Why Use Property Managers?
Many people cringe about the cost of using property managers to manage their investment property. Mostly because of the 7-8% commission they charge.
The benefits for the advanced property investor though far outweigh the somewhat small cost involved.
Here’s just some-
-Time!! Who wants to be phoned up that the toilet in the investment property has sprung a leak on a Sunday just before the footy starts?
-The huge advertising resources they have if aligned to a real-estate company when it comes to finding a good, reputable tenant.
-The professional and unemotional approach to what is essentially a business when making tough decisions regarding breaches etc.
-The local knowledge they possess if you are an interstate investor-this alone could be priceless!
-The legal know-how required when things don’t go as planned and court hearings are required.
-The “passing of responsibility” in regard to outsourcing the management and relieving yourself of direct risk against lawsuits and personal indemnity.
-And best of all, it is tax deductible!
The most important part of the management process is selecting a well-qualified, competent team to take care of your all-important asset so you can focus on the important things like how to get into the next one for example.
Here are some tips:
-Getting independent testimonials from current and past customers is a good starting point, all happy with good recommendations?
-Ask for a list of currently managed properties and drive by them to check how they are maintained and cared for, lawns mowed and garden tidy?
-Ring them on a busy part of the day about something trivial and see how they respond, helpful and interested?
– Ask them about their local knowledge and see if it compares to the research you have done? Do they know accurately the yields and expected vacancy rates?
-Have a look at their office desks and also the back seat of their car? Tidy and organized or a mess?
Don’t ever compromise with the management of your property, as it is priceless to have peace of mind that it is in safe hands!
Check out one of australias smartest mortgage brokers