Indeed, managing properties and tenants becomes difficult, especially as you start building your portfolio. But with the right property manager by your side, the job becomes much easier.
Like many investors, Travis likely didn’t have the time to run full, detailed checks on his tenants, whom he found on Gumtree. ...And that sadly led to an eye-opening property investment nightmare costing more than $30,000 of his money.
For example: Imagine that you have a portfolio of 10 properties, all of which have tenants.
In this article, I’m going to share some of the key reasons why you should have a property manager to help you with your real estate rental.
Even if you only have one property in your portfolio, there’s a wide range of tasks that you need to take care of, such as:
A property manager can tackle all of the day-to-day running of your properties. That essentially means you have more time to conduct other aspects of your property investment business.
And, for me, saving time and my energy has been a great strategy since one of my priorities in life is to make sure I’m present as a husband to my wife and as a father in my kids’ lives during their childhood years.
That property they bought ended up doubling in value, which represented the first major success for Alice and Justin.
In fact, they bring a wealth of experience that you can leverage as an investor—and which can invariably aid in growing your own wealth, finance and experience alike, in the long run.
Unfortunately, the rules of real estate rental aren’t static. Legislators introduce new laws and regulations regularly. And in Australia, you also have to remember that each state or territory has its own rules.
It’s tough enough to do if you only have properties in one state. If you hold multiple properties all over Australia, it could feel almost impossible.
Earlier, I mentioned that property managers help you find tenants. And even though finding good tenants is difficult at the best of times, good property managers can help you find and select them for a win-win situation—for you and your potential future tenants.
An experienced investor and developer, Progressive Property Founder Melissa Morgan discovered when she was just starting her own property journey that working with the wrong property manager makes the job even harder.
Make sure that your property manager has a good track record and quiz them on how they find tenants. If you’re not happy with their answers, move on until you find a manager who is up to snuff.
The point about staying at arm’s length is especially important. The more connected you are to tenants, the more emotion you may bring into the equation.
That’s why the No. 1 real estate rental advice I have for you is to hire a property management agency for your investment property.
So now that you’ve read all the six reasons I gave you for hiring a property manager, your task is to find a property manager who’s up to the job.
Just click on this link, and we’ll help you partner with the best property manager who is aligned with your goals and suited to meet your needs.