Should I Hire a Property Manager for My Investment?
Investing in real estate is one of the most reliable ways to diversify your portfolio and stimulate your cash flow. While an investment property – whether it’s a house or a unit – is generally a strong option, it’s not without its complications. One of the hardest parts about property isn’t securing the building but managing your investment.
Even some of the most seasoned investors struggle with property management, which is where property managers come in. Said simply, property managers have the expert knowledge and the time to effectively handle your investment. But what exactly are the advantages of property managers? Let’s find out now.
They Can Close the Geographical Gap
Sometimes the biggest boundary for potential investors is the distance between where they live and where they want to invest. Maintenance and tenant management gets more difficult the further away you are.
Hiring a property manager means having someone within arm’s length of your investment. It means the professionals can take care of the everyday tasks while keeping you involved in the decision-making.
On a similar note, property managers make it easier to own multiple properties. Their manpower means you can diversify your portfolio in many different locations without having to worry about your physical distance to each property.
Everyday Tenant Management
From the hassle of rental applications to rent collecting and the everyday problems that your tenant may have – a property manager can take all this off your plate. Maybe you’re time poor or maybe you’re not confident in your people management skills. At the end of the day this doesn’t matter, because you can always find a professional who is.
Making Your Property Pop
Before you can have the problem of tenant management, you need tenants in the first place. Real estate is a great investment opportunity, but the market is also highly competitive. Many property managers will also take care of marketing your property, focusing on both quality and reach. This can help to reduce vacancy periods and improve cash flow, meaning less stress for you overall.
Making Maintenance Easy
Looking after your investment property is essential to both tenant happiness and the overall value of your real estate. If you don’t want to be the one to get the call every time there’s a leaking tap or a flashing bulb then enlist a property manager.
Not only will they be able to field all those phone calls, they’re also likely to know all the tradespeople and maintenance experts who can do a good job for the right price.
Just like many other aspects in life, real estate, property investment, and renting are all subject to a wide range of laws. If you’re a legal expert then you’ve got a leg up on some, but most of us will need expert advice. Property managers can make sure you’re always doing the right thing and assist you should you end up in front of a judge.
If you’ve got the property but are held back by time, distance, expertise or other factors, our team can help. Astute Investments are Brisbane’s expert property managers. Not only will we help you with management, but we have the best property and financial advice for before you purchase your property too.
Find out how we can help, or give us a call on 07 5530 8407 for easier property management.