I hear this question a lot and depending on your own circumstances, the answer can be totally different! Apart from the obvious money saving pro of self managing, some landlords feel they can prioritise their property better than someone who doesn’t own the property or truly care the way they do! But the benefits of a skilled and experienced property manager can genuinely make all the difference in the way your investment performs.
The relationship with your tenant: I have a lot of landlords come to me who have been self-managing, and may even be friends with their tenant, but situations have become awkward and hard to navigate. This is where a good property manager is beneficial, they are the communicator between the two parties to ensure a professional and healthy relationship between landlord and tenant.
The money they can save you: Having someone who knows when maintenance is necessary, or even is actually the tenant’s responsibility can save you thousands a year. Choose a property manager who understand maintenance expenses and works with trust worthy and cost effective trades people. Really, having someone working for you and wanting to help you achieve your property goals can save you a lot more money than that weekly management fee costs you!
The experience in property management: Just like I choose to use an accountant because he knows more than me about tax, is just why you should employ a property manager. Their knowledge of the legislation can ensure you and your property are never put at risk. Their negotiation skills can guarantee a happy and fair relationship between both parties. Your time is valuable, and the time it takes to self manage when you aren’t experienced or educated in the area, really can add up!
Really I could write a lot more on this subject, as I am passionate about the importance and value a GOOD property manager can bring to your property, but hopefully these few points can help you when asking yourself the question “why use a property manager?”
