An investment property in the Avalon Beach area is a huge asset and one which should yield you money in the long term.
To maximise profits, some investment property owners choose to manage their properties themselves. However, this can be false economy.
Here are five reasons why hiring an experienced property manager can save you time, money and stress.
1. Finding the right tenants
If you want to secure reliable, long term tenants and achieve the best possible rental value, it makes sense to outsource the leasing of your property. Leasing agents have the experience to know what to look for in people and properties in order to find the best possible match.
Your leasing agent also provides a necessary barrier between you and your tenants. For some owners, it’s tempting to befriend tenants. After all, they are living in your property. But at the end of the day, this is a business contract. In our experience, getting too friendly with your tenants can lead to issues in the road, particularly at vacating time.
A professional leasing agent will be able to interact with prospective tenants on purely business terms, without emotion, enabling them to select the best candidates. As agents, we don’t get paid unless you have a tenant in your property, so it’s in our interest to select someone who is going to be reliable and likely to stay long term.
In desirable areas such as Clareville and Palm Beach, we can also help you get the most out of your rental property by suggesting ways to help you make improvements, enabling you to charge that little bit extra.
Leasing agents can also save you time on paperwork – we can do thorough reference checks and supply contracts and checklists. In addition, we are able to collect the bond according to current legislation, making the leasing process as hassle-free as possible for you.
2. Taking care of inspections
Property inspections are an essential part of any landlord’s job but they can be stressful and time consuming. Outsourcing this responsibility to a property manager makes sense as inspections have to be completed between two and four times a year.
Your property manager can take care of the whole process from start to finish. They will liaise with your tenants to find a convenient time for the inspection. As experienced professionals, they know exactly what to look for inside and outside the property. This way, problems can be identified and dealt with early on, whether they are the landlord’s or the tenant’s responsibility.
An experienced Northern Beaches property manager can also make sure your property is compliant with relevant fire safety inspection regulations, keeping you and your tenants protected and as safe as possible.
3. Looking after bills and payments
As a landlord, keeping your accounts in order can be difficult and time consuming due to the amount of bills you have to pay. Wouldn’t it be easier to receive a monthly statement showing the bills which have been paid for you?
A property manager can take care of all your regular outgoings, issuing you just one monthly statement. This includes council and water rates, land tax and strata fees as well as the leasing fee.
At tax time, we will present you with a neat income and expenditure statement of your investment property expenses, which you can take straight to your accountant. This way, much of the hard work is done for you.
4. Taking care of emergencies
One thing you can guarantee when you own an investment property is that things will go wrong – and never during office hours. You may find yourself having to spend a Sunday evening desperately trying to locate an emergency plumber or a 24-hour electrician to deal with a flood or a broken hot water system.
A property manager has the right contacts to deal with the vast majority of situations that can arise. At One Agency Ireland, we have built up an extensive and reliable network of experts who are on call to respond whenever your tenants have a problem.
Your investment property won’t be a source of stress when there’s always someone you can call to take care of problems for you.
5. Negotiating disputes
Even the best landlords can find themselves facing disputes with tenants. This is where an experienced property manager is particularly valuable – negotiating and resolving disputes satisfactorily so they don’t end up in the Tribunal. At One Agency Ireland, we have thorough knowledge of all current legislation, enabling us to work with you and your tenants to ensure both parties comply with all regulations.
Many investors describe hiring a property manager as the best decision they have ever made. It takes all the stress and emotion out of dealing with the property and the tenants, and takes care of many of the practical details of owning an investment property. You can also leverage our expertise when it comes to making improvements on your property to increase the value.
By engaging a professional property manager, you can focus your attention on other areas of your life. You’ll be free from the hassle of managing your property, and you may be surprised to discover this kind of service costs less than you think.
Contact One Agency Ireland for an experienced and reliable property manager who can provide you with a free property appraisal.
As Principal of Bespoke Property Co in Avalon Beach, I’m passionate about both running the real estate agency and being an active selling agent. Combining my extensive property background with a commitment to providing a premium service, I offer home sellers and property investors in-depth advice, such as low-cost home improvements to strategies that will maximise your sales result. If you are looking for a down-to-earth, passionate and detail oriented real estate team, let’s connect!
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For help with property on Sydney's Upper Northern Beaches.