Five ways a property manager’s services pay for themselves

If you are planning to invest in property in Perth, you have a lot of decisions to make. One major decision is whether to manage the property yourself or enlist the services of a property manager.

Some people look at the fees associated with hiring a property manager and hesitate because they may not realise how a property manager can help save them thousands of dollars (and even more).

If you’re on the fence between managing your investment unit/home yourself or enlisting the services of a Perth property manager to do it for you, here are five reasons why having the support of a professional will pay for itself.

#1 Property managers minimise vacancy

You need tenants to offset the cost of your investment loan. When your tenants leave, your property can sit empty. The longer the property sits empty, the more you are shelling out on mortgage repayments — and unfortunately this can lead to financial stress.

Your property manager knows the best strategies for attracting good tenants, matching them with your property and quickly onboarding them. They will help you maximise returns by minimising the time your property sits empty.

If your property manager reduces vacancy by two or three weeks, they are already on their way to paying for themselves.

#2 Property managers stop small issues from becoming large ones

A property professional can spot details you might miss.

For example, a small mark on a wall or ceiling could be caused by a leak that is going unnoticed. A large gum tree in the garden has the potential to drop a branch and cause major damage.

By conducting regular and thorough inspections, your property manager can ensure you prevent little things from becoming big issues. It could mean the difference between a $1000 bill from the arborist versus tens of thousands of dollars worth of damage to your investment.

Proactive property managers pay for themselves by preventing large maintenance and repair expenses.

#3 Property managers handle enquiries so you can go about your day

The point of an investment property is to grow your long-term wealth, not waste your time.

Like the majority of tasks, managing a property requires more attention than you may initially anticipate. If you have a full-time job, you are unlikely to have the headspace or the hours to stop what you are doing so you can speak to your tenants and take care of their concerns.

Outsource an expert who is more efficient and knowledgeable so you can focus on making your own living.

Spend your day making money… not making phone calls to your tenants.

#4 A Perth property manager will keep you away from the Tribunal

Managing a property also comes with a set of legal responsibilities. There are so many regulations, and the rules are ever-changing. It can feel like a full-time job to keep track of them all and if you fail to fulfil your obligations your tenants may take action against you so they can claim compensation.

A trip to the tribunal to sort out a rental property issue costs so much in terms of time, stress and money. A skilled and experienced Perth property manager will do everything in their power to ensure this never happens.

A visit to the tribunal can set you back by tens of thousands of dollars. Invest in an experienced property manager to remove the risk of this happening.

#5 Property managers will help you improve the value of your investment

Property managers live and breathe investment property, and they consider more than the day-to-day management. A quality Perth property manager understands how important this investment is for your long-term financial stability and will support you on your journey. The real benefit of their service is their proactive approach to help you maintain the value of your property and improve it over time.

If your property manager can increase the value of your investment by just a few per cent, they have paid for themselves.

And an extra reason…

Your property is an investment and there are expenses involved with owning it, from paying council rates and strata fees to paying for fresh paint and carpets every few years.

Because of these expenses, there are opportunities for tax deductions. Your property manager will help you track your costs so you can share detailed reports with your accountant and claim what you are entitled to at tax time.

Are property managers worth it?

Unless you have a lot of free time and hands-on experience in the industry (and often even if you do), the answer is yes.

For a very small fee, your property manager will ensure your investment is taken care of by reliable tenants, and help keep it in good condition so you maximise your returns and improve your wealth over time.

Need a reliable, professional Perth property manager? Contact D Residential today.