Getting a Home Loan in Australia if you're living overs...
29 Nov 2023
Once you’ve purchased your investment property, there is still one key decision left to make before you can sit back and relax.
Will you manage your own rental property? Or, will you hire a property manager to take care of it all?
Once you become a landlord, there are countless responsibilities to uphold which can become overwhelming over time. Fortunately, getting a property manager on board can help alleviate some of the stress.
Find out how a property manager can help you, how to select the right one, and why a property manager is beneficial.
As the name suggests, a property manager is responsible for managing rental properties on a day-to-day basis on behalf of the landlord.
Essentially, a property manager oversees the rental property so the landlord doesn’t have to.
Some of the primary duties a property manager will undertake include:
An experienced property manager will handle all these obligations thus making the landlord’s life easier.
Before you go ahead and choose the first property manager you find on Google, there are a few things you may want to consider. After all, you can’t just have anyone manage your investment property - the right property manager can mean the difference between a hassle-free experience and an unfortunate one.
Find out which property managers or companies operate in your area. A local property manager will have knowledge with the local rental market and could have a good relationship with trusted tradies - a big advantage in the long run.
If you have a spare half hour, conduct a Google search and read some reviews to get some honest opinions from other investors. Just remember to take each review with a grain of salt.
Not all property managers will offer the same services. Make sure to find out what services will be included and excluded to determine whether the property manager ticks all the right boxes.
Ever heard of the saying “communication is key?”
Even though a property manager takes care of most of the work while the landlord steps back, communication between the two parties is still important.
A property manager must be able to effectively communicate with you and always keep you informed with any updates. Further, they must be easily reachable.
During the screening process of your potential property manager, ask about their fees.
The typical fees usually charged include management fees, letting fees, and other fees e.g. lease renewal.
Once you’ve gathered the necessary information, compare the cost with other property managers in the local area to find out who offers the best deal.
To help narrow down your choice even further, asking your prospective property managers the following questions could be a good option:
Of course, there are plenty of other questions you can ask a potential property manager to ensure they’re the right fit for you. However, these are a great starting point.
Below are some of the important benefits landlords can gain when appointing a property manager for their investment properties.
If you’re thinking about buying an investment property, have a chat with one of our friendly lending specialists today to see if you qualify.
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