Feeling snowed under? Out of your depth with your rental property? Or maybe you just want to take a successful portfolio to the next level. As with most things in life, it pays (literally), to have the right advice and expertise on your side.
In the world of rental property, that means having a property manager. Here are the problems they can help you solve:
1. Too much stress
There’s a reason being a property manager is a full time job. There are tenants to screen, paperwork to collect, rents to chase, maintenance to organise, questions to answer… it’s not a job you can really do part time. A landlord has to be on-call 24/7, seven days a week if they want to deal with their property management themselves.
Solved: Rather than having to be a builder, a debt collector, a psychologist and a lawyer all at the same time, a property manager takes care of this side of your rental business for you. It turns that high-stress, high-workload job into a set-and-forget passive income stream. That means you get to spend more time doing the things that really matter to you—rather than struggling to keep up with your tenants.
2. Too much travel
Have you found yourself spending more time in your car than actually enjoying the fruits of your rental business? Then you might have a clear case of too much travel as your rental properties being too far away for you to adequately handle.
Solved: By entrusting your rental property to a local property manager, or better yet, using a single agency with offices all over the country, you aren’t just eliminating your own travel time. You’re also opening up a whole new world of investment opportunities. Rather than having to invest in your own backyard, you can now buy wherever the hot markets are. Live in Auckland but want to buy in the Hawkes Bay? That’s now possible. That’s more time for you, less time in the car and the ability to diversify without the hassle of long-distance drives.
3. Too many conflicts
Every landlord has been there: either you or a tenant aren’t happy about something. Dealing with these kinds of conflicts, many of which can escalate very quickly without the right people management, is a drain not only on your time but on your willpower as well. It’s no wonder that it is this part of the job of landlording that puts so many people off.
Solved: This is perhaps one of the most popular reasons for hiring a property manager out there. Even if you have all the time in the world, chasing that one tenant who keeps forgetting to pay the rent gets tiresome. A property manager removes that burden, using their years of experience to de-escalate situations that require it, find solutions that keep both you and your tenant happy and, in general, ensure that the conflicts that you come into contact with yourself are few and far between. If the conflict does escalate, your property manager will also represent you at a tenancy tribunal if required.
Read more: Risky Tenants Guide
4. Too little rental return
A solid rental yield is something of a holy grail for property investors. Even if you are relying on capital gains to make up the bulk of your profit from a property, a high rental yield can be the difference between needing to recoup losses through a sale, and being able to continue to grow your portfolio.
Solved: There are a huge number of factors that affect your rental yield: your location, the kinds of tenants you are looking for, the features of your property, even something like when and how you market your vacancy. A property manager knows all of these factors, and better yet, knows how to turn them to your advantage. When you hire a property manager, you’re not just getting an assistant who deals with the grunt work; you’re getting an expert adviser who can fix current problems and recommend steps to improve the value of your property in the future too.
5. Too few great tenants
What makes a great tenant different from a good one? A good tenant makes the rent on time and keeps the property in reasonable condition. They might leave after a couple of years, and they might leave behind a bit of damage that needs your attention. A great tenant, on the other hand, goes above and beyond the average. Solid repayments, great financial history, courteous behaviour: a great tenant can turn an underperforming property into a decent financial asset. As you can imagine, such tenants can be few and far between. Even worse, bad tenants can appear to be great tenants to begin with—especially if you are an amateur landlord.
Solved: A property manager knows how to tell the good eggs from the bad, and the great eggs from the good. There’s a whole plethora of tips, tricks and techniques that property managers use to sift out the tenants who are going to be a detriment to your investment goals.
A property manager can offer a lot to the landlord who feels snowed under. Is it time you got in touch with us and hired the property expert you need?
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