Free up your time and experience fewer headaches with a property manager in charge of your Balmain Peninsula rental property.
Investment property is popular, but it can be a bit of a pain to maintain for owners who are not interested in being hands-on in the day-to-day operations. Engaging a property management company or rental property manager is a great solution. You can enjoy the return on your property investment without all the hassle by leaving it in capable hands.
Do I need a property manager?
Owning and leasing property is profitable when managed well. However, as we know too well, a lot of detail and planning is involved in keeping tenants happy. Attending to their queries, maintenance requests, and collecting rents on time are just a few of the many tasks involved with owning an investment property.
Here are five reasons why you may want to use a local property manager.
1. They help attract better tenants
Rental investment properties are only profitable if they attract top-quality tenants. Property managers have an advantage that DIY landlords are missing – access to a tenancy database. Here, they quickly can review a prospective tenant’s rental history to determine if they are a valuable tenant or one that is likely to cause landlords nothing but headaches.
First-time renters are not a problem for rental managers. The best managers have the experience to gauge whether first-timers pose a financial risk and can advise landlords if they should be approved.
2. They understand rental laws and legislation
Rental laws and legislations are intended to preserve the rights of both the landlord and the tenant. They carry harsh penalties for those who violate them. Property managers understand these laws and how to use them to compromise with tenants when a situation arises. They make it their business to keep up to date on laws and regulations and can offer sound advice on the best ways to avoid violations.
3. They understand the rental market
Investment properties have the potential to bring in an amazing return on investment when managed well. Property managers know the local area and are armed with rental data that ensure your rental property is priced competitively.
4. They handle maintenance and inspections
Buying and renting out an investment property is not the end of the story. Just like with regular homeownership, there are ongoing maintenance needs. Engaging a property manager allows landlords to rest easily. They can conduct regular inspections and organise any maintenance or repairs needed to keep the property in tip-top shape. Well-maintained properties earn higher rents and bring in better tenants.
5. They foster better relationships with tenants
Fewer things hurt a landlord-tenant relationship than an absentee landlord. Having a property manager on hand ensures a competent representative of the landlord is accessible to tenants. Maintenance issues and other queries are handled without haste, and situations requiring mediation are handled quickly and without fuss.
How much do rental agents charge?
Property managers can charge percentage-based fees or flat-rate property management fees. Percentage-based fees rely on a formula using the gross amount of weekly rent multiplied by the percentage. As a rule, the lower the percentage, the fewer services the property manager provides. Ask for a breakdown of fees and services provided before hiring a property manager or management company.
Finding the right match
Belle Property Balmain’s team of property management professionals offer local landlords peace of mind. Phone us on 02 9555 1565 or contact us online to find the right fit for your needs.
Looking for help selling your home or renting your investment property? Our team at Belle Property Balmain support homeowners across Balmain, Balmain East, Birchgrove, Rozelle and Lilyfield. Feel free to get in touch for a no-obligation discussion or property appraisal.