As a Rental Property Owner one of the first probable questions you might ask yourself is “Should I hire a Property Manager or should I do it myself?” If this is you, then this article will give you insight and clarity about your situation and opportunity.
Why do landlords hire a property manager?
There are many advantages to enjoy when a landlord chooses the right Property Managers. From saving money, to saving time to getting your property in a place where it grows from a secondary income to a highly rewarding investment.
Your Property Management company will also most likely save you money in the long run, so by the end of this article you should be convinced that getting a Property Manager to manage, care and grow your investment is in your best interest.
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1. Get a Property Manager when you find yourself frustrated.
Handling and coordinating maintenance isn’t for everyone. Very few landlords have the skill, not to mention the time, to go to their rental property to fix or replace things. You might even already be outsourcing your properties plumbing and electrical issues to a sub-contractor.
Taking care of a property’s administration and maintenance can also become a full time job. Especially when you own more than one rental property. Property Management companies like The Rent Shop – Auckland City & Northshore have far better resources than you. Using them really is in your best interest.
2. Get a Property Manager when you don’t have time for anything else anymore.
Speaking of time, again, you most likely have day job and a bunch of other responsibilities to take care of. So time is of high value and a precious commodity. Hiring a property manager you are essentially buying back valuable time that could spend with your family, friend, hobbies etc.
To maximise profits on your property investment you need to invest your time as well. Hiring a Property Manager gives you the luxury of owning and profiting off a rental property and enjoying your time any way you like.
3. Get a Property Manager when your property is turning into a liability.
Yes, it’s possible that your, very expensive and long awaited, property can become a liability. How? For starters, a vacant property is financially tough on it’s owner, so it’s best to avoid this.
Your rental property MUST be profitable for it to be an investment. There are a number of ways that it can become a liability ranging from the incorrect rental fees, to the wrong tenants to the maintenance not properly done.
Get an experienced and professional Property Manager that will take care of all the detail, hassle and administration to put your property investment on a successful path.
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4. Get a Property Manager when you keep on getting the wrong tenants.
It’s easy to be fooled by new tenants’ smiles and kindness that let’s you open your doors to them and have them stay in your property, but there’s one thing that you mostly likely did NOT do . . . The Rent Shop makes use of a strict screening process where credit records and previous landlord references are taken into consideration.
It’s crucial to get this step right for the welfare of your investment. We at The Rent Shop put maximum effort into finding the right tenants who will be there for the long run, taking care of your investment as well as respecting your property.
5. Get a Property Manager when you don’t want to deal directly with tenants.
When you have tenants that don’t respect your property, they could damage the interior, exterior and features meaning you have deal with them to try and get them to take care of your property rather than wearing it out.
Another common issue with tenants are the rental fees that are either paid late or don’t get paid at all. This is probably the most uncomfortable situation a landlord can face. Property Manager are the buffer between you and the tenant which is a comfortable place to be as a landlord.
We hope that we’ve shed some light on the subject of ‘Hiring a Property Manager’ to take care of your Property Investment or Investments. Now you know about the many advantages and benefits that you can enjoy while a Property Manager is taking care of your rental property. To finally answer the question of “When is the right time to start?” The answer is simple; ‘Now!’
If you have any more questions, please don’t hesitate to contact The Rent Shop – Auckland City & Northsore. We hope that you found this article helpful and we wish you the highest levels of success in your Property Investment Journey.