1. Save Time and Reduce Stress
Tracking rent payments, collecting late fees, dealing with complaints and repairs, preparing the property for new tenants, finding contractors and dealing with bad tenants could be tiresome and stressful. Relinquishing these ongoing responsibilities to a good property manager can allow you to spend your time identifying other investment opportunities or otherwise furthering your career, without sacrificing your time and health.
2. Screening of Tenants
Experienced property managers are experts at finding good tenants, and will take care of all the details, including running credit checks and getting landlord references. Property managers have a bigger pool of applicants to choose from due to their extensive marketing and advertising programs, resulting in better quality tenants for your property.
3. Knowledge of Tenancy Laws
One of the biggest advantages in hiring a professional property manager is the ability to avoid some legal hassles. In the event that an eviction becomes necessary, an experienced property manager will know how to handle it in a way that will save you time and money. Your property manager can keep your property up-to-date and compliant with tenancy regulations.
4. Buffer between Owners and Tenants
When you have a property manager, you can keep a professional distance from your tenants. Getting too personally involved can result in being too tolerant on issues you may have on your tenants, or too defensive about their complaints. When problems from either side arise, your property manager is better prepared to deal with them effectively.
5. Make More Money in the Long Run
You’re probably hesitant to hire a property manager because of the costs involved. In reality, though, hiring a property manager will actually make you more money in the long term due to several reasons. You may get better tenants that stay longer and have lesser problems to deal with. In addition, your property remains in great shape. In case of repairs or damages, your property manager can get you the best work for the best price, brought about by his existing relationships with tradesmen and contractors who will oversee any necessary maintenance projects. Your property manager might be able to get you free insulation. In the long run, the time you save dealing with rental property-related issues may be spent doing something else.
*Mark Dizon is the Managing Director of MDG Property Management Ltd. (www.mdgproperties.co.nz), a Filipino-owned and operated property management company incorporated in 2010, with head office in Auckland City.