We know that many first time property investors wonder why they should use a property manager. "After all, all they do is collect the rent don't they?" one said recently. But there is a very good reason for using one.
While the majority of residential tenancies run smoothly, others are fraught with arrears, complaints and lack of care from both the owner and tenant. Many often end in dispute and, therefore, it is necessary to establish an appropriate professional relationship; one combined with a sound working knowledge of the law, leases, and timely response to requests.
The true cost benefit to the investor of engaging a property manager is simply covered by the following:
• 24 hours - 7 days a week response - Particularly helpful at 3.00am in the morning when the tenant, police or fire brigade are trying to contact you.
• The ability to source an appropriately qualified contractor in a timely manner. This service alone ensures that any damage to your property and tenant's contents is minimised.
• Being up-to-date with constantly changing legislation; changes that often can make the landlord liable.
• Specialised skills - the fact that they deal daily with a variety of properties, tenants and their demands ensures that they have a solid understanding of the marketplace. This together with a professional business like approach removes bias from negotiations which facilitates optimum outcomes for all, whether it be in the negotiation of rental or protecting your position as the owner from a tenant's unrealistic expectations.
Astute owners have long realised that the benefits of a property manager far exceed the costs of not having one - and always will. So go easy on yourself and employ the services of a good property manager, you'll be glad you did.