There’s no other way to put it: managing a rental property is hard work. From drawing up rental agreements to carrying out property maintenance and everything in between, there are a lot of things to keep track of if you want to be a successful landlord.
While it can be tempting to self-manage your investment, the truth is that hiring an experienced property manager can help you save substantial amounts of time and dramatically boost your ROI.
Still on the fence? We’ve rounded up the top five benefits of hiring a property manager.
1. Put more time back into your day
Managing a rental property takes time. Whether you’re communicating with tenants, carrying out reference checks or coordinating repairs, managing a rental property can be overwhelming – particularly if you have other full-time commitments.
That’s where property management services come in. A good property manager will handle all the day-to-day tasks on your behalf, allowing you to focus your time and energy on other commitments while still reaping the benefits of your investment. Property managers also have the specialist expertise to ensure that the correct processes are always followed and that all the paperwork is compliant with the relevant tenancy laws.
2. Reduce vacancy rates
Reducing vacancy rates translates directly into greater ROI. A good property manager can help you reduce vacancy rates in a variety of ways, including:
- Market insight: Setting your rent too high can discourage tenants, resulting in a high vacancy rate and lost income. Property managers have their finger on the pulse of the rental market and know exactly what tenants are looking for and, consequently, how much they’re prepared to pay for your property.
- Prompt service: A good property manager will respond promptly to tenants’ concerns and ensure issues are resolved quickly and effectively. Providing tenants with a high level of service can do wonders for tenant retention and reducing vacancy rates.
- Effective advertising: Property managers understand market conditions and know how to use effective advertising strategies to attract quality tenants.
3. Attract the right tenants for your property
Whether you’re a first time landlord or a seasoned investor, you want to be confident that a tenant will look after the property and pay their rent on time.
Whereas independent landlords often have to make tenant choices based on little more than gut instinct, a good property management company will have effective screening processes in place to filter out unsuitable candidates. Here at At Home Property Management, we use a number of verification systems to check the financial and rental histories of all prospective tenants, and can provide you with professional recommendations as to who we believe will be the best fit for your property.
4. Strong professional network
As experienced industry professionals, property managers usually have an extensive network of trusted tradies, contractors and other service providers who can be called upon to perform repairs or conduct maintenance. Your property manager will liaise with the contractors from beginning to end, ensuring the work is carried out promptly and at a reasonable cost.
5. Act as an intermediary between you and tenants
Resolving tenancy issues as an independent landlord can be extremely time-consuming and emotionally exhausting – and it’s one of the most commonly overlooked advantages of engaging a property management company.
A property manager essentially acts as an intermediary between you and the tenants. They’re responsible for all the unpleasant jobs that you’d probably rather not do, like collecting rent, conducting inspections, issuing warnings and evicting tenants who are in breach of their tenancy agreement. Property managers aren’t emotionally attached to your property and maintain a strictly professional relationship with tenants, allowing them to make more balanced decisions that will ultimately be financially beneficial for you as the investor.
Contact the leading property management company
If you’re looking for a professional property management company to take excellent care of your investment, you’ve come to the right place.
With low management fees, extensive local knowledge and a proactive approach to maximising ROI, we’re the number one choice when it comes to property management in the Hamilton and Tauranga areas.
To learn more about our services, give us a call today on 022 303 3449 or email Gregory@AtHomePropertyManagement.co.nz.