After buying an investment property, whether or not you should use a property manager will be the next question on your mind. In this article, we’re going to give you a quick run-through of 11 of the key benefits associated with hiring a property manager, so you’ll be able to decide if it’s the right choice for you.
1) You’ll have Less Problem Tenants
An experienced property manager will be able to weed out problem tenants from applications, meaning you’ll find out about them before it’s too late.
2) No Unpleasant Confrontations
Property managers act as a middle man between you and your tenants, meaning you won’t have to have any awkward or difficult conversations with them, such as discussing late payments and damages to your property.
3) Your Tenants Have a Constant Line of Communication
If your tenants run into any problems or have any questions, your phone won’t be the one that’s ringing. They’ll have a line of communication set up with your property manager, who will be available to tend to any problems at all hours of the day. Additionally, their close relationships with tradespeople will mean you get the best prices for any work that needs to be carried out, such as emergency repairs.
4) Reduce Your Tenant Churn
A high-quality property manager will treat your tenants well, making it much less likely they’ll want to leave. Renewed leases mean continued, consistent investment returns for you.
5) Your Rent will be On Time
Experienced property managers will set up the financial infrastructure necessary to ensure your rent arrives at a consistent time each month. In addition to this, your property manager will enforce lease policies for you if rent isn’t paid on time.
6) Reduced Stress
Having someone else managing your property means you can focus on other areas of your life, as for a small fee, they’ll handle the majority of the work for you.
7) Less Legal Complications
As a private property owner, you’re bound by strict legislation that dictates how you should deal with your tenants. It’s your job to keep up-to-date with any legislative changes, which can be a difficult task. Hiring a property manager will take this responsibility off your plate.
8) You’ll have Comprehensive Insurance
By hiring a property manager, you’ll be eligible for much more comprehensive insurance from your policy provider, covering you for additional damage and loss.
9) Your Risk is Reduced
A property manager will help you to reduce the risk of lost income long before your property becomes vacant. Upon receiving notice from tenants, they’ll immediately begin marketing your property to ensure are tenants to take up residence as soon as your old ones vacate.
10) Service Fees are Tax Deductible
The money you spend on your property manager is tax deductible, meaning your tax liability at the end of the year will be lowered.
11) You’ll Boost Your Investment Returns
Your property manager will help you to stay on top of any market movements, ensuring you’re generating the maximum amount of rental income per month, relative to your property’s worth and position in your area.