Owning an investment property really begins when you have a tenant. Pretty obvious really but when that tenant actually moves in your obligations as a responsible landlord become reality.
Property management is the crucial link between you and the Tenant. Some people decide to do it themselves because they see the Property Management fee as an unnecessary cost. It seems easy to get something fixed if it goes wrong and organise repairs but unfortunately it isn’t as easy as you may believe.
Imagine the time you will have to put in to sort out normal rental issues when you are not familiar with the Legislation. Issues can arise when the Landlord/Manger needs to address an emergency and they lack the experience and professionalism of a dedicated Property Management Team.
For example; Do you know what your responsibilities are when it comes to selecting a tenant?
- How long can you leave a tenant without hot water?
- How long do you have to fix the leaking shower?
- What is your responsibility if the tenant can’t pay due to hardship?
Then there is the obvious one. The time it takes to advertise a vacant property, field applications and select a suitable tenant is onerous to say the least. Do you have that much free time? If you choose the wrong applicant you could be up for substantial losses from lost rent and property damage.
What are the remedies available to have them evicted?
I think it’s helpful to think of the Property Manager as a co-ordinator. They co-ordinate Trades people when required, they co-ordinate access for Valuers when you want to refinance, they co-ordinate your expectations with the Tenants and more importantly they provide you with more time. Without a Property Manager you would be dealing with every question that a tenant has, from the first day to the day you sell your property.
A serious Property Management business has a team of tradespeople they can call upon for emergencies. They are available to deal with the sudden unforeseen issues that arise.
Being a Landlord is a valuable social service and using a Property Manager is one of the smartest decisions you can make.
For your own peace of mind, separate your investment world from your private world by using a Professional Property Manager. To find our about how the Investors Direct Property Management team can help you visit our website or contact us at firstname.lastname@example.org.