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Why a distant landlord-tenant relationship is best

Rental Property Property Management

Property Brokers 18 Apr 2017

Man pointing towards a screen with city in the background.Getting on with your tenants is great - but being too buddy-buddy can end up doing more harm than good. Using a property manager to keep a healthy distance between yourself and the people in your investment property is integral to making the most of your portfolio.

Read more: Avoid risky tenants and maximise your rental portfolio


 

1. You can cut down on your workload

 

Being a landlord without a property manager is hard work. Many seem to think that it merely involves buying a property and letting the money come rolling in—but the reality is that you’re not just looking after your own home now; you’re looking after another one, or several.

Take, for example, the need for property inspections. If your rental property is all the way on the other side of the country, you would need to take a day (maybe even a couple of days) just to head over and make sure everything is as it should be.That could end up being a multiple hour journey just for a short inspection!

You might decide to skimp on the inspections—after all, that’s why you were so careful with your tenant selection—but failing to keep tabs on your rental property can result in devastating, unexpected financial costs.

This is where a property manager steps in. Rather than you having to deal with maintenance troubles, tenant issues and other factors that eat up your spare time, a property manager deals with it instead. A more distant landlord-tenant relationship gives you more time to work or plan your next portfolio expansion.

 

Failing to perform inspections—either personally or through a property manager—can result in your home being used in illicit drug manufacturing operations. Find out if your home might be a methamphetamine lab.

 


 

2. You won’t have to worry about making a mistake

 

How much do you know about the tenant selection process?

If you’re an experienced landlord, chances are you’ll know it well—but do you know all the legal requirements of requesting a tenant’s personal details and credit history?

Do you know the telltale signs of a bad renter?

Do you think that you have the time and expertise to deal with all the legalese wrapped up in making a tenancy agreement?

If you answered ‘no’ to any of those questions, then it may be time for you to invest in a property manager. Doing the tenancy selection yourself might give you the chance to get to know your renters better, but you also miss out on the expert knowledge and tenant databases of a property manager.

Yes, you should get along with your tenants - but that doesn’t mean you have to deal with every interview yourself. Hire a property manager, and be safe in the knowledge that you’ll have quality renters.

 

Want to know more about your options in tenancy agreements? Read our guide to whether or not you should use a fixed or periodic agreement.

 


 

3. You avoid the unpleasant side of a tenancy gone sour

 

Nobody enjoys having to evict a tenant or chase them for unpaid rent. It’s a delicate situation, and it can be difficult to deal with as the average New Zealander.

But property managers aren’t the average New Zealander. By keeping your tenants at arm's length, you're eliminating any distress that may arise as a result of having to make the tough calls for your current tenants.

Your property manager will let you be practical about the direction you want your portfolio to take.

The fact of the matter is that being too close with your tenants can be a poor move for the success of your portfolio. Protecting your investment starts by selecting the right tenants—and that’s exactly what a property manager can ensure happens.

 


 

Stop worrying about getting the wrong tenants. Arm yourself with the knowledge you need with our free ebook below.

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