Property Management is a specialized field and the amount of work involved in managing a property can be quite complex and often understated. While many investment properties are self managed by the owner, it is usually when there is an issue with the tenant that self managed owners call on professionals for help and advice. In our opinion, it is not worth the risk.
A property manager will carefully monitor the tenancy and handle tasks and responsibilities and are fully up to date with the latest Residential Tenancies Act. Although a Property Manager can never prevent some issues occurring at tenanted properties, a Property Manager can act swiftly and have the knowledge of the Residential Tenancy Act to remedy and provide a solution and outcome to the situation.
When you self managed your investment property, the emotions can be detrimental and possibly the decisions made may not be within the Residential Tenancies Act. A Property Manager can be the link between owner and the tenant and look to offer advice achieve the best outcome.
When looking to appoint a Property Management agency, look for an agency who has Property Management experience in the industry, who is highly knowledgeable, professional and can show that they have systems and organisational procedures. Look for a Property Management agency who is proactive with marketing your property when it becomes available for rent and is actively showing prospective tenants through your property, giving potential tenants plenty of options to view and inspect.
Management Fees are not excessive and are normally tax deductible. It’s a small price to pay for the peace of mind that comes with having a professional manage the tenancy.