Congrats, you've found a property to invest in! Now you can just relax as the money collects, right Well, not exactly. Being a landlord involves a lot of different responsibilities, tasks and attention-to-detail that you might not be aware of.
It might be tempting to choose to manage the property yourself to save money, but there is a lot of time and expertise that goes into managing such an investment. You might want to consider hiring a property manager to take the time and manage your investment for you. We want to make this decision easy for you, so keep reading!
So, what does being a landlord without a property manager look like?
- Handling Routine Inspections
This involves giving tenants written notice of the planned time, organising a key or one of the tenants to meet you, taking pictures and checking the initial ingoing reports and arranging / following up repairs/maintenance.
- Organising Repairs & Maintenance
This will often involve inspecting the property yourself. You'll need to enlist the help of someone with an expertise in home repairs, get quotes and maintain in regular communication with the tenant so they're assured you're aware of the issue and working quickly towards a solution.
- Dealing with Difficult Tenants
his may shock you, but not every tenant is perfect. The chances of a good experience with a tenant are far less when you don't have proper screening and background checks that only a certified agency can provide you, but even if you have done your research, there are often tensions between landlord and tenant over property damage, payments and bond refunds.
- Collecting and Keeping Track of Rent Payments
Keeping an accurate rent record is essential to every tenancy, yet it seems so many 'diy' landlords have no clue how up to date their tenant is, or what course of action is appropriate for a tenant that has not paid for weeks. There are legal actions a landlord can take to enforce payment plans or evict if necessary, but these channels are filled with paperwork and legal jargon that can easily overwhelm.
If all of this seems a bit much for you to handle, we completely understand! Here in South Australia we pride ourselves on being the fastest growing property management agency with houses all over Adelaide and the Hills. Our staff are mature, many of them investment property owners themselves, and are experts in providing legal advice and knowledge on all areas in the Adelaide property arena. 1
A property manager can be a great source of information and support when you are just starting out in the investment property game. They can be invaluable when you have multiple properties that need looking after.
While it might seem cheaper to manage the property yourself, the cost of your time and energy is far greater than anything you might pay to a property agent. You can gain peace of mind and sleep easy knowing you have a property manager on your side.