Investing in a property in The Hills Shire is a wise decision but investing is not just about buying the property. A well-managed property will attract higher-quality tenants who will be happy to stay longer.
Effective property management is crucial to maximising your return on investment. A good property manager can significantly add value to your property, ensuring it’s well-maintained, tenanted and generating a better yield.
Can you manage your property yourself?
You could manage your property but be aware that a property manager’s local knowledge as well as a comprehensive understanding of your legal obligations can actually save you money. Good property management is not a set-and-forget task. Your property manager can free up your time by attending to issues and drawing on their contacts and knowledge of the rental market in your area.
What does a good property manager do?
A skilled property manager acts as a guardian for your investment, handling various responsibilities that can be time-consuming and stressful for property owners. Here are some key ways they add value:
1. Knowledge of relevant legislation
Legislation about landlord responsibilities can be complex and is updated frequently. An experienced property manager will be continually updating their knowledge, ensuring you aren’t left exposed to expensive legal hassles.
2. Tenant vetting and prequalification
Property managers screen potential tenants carefully to help you avoid problematic tenants. They look at rental history, work history, ask for pay slips and generally ensure the tenant’s finances are in good shape. This screening process reduces the risk of late rent payments, property damage and legal issues.
Your property manager has many professional tools to use, including their own database of qualified tenants and checks to find out whether or not a tenant has previously defaulted on their rent or damaged a property. You and your property manager want the same outcome: tenants who pay on time and care for your property as if it were their own.
3. Great communication with tenants
When your property manager and tenants have a good relationship, the tenant is more likely to alert the property manager to small issues that, if left untended, could develop into major problems. With a good relationship, tenants will not feel intimidated by property inspections.
4. Maintenance and repairs
A good property manager will address maintenance requests promptly, minimising inconvenience to tenants. A well-trained property manager will also understand the legal implications of attending to emergencies like a breakdown of the hot water system or a burst pipe. Good property managers have a team of trades on hand and will find the most cost-effective solution to any maintenance issue.
5. Owner updates
Your property manager should be giving you regular updates on property performance, maintenance and rental income.
6. Rent collection and follow-up
A good property manager ensures rent is collected on time and deposited into your account promptly. Should a rental payment be late, they take timely action to recover outstanding rent.
7. Market trend knowledge
A good property manager stays informed about current market trends, rental rates and tenant preferences. For example, many tenants will expect things like a dishwasher, ceiling fans or parking.
With their knowledge of the rental market in your area, your property manager can advise on optimal rental strategies, such as rent increases and lease renewals.
8. Tenant retention
A good property manager will not allow your property to remain vacant and lose income. By selecting reliable tenants and ensuring they have a good relationship with those tenants, they reduce turnover and vacancy periods. Proactive maintenance helps with tenant satisfaction.
Long-term benefits of thoughtful property management
While there are costs associated with property management, the long-term benefits often outweigh the expenses. A good property manager will ensure you maximise rental income and minimise vacancy periods, preserve the value of your property, boost investment returns and, importantly, reduce the stress for you by handling day-to-day tasks and tenant requests.
The bottom line
A good property manager is an invaluable asset for any property investor in The Hills Shire and a trusted adviser. By entrusting your property to a reliable and experienced manager, you can ensure its long-term success and maximise your investment returns.
Thinking of selling or need selling advice in The Hills?
We have buyers looking for homes in Rouse Hill, Beaumont Hills, Box Hill, Kellyville, North Kellyville and Tallawong. As established real estate agents, we’re here to help. Get in touch today by calling us on 02 8883 0777.
