When it comes to managing rental properties, owners have to make a decision between managing it themselves or engaging the services of a property manager. While on the face of it, it may seem that you can save some money by doing it yourself, there are quite a few reasons that people look to the experts to handle it for them.
The law is the law
Landlords are bound by the same legal obligations that property managers are, which means you need to know all the ins and outs of legislation, together with ensuring that you have completed all the necessary requirements in your obligations as a landlord.
An empty house means an empty wallet
The longer your investment property sits empty, the longer you go without rental income. Working with a property manager means they can draw on their marketing expertise and a broader pool of potential tenants to get quality tenants into your rental and paying their rent sooner.
Avoid bad tenants
Property managers have established screening processes to ensure not only the calibre of tenants, but also the prompt payment of rent. Unfortunately the saying “bad tenants look for privately-managed rentals” is often more true than not. And the biggest problem with bad tenants is that you can‘t just kick them out, you need to follow proper process which can take months.
Are you getting the right rent for your property?
Rental amounts can vary from area to area and be subject to market changes as regularly as every year. Because property managers are actively engaged in the property market, they know how much a property is worth.
Between onboarding tenants, collecting rent, carrying out inspections and taking care of maintenance issues, managing a property can absorb quite a few hours of your time. Add that up across the period of a year and then work out an hourly rate, and you’ll quickly realise it all adds up, especially when you could be spending the time focusing on your regular employment earning potential or looking at other investment opportunities.
Leave it to the experts
At Diamond Property Management, we specialise in protecting your investment. Our skilled group of professional property managers know the Christchurch market inside out, with a dedicated focus on saving you time and worry. If you’d like to discuss the benefits of getting the right property manager to look after your rental, drop us a line for a chat.
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