The horror stories. The expenses. The myth, “who needs a Property Manager? Everything is so accessible online, I’ll do it myself!” You’re under the impression you can make huge savings on costs by shouldering Property Management yourself, right?
Well, let’s talk a little. Despite the advancements in management tools, this sentiment has burnt many a property owner’s fingers. Why? Let’s look at the top four reasons why investing your money in a Property Manager is not only a desirable choice, it’s the right choice.
The upfront cost of a Property Manager may appear to be a significant investment. However, it is tax deductible and you will see huge monetary and time savings in the long run. After a push back from property owners in Perth, we are seeing a trend towards more favourable fee models, like flat rates rather than percentage based.
Most land owners take on self-management under the guise of savings in money and stress. In many cases, this couldn’t be further from the truth. Most people are not equipped to take on the costly legal problems, assist with tax duties and oversee a tight rent collection. Individuals leasing property often open themselves to litigation by failing to discharge certain legal responsibilities. Without the correct tools, experience and industry know how, self-management can be an overwhelming and stressful experience. The peace of mind of having a good Property Manager is worth it, and cheaper than your legal fees.
An unfortunate reality of the rental game is the commonality of problematic tenants. We all experience them at one time or another. So as a self-managed property owner, do you see yourself dealing with problems with rent collection? Eviction and subsequent legal procedures? Problematic tenants can cause severe complications. Not receiving rent, premature contract terminations and failure to leave your property in good condition are all common occurrences. Property Managers mean shorter vacancy cycles between tenants, fewer time consuming legal matters and tighter rent collection. Less headaches and better cash flow.
Increased Investment Value
A competent manager will nip any maintenance or repair issues in the bud – prevention is always cheaper and quicker than a cure. They will be well versed in maintenance checks, with detailed maintenance documentation and regular visits. This will provide you with the details necessary to make informed decisions about where to spend money on improving and modifying your property. This is an elemental step in maximising the return on investment for any dollar spent on your rental.
These are only a few of a trove of reasons to use a Property Manager – in today’s market more than ever before. The legal headaches, taxation, maintenance and difficult tenants are just the tip of the iceberg. What would appear to be an upfront saving may come back to haunt you in the future.
ACTON are here to assist you with all of your Property Management needs. Contact ACTON today to speak with one of our Property Managers.