Now that you’ve started investing in properties, you may be considering hiring property management services to take a load off managing your investment properties, there are many benefits to having one, as outlined below.
Better Tenant Relations Overall
Great property managers are experienced when it comes to screening tenants, so you only get to choose from high-quality options. On top of this, a property manager will act as a buffer between you and the tenant if issues arise, and the manager will be available to address the issues sooner, which means that maintenance will be handled quickly, which will better the tenant’s experience, and reduce tenant turnover.
Get Rent on Time
Great property managers will ensure that your tenants always pay their rent on time. This will mean that you can stay on top of your financial needs without needing to chase rent for weeks on end.
Know Legislative Requirements
It can be hard to wrap your head around the Australian legislation when it comes to dealing with tenants. There’s no need to keep track of the changing laws, a property manager can handle it all for you.
Good Risk Reduction
If you have a vacant property, you’re taking on a loss. With a property manager, the vacant spaces will be filled sooner, and they can also reduce risk with regular inspections of the property to allow you to know your investment is protected.
Some Service Fees Are Tax Deductible
Although a property manager can cost up to 10% of your total rental income, the services offered by a great property manager are worth it, and to add to it, the fee is often tax-deductible.
Maximising Returns
A great property manager will let you know if rental increases are occurring in the market and can help introduce you to tax depreciation schedules to make sure you get more back at tax time.
The Market Your Property
There’s a lot that goes into filling a property with the right tenants. A great property manager will use the right tactics (a combination of great images, listing in the right places and vetting) to market your property to the right people and get the right tenants in your vacancies.
They Know the Right People
When it comes to maintaining your property and its value, a property manager will have a rotation of a great list of tradies and service people such as heating and cooling workers, plumbers and maintenance workers to come in as needed and keep the property working to code. By doing this, you can get more competitive prices and build relationships with locals to help support the local economy.
So, Who Do You Call?
In Melbourne, you can find the perfect property managers at Established Property. With their experienced team of property managers, they offer both letting and management services to help you have a stress-free time with investment.
