What are the benefits of hiring a professional property manager?

Oct 10, 2022, 16:15 PM
Title : What are the benefits of hiring a professional property manager?

Owners who manage their properties privately often underestimate the time and expertise this takes, especially if they fall foul of the Residential Tenancies Act (RTA) and end up in legal difficulties.

A property manager is usually local to an area or has a long working relationship and familiarity with it. This is a huge advantage when it comes to appraising the rent.

It also means that the property manager can review the rent from time to time in the context of what’s happening in the market and by using specialised data from REIWA that is not always available directly to the public.

Other benefits to hiring a property manager are:

  • Property managers are trained in the application of the RTA and therefore can advise owners and tenants of their rights and obligations.
  • Property managers have a ready supply of tenants and the means to check references and tenant databases.
  • Property managers are trained to report in detail on the condition of a home and have the expertise and experience to maintain the home at a satisfactory and safe standard.
  • Property managers fulfil the duty of care for your asset.
  • Professional managers are skilled at supplying accounts and details of income and expenditure so that your taxation return can be completed.
  • A property manager is a skilled negotiator, communicator and go-between for you and the tenant. This professional distance can be a relief and advantage if things get tricky.
  • Most property managers charge a percentage of the weekly rent as their fee, which is fully tax deductible at the end of the financial year.

When hiring a property manager approach those who attract your interest and talk to them about their fees and services.

It is a deregulated market so take the time to shop around for the right agency and business model that meet your requirements.

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