Managing your own investment property is as rewarding as it can be challenging. It may have made sense when you first started, but unless you treat it like a full-time job, it can be stressful.
Consider this: if you gave yourself a salary to manage your own property, what would you set your rate at? Take that rate, times it by the number of hours you spend doing paperwork, responding to tenant queries, or organising maintenance services for your property, and that's how much money you're losing.
Instead, spend the money on a professional property manager. They're experienced, so they'll be able to do the job in half the time, and they'll know how to work around documentation and billing systems. Plus, they'll put a buffer between you and the tenant, so you can stress less.
At TTS Real Estate, our property managers help streamline the processes involved in running an investment property. Contact us to find out more about how our agents can help you.
What makes someone a good tenant? The number one thing most property managers look out for is reliability. They'll look for things like:
- Does the tenant have a steady income?
- Do they have a good record of paying bills on time?
- Do they have a solid character reference?
- Have they had a good rental history?
Warning signs, such as exiting a lease in duress or not receiving a bond back in full, can be indicators that a person is not ideal.
Management of tenants
They'll not just find a perfect tenant, they'll also manage the relationship. A great property manager will handle emergency calls for trade work, and respond to any questions the tenant may have. They will also take charge of:
- Repair requests
- Tenant evictions
- Rent collection
- Routine property inspections
When you hire a professional to manage your property, you no longer have to worry about condition reports. You won't wake up to texts and emails from your tenant about problems in the home.
Making more money
Is your rent set at the right rate? Do you know what the right rate is? A good property manager can ensure you have the perfect balance between a good monthly income and a low vacancy rate. They'll work out how much you should charge based on things like:
- The median rental prices in your area
- Conducting an independent assessment of your property
- Comparing your property to similar homes in the area
According to Sasha Hopkins, CEO and Head Strategist at The A Team Pro, it best to work with a credible local property manager to help determine the correct price.
“If there is a minimum amount of available property in an area, you can ask for the higher end of the market price (demand)," he said in an interview with finder.com.au.
"If there is a high amount of available rental properties, tenants have more to choose from and therefore you should price your property competitively to attract tenants (supply)."
Compliance with property law
There's nothing so stressful as the Victorian Civil and Administrative Tribunal (VCAT). But property law is dense and complicated.
Filled with legalese, it can be hard to work out which regulations your investment property falls under, and what kind of paperwork you need to complete. Property managers know property law inside out, and can make sure you remain compliant where necessary.
For instance, do you know what to do if you suspect your tenant is sub-letting without your consent? A property manager will. They can help:
- Deescalate issues with tenants
- Draw up the right rental agreement, whether that's a short fixed-term lease, a long fixed-term lease, or a periodic lease
- Organise bond lodgements
- Create/complete condition reports
Why choose TTS Real Estate?
At TTS Real Estate, property management isn't an afterthought — it's our foundation. We not only thoroughly screen tenants, but we proactively find quality tradespeople to resolve issues that arise during a person's tenancy.
We will routinely inspect your property and address any concerns or issues that may arise in the duration of a lease. If issues arise, we'll work with you to find the middle ground and we can represent you at VCAT if necessary.