Most experienced property investors use property managers. Why? Because they make you money.
Property management isnít just about collecting rent. Itís about ensuring your property is always rented, ensuring you have the best possible tenants, and ensuring youíre getting the best possible rent. Itís about keeping the property well maintained, tracking expenses and income, and dealing with the legalities of leases and the rights of tenants.
This is what property managers do. Itís their core business. For a landlord, the benefits are significant.
Save Valuable Time
The most obvious benefit is time saving. You donít have to spend an hour or so each week making phone calls, placing ads, interviewing prospective tenants, speaking to solicitors, speaking to your tenants, collecting rent, organising tradesmen and so on.
How much could you earn in that hour if you were focussing on your work rather than chasing your tail?
Know Your Market
Property investment is a business. To succeed in business, you need to know your market.
Property managers make their living out of knowing the rental marketplace. They know how much your property is worth and whoíll want it. They know the best ways to reach the market and they have the resources to do it.
A property manager with some real marketing nous can earn you thousands every year, just with an intelligent marketing campaign.
Know Your Rights
Rental legislation is constantly changing. Itís important that you know your rights as well as the rights of your tenants. But most people donít even know where to start looking.
Property managers work with tenancy legislation every day. They know all the ins and outs, as well as the pitfalls and loopholes. Theyíre experienced in all aspects of lease negotiation Ė from bond to maintenance agreements to eviction.
Most importantly, theyíll protect your rights as a landlord.
Get Good Tenants
Most good tenants will only rent through property managers. The whole process is much more streamlined and convenient. Payments can be made electronically, their questions can be answered quickly, and everything can be done during business hours.
The opposite is true of bad tenants. They target privately managed rentals, because thatís generally all they can get.
Property managers chase down and validate every reference, and they get to know problem tenants. They do everything possible to provide you with a hassle-free investment because they know the eviction process is every landlordís worst fear. You canít just kick someone out without notice. The whole process can take months.
But if youíre unlucky enough to end up with a problematic tenant, a property manager will manage the whole eviction process Ė including all dealings with tenants, sheriffs, and court officials.
Sure, you can juggle all of these elements yourself, and youíll save yourself a small management feeÖ But whatís the cost? Do you want to work for your investment or do you want it working for you?
Glenn Murray heads advertising copywriting studio Divine Write. He can be contacted on Sydney +612 4334 6222 or at email@example.com. Visit http://www.divinewrite.com for further details or more FREE articles.