Property investment has been on the rise in the last decade. Property is now seen as a very safe form of investment, and most prolific investors will have a few properties in their portfolios.
Although property investment is generally pretty safe and reliable, it comes with risks just like any other investment. So before you jump into the world of property, you must have all the tools to help you.
This could prevent you from entering into a horror story and losing thousands from an investment!
One of these tools is using a property management agency or hiring a property manager. If you’re familiar with property investment, you should already know what property management is. If you’re unfamiliar with property managers, it’s best to know what they are before starting your journey.
To help you out on your journey, here is a brief explanation of property management and how it can benefit you and your investment.
What is property management?
Property managers have three main objectives: maintenance, administration, and operation. This means they handle most of the day-to-day tasks associated with renting out a property.
They operate according to goals and a budget set by you as the owner of the property. This can vary based on what you prefer, whether generating the highest possible returns or providing affordable or beautiful living conditions.
What task will a property manager complete?
Property managers will usually discuss their first task before a tenancy is even agreed upon, and that is placing a monthly rent price on the house. A property manager should have good knowledge of the property and the area of the property. This allows them to set a competitive rent price that will attract tenants to the property.
They should also set up a system to collect rent that works for both you and the tenant. The investment wouldn’t be profitable if you had no way of collecting rent!
The property management agency will also screen tenants to make sure they can make the monthly payments.
The next main set of tasks will be maintaining the property. Property managers will oversee the maintenance of the property, which involves fixing repairs or resolving complaints from the tenant. They will also inspect any work done by tradespeople to make sure it’s completed to a good standard.
All these operations must be completed within a strict budget given by the investor.
For more information about property managers, you can visit Oasis Living.
When should you hire a property manager?
All the tasks handled by a property manager are usually tasks that you usually complete as the landlord. So, in theory, you should be able to complete them yourself.
If you only own one or two properties and can manage them effectively, you probably don’t need a property manager yet.
However, if you have multiple properties to oversee, it will become challenging to manage all of them.
This is where a property manager or a property management agency comes in. They allow you to invest in multiple properties without them taking up all of your spare time.
If you’re considering hiring a property manager or have any more questions, Oasis Living is here to help. Our team can handle any of your queries, so don’t hesitate to get in touch
