If you’ve made the smart move to invest in property, you’re sure to see that it’s a fantastic way to achieve a sustained regular income for years to come. And, for most investors who rent out their property or properties, this achievement is the result of years of hard work and saving for the day they could make it work for them.
So, wouldn’t it be great to have the hard work behind you and have your property earning you money, without it costing you any more time and potential stress?
In this blog we look at how trusting a property manager with your rental can be the answer to hassle-free property investing, allowing you to relax and get on with enjoying your well-deserved benefits.
When renting out your investment property there are really two main ways you can go about it – you can take on the management (the commitment and responsibilities) of the rental yourself or you can have an experienced property manager take care of it for you. On the face of things, it can be tempting to think that managing things yourself is the way to go, but in practice, this can be a lot harder and more time consuming than it seems.
Property managers know all the ins and outs of managing a rental property – they know what needs to be legally complied with, and they have databases, processes and checks in place to make sure things run smoothly for you and your tenants. A property manager is used to dealing with tricky situations, it’s what they’re trained to do, so when it comes to rental responsibilities, you’ll know your property is in safe hands.
There are lots of aspects to managing a rental property that can benefit from using an experienced property manager and save you a lot of unnecessary hassle and stress. Let’s have a look at a few:
Rental valuation
Getting the right and the best amount of rental income each month from your property is a crucial factor in the success of your investment. This is all structured around the returns you need to see to cover costs and still see a profit. So how do you know what this number should be? You can trust an experienced property manager to guide you on this – they’ll be able to assist with valuing your investment and as they’ll have their finger on the pulse of current trends, with a database of people looking for properties, they’ll know if your type of property is in high demand and may be able to achieve a better than the market rate.
Finding tenants
Getting in great new tenants - this can be a tricky process if done privately. For a property manager, this process is simplified – they have a database of people looking for properties, which gives them an added advantage when pairing the right property with the perfect person. Some property management companies will have a strong Facebook following and will promote their available rentals there. You can also relax knowing that a property manager will handle all the enquiries, do all requirements and reference checking, and let people down gently if they’re not successful.
Legal obligations
The legal side of renting out your investment property can be a little daunting. A property manager can take care of all of that side of things for you and help you through your role as owner. Things like Tenancy Agreements, Insulation Statements, Bonds and clauses can all be handled by a property manager – phew! And the same applies when the tenancy comes to an end. A property manager will do all the heavy lifting meaning you don’t have to worry about final checks, cleaning or finding the next tenants.
Ongoing management
As you can imagine, renting out your property is about the start and finish of a tenancy but also the ongoing management of your property. A property manager can act as the point of contact between you and your tenants, managing any day to day repairs or requests.
As you can see, hiring a property management company to manage your investment comes with a lot of positives, ultimately saving you time and potential stress and money.
At McDonald Real Estate we've got you and your rental covered. We're the largest property management provider in Taranaki with eight offices around the mountain and we’d love to help you rent out and manage your investment.
Looking for a property manager you can trust? We’d love to offer you a
free rental appraisal.
