Benefits Of Hiring a Professional
Are there benefits in hiring a property manager over managing a rental residence yourself ?
According to the Real Estate Institute of Australia (REIA) – yes there are, and it pays to do the research.
A spokeswoman at the REIA said while avoiding the management fees by self managing a rental house or apartment might seem more attractive, the amount of work involved should be underestimated.
“Agents are highly trained professionals who have great knowledge and experience in property management,” she said.
There is a cost to managing your own property as investors have to keep themselves up to date with relevant legislation and regulations, somethings which a professional property manger does under the continuing professional development”.
“A good property manager will look after your property as if it were their own, saving time money and unnecessary stress,” she said.
“They keep an eye on your property so you don’t have to watch it all the time, they enforce the terms of the least, and they adopt a no-nonsense rent collection.”
They are also trained to take care of legal issues and eviction, while their access to a wealth of resources to find, screen and place tenants makes the process smooth and fast.”
“They also ensure routine maintenance is carried out and the bills for the property are taken care of.”
“In a nutshell property managers make life easier for the tenant, the owner and also the accountant.”
She said the services they offered include the advertising and marketing of the property; sourcing and thoroughly screening tenants; managing financial accounts; completing routine inspections and providing feedback; and organising and sourcing tradespeople for repairs and maintenance.
The RTA (Residential Tenancies Authority) states one of the main advantages of using a professional to manage an investment property is for peace of mind.
As the third party that acts as an intermediary between the owner and tenant, they can relieve the owner of the often challenging situations or disputes that often arise.
Familiar with all relevant legislation, they will look after your investment from the beginning phase of preparation for tenants to ensure the property is handed back in its original condition at the end of the lease.
Original post PRP 24/11/17 Issue