Although being a landlord comes with a raft of benefits, it can also be a daunting task that is not suited to everyone. If managing your property feels like a burden, it’s best to seek a professional solution and delegate your property management to a trusted name.
More than 80% of Australians have already chosen professionals to manage their property. The rest still opt for self-management because they typically assume property management is about collecting money and setting rates. However, this is a common misconception that independent property managers fall into.
Property management is an ecosystem that includes the marketing of the property, finding suitable tenants, money collection and property maintenance. Above all, hiring a professional to maintain your property ensures a safe pair of hands when the unexpected occurs. Whether a buyer pulls out or a unique tenant dispute emerges, a professional property manager is equipped to handle the problem effectively.
If you are still wondering whether or not you require the services of a renowned commercial property manager, here are five important factors to consider:
Lack of Time
Property management is not a standard nine to five job thus one should be available around the clock to handle emergencies. Finding tenants, solving their issues, collecting money, organising maintenance and repairs are just a few of the duties a property manager should undertake with no hassle.
If you are managing your own rentals as well as your full-time employment, it can be challenging for you to look after your properties adequately. This can affect your health, family life and the tenants who pay you rent. To avoid any unpleasant scenarios, it’s important to consider a property management expert who can shoulder the load and allow you to invest your time elsewhere.
Not Having all the Required Knowledge
An investor may not have all the required knowledge of a property manager. To operate your rental business legally and profitably, you need to know about all the aspects, including the relevant laws and regulations.
Not having enough knowledge may lead to mistakes and potentially arbitration or court. To avoid unforeseen legal risks, it’s best to work with a professional who has the expertise to handle your property with care.
Your Property Will Never Be Vacant
As an individual without an established network, one may not have enough contacts to find tenants. Putting an ad up on social media to friends and family might work from time to time but it is not as reliable as an established agent network. An experienced property manager will have a lot of contacts, so they can help you find the most suitable tenants in a shorter amount of time.
Think it is also important to state that Property Management is not just about collecting rent. There is a raft of issues that a property manager needs to administer including lease management, rent reviews, lease negotiations etc. With current legislation in place you have to notify tenants when their lease option is becoming available and it is crucial that the timing is correct. With COVID there has also been myriad of negotiations centered around rental waivers and deferments that have to be documented. You are welcome to give me a call to discuss if you wish and I can go over this with you.
Collecting Rent Is a Challenge
One of the biggest challenges of property management is collecting money from tenants as dealing with tenants who make late payments is exhausting.
Hiring a property management company means staying on top of this issue in an amicable manner. You also won’t have to deal with the hassle of following up with the tenants, sending them notices if you don’t receive rent, and evicting them.
Centralised Management for Owners with Interstate Properties
If you have property in multiple places, you cannot do without a property manager. Whether it’s a legal matter or tenant issue, you are likely to miss a key bit of information if you shoulder the management of your interstate properties without professional help. Having someone who is paid to be present means they can handle these things on your behalf will save you time and money.
After considering these important factors, you can contact the best property management agency in Australia – Axis Property. At Axis Property, they help property owners alleviate the headache of being a landlord by stepping into their role. Between paperwork, regulations, tenants, or contractors, Axis Property operates with the utmost professionalism and has got your property needs covered. Get in touch with Axis Property today and enjoy the real perks of being a landlord!