Investing
Securing your first investment property can feel like the beginning of the good life for any investor: rent comes in, and your equity grows. To keep the equation that simple, you might be tempted to manage the property yourself. But a good property manager takes care of all the complex details that lurk beneath the surface of property ownership.
Can you spot a good tenant from a bad one with just an application form? Do you know how to claim a bond back? Do you know what situations warrant the eviction of a tenant? Would you know what to do at a tribunal?
Property Managers
With a property manager, you’re investing in knowledge and expertise. Managers deal with property legislation every day as well as a plethora of tricky tenants and property situations. For example, if a tenant stops paying their rent or won’t allow you access to the property you could take them to the NCAT (New South Wales Civil and Administrative Tribunal, or the equivalent in your state). But, if you don’t follow the correct procedures within the tribunal, you’re unlikely to be successful in your claim – even if you are in the right. A property manager will also be working on an arrears management system and inspection schedule, so they’ll know as soon as a tenant goes into arrears and when is the right time to give the required seven days’ notice for routine inspections.
Making Contact
Property managers also bring knowledge and expertise to property maintenance. When working with a property manager, tenants will contact them with repairs, not you. This means that urgent repairs are taken care of quickly, and you don’t have to make time in your schedule to organise repairs. Delaying repairs can lead to issues becoming urgent and also hurt the relationship with your tenant, so you want any maintenance issues to be resolved quickly! On the other hand, property managers can often spot if a tenant is mistreating a property in a way that will lead to long-term damage and can intervene after a routine inspection. If you want to keep your investment in good shape, it pays to have a property manager around!
If you are looking for a team of property managers who can see you through thick and thin, why not contact John Wills today at 0467 443 838?
