It pays to have a property manager

There's been a number of news reports in the last couple of weeks about rental properties being destroyed by tenants. While this isn't a common occurrence, it pays to be prepared so you don't find yourself in a situation which can leave you out of pocket and under a lot of stress.

Property managers can help

The amount of work involved in managing a property and how complex it can be is often underestimated. While the majority of investors choose to use a property manager, there are still around 40 per cent of investments in WA that are self-managed. In my opinion, it isn't worth the risk.

Trained professional

A property manager will take care of the day-to-day tasks and responsibilities of managing a property and they'll be well-versed on the Residential Tenancies Act. This is particularly useful if the property is damaged, maintenance is required or the tenant is being unreasonable.

Buying a property, an investment or otherwise, is one of the biggest decisions you can make. This emotional attachment can be detrimental when dealing with tenants yourself. A property manager acts as a link between the owner and tenant and will offer advice based on the best outcome for you.

National Tenancy Database

A property manager will also have access to the National Tenancy Database so they can identify any applicants who have a poor rental history when it comes to paying rent and maintaining a property. This is priceless information and can help you select the most appropriate tenant from the start.

Marketing

The current market offers tenants plenty of choice which means investors need to work harder to attract interest in their property. A property manager will be able to assist you with a marketing campaign to give you a competitive edge. Plus, they have access to property websites, like reiwa.com, so you can ensure your property will be seen by as many potential tenants as possible.

Do your research

When selecting a property manager, it's important you do your research. If you are negotiating with an agent about hiring a property manager, ensure you have a chance to meet them first so that you're comfortable with who will be looking after your property.

You want to ensure you appoint a property manager who has excellent communication and people skills, is knowledgeable and experienced in the industry, pays attention to detail, and is professional and highly organised. Check too that they are a member of the Real Estate Institute of Western Australia so you can be confident that your interests are being protected.

Find a REIWA agent.

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 handle the tenancy.