Top Reasons Why You Should Use a Property Manager For Your Investment Property!
Using a Property Manager to Manage Your Investment Property
The thought of using a property manager comes when you’ve just purchased a new investment property or when you consider spending less time managing your existing properties.
Outsourcing property management comes with a lot of benefits. However, you have to make sure that the property manager you hire is experienced, can be trusted, and can provide you with high-quality services.
On top of that, a property manager will manage your investments – it goes without saying that you have to be sure that you want to hire one. Here’s what you should take into consideration when you consider using a property manager.
When Should You Hire a Property Manager?
Having an investment property doesn’t mean that you have to deal with its management on your own. There are some circumstances that may make you hire a property manager, such as:
When you don’t live near your property – in this scenario, you will want someone close to your investment, preferably someone with local connections, ability, and knowledge to attend to your property in a timely manner.
No interest in hands-on management – you should consider a property manager if you don’t want to waste time arranging repairs, collecting rent, conducting property inspections, filing bonds, adjudicating disputes, locating tenants, and so on.
You don’t want to interact with your tenant – most investment property owners find it easier to rely on a property manager to deal with the day-to-day issues related to tenancy. This is because most of these issues are sensitive and usually lead to bond inspections and such. A property manager will deal with this instead, helping you avoid difficult situations.
Limited time – naturally, when you don’t have enough time to properly manage an investment property, you’d rather pay a property manager so that the property reaches its maximum potential in terms of profit.
You can afford a property manager – if you’d rather save time and can afford to hire a property manager, it is likely that you will choose to do so. Furthermore, the fees involved are tax deductible on the investment.
You have multiple rental units or properties – if you have to deal with multiple properties/units, then you will definitely seek the services of a management company, as you will not be able to properly deal with all of them – including their issues.
Things to Consider when Using a Property Manager
Obviously, you shouldn’t take any property manager for granted. When searching for one, you have to be as diligent as you were when you bought your investment property.
For example, it is recommended that you:
Test their property management knowledge – interview the property manager for the job and don’t take their experience for granted. It doesn’t matter if they work for a big management company – they have to be fit to manage your investment.
Trust your gut – when interviewing them, their knowledge and experience is only a part of what you are looking for. Trust your gut and choose one that seems like a good communicator and negotiator and shows to be honest, approachable, and organised.
Cheap isn’t necessarily better – choose the property manager based on the interview, their skills, experience, and so on and not on their rates. Property managers who specialize on this field rather than also offering services, are recommended.
The Bottom Line
If you are unsure whether you can deal with the management of your investment or not, then it is better if you meet with a property manager and see what they can do for you.
Keep in mind that an investment that’s managed in a bad way will make you lose money and regret buying that property in the first place. Therefore, it is better to just pay a property manager and let them help you make a profit.
Here at Highline Lending, we have relationships with some of the best property managers and real estate agents and are more than happy to make an introduction.
If you have any more questions or need certain information regarding property or loans, feel free to get in touch with us. Our experienced team will provide you with all the information you need and help you find the best loan for you.
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So, why use Highline Lending for your home loan?
We meet for a consultation, obtain your supporting documents and proceed to structure and package your application for approval knowing exactly what the banks want to see. We also monitor your home loan post approval ensuring you’re home loan suits you and your financial position
We get paid a commission from our lenders as a result of introducing your business to them. Subsequently, our service is at no cost to you. Our commission does not affect your interest rate whatsoever, if anything, we’re in a position to get you a lower interest rate than the general public due to our relationships with our banks
With our many years experience in the industry, we’ve been exposed to both easy and complex loan scenarios. Each loan we process gets presented to over sixty financial institutions, ensuring we have explored all options possible and are able to provide a solution