Top 5 Benefits of Using Property Managers
Using experienced property managers will ensure you receive a sound return on your real estate investment. Here are the top 5 benefits of using experienced property managers:
- Professional Management
Experienced property managers have in depth knowledge and understanding about the legal, financial and personal aspects of managing rental properties. They have a thorough understanding of the current legislation and also have systems and procedures in place for leasing, inspections, bond, repairs, maintenance and much more.
- Lower Maintenance Costs
Property managers have in-house or contracted tradespeople to maintain a number of properties. Having these services on board means that they can organize property maintenance at discounted rates.
- Stricter Rent Collection Procedures
When it comes to rent collection the expectation of the tenant to pay rent on time is made clear from the onset. An experienced property managers often utilize leading financial institutions who specializes in products for real estate agents. Experienced property managers have systems in place to chase up rent the moment it becomes due. Landlords do not have to listen to excuses or chase money – the property manager does all this on their behalf. This results in a better cash flow for you as the landlord.
- Tenant Stay Longer
Property managers are vigilant about checking maintenance issues and retaining a good rapport with tenants. A happy tenant is less likely to vacate at the end of the lease and is more likely to maintain the property which means landlords have reduced vacancies. This in turn saves landlords additional costs associated with re letting the property such as drawing up new leases, letting fees, marketing and advertising fees etc.
- Personal Benefits
When you engage a real estate agent’s property managers to look after your investment property there are many personal benefits. Landlords do not have to spend time advertising and screening tenants, preparing documentation and attending meetings to arrange the move in of a tenant (Consumer Affairs is a good resource for Landlords). Landlords simply need to select the desired tenant from the quality applications presented to them by property managements. This results in less stress for landlords knowing that their investment property is being managed by experienced property managers. Also, property management fees incurred are also tax deductible.
At Impact Property Management Group our property management services the Mornington Peninsula, Frankston, Mt Eliza, Mount Martha, Frankston South and surrounding areas. Contact us for an obligation free consultation today.