to identify trends and changes in the market, as well as help you make informed decisions about your rental property. Their expertise and advise can be invaluable in making smart, data-driven decisions about your investments.
Helping to achieve work-life balance
Instead of spending your time dealing with tenant issues and property management tasks, the role of a property manager is to allow time to focus on other priorities. “The aim of our expert team at Vogue Property Management is to reduce the mental load and give you back time and energy to focus on work or family,” Jaime says.
Few landlords want to headaches of the day-to-day operations of managing a property as well as be across all laws and regulations and have a good grasp of current market insights, which is why a property manager can be so beneficial. Get in touch with our team to see how we can alleviate the load of managing your investment property.