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10 ways a property manager will change your life (for the better!)

You work full time. You’re raising a family. You want to see more of your friends. And you’ve deemed this the year you run that infamous marathon. But you’re also knee-deep in paperwork for your investment property, receiving one too many calls from your tenants about one problem or another. (This week? A leaky tap. Last week? A ‘funny’ smell.) Sounds like something’s gotta give. Read on to find out why hiring a property manager will improve your life – in oh-so-many ways! Special thanks to our very own Anthony Lee for his insights and expertise.

1. You’ll have more time for you

Ever thought about all the things you might do if you weren’t spending hours upon hours managing tenant communication, maintenance requests and rent collection?

Spoiler alert: A lot.

And don’t let that voice in your head tell you otherwise. You know, the one saying you’ll save time and money by not engaging an agent. It’s lying.

‘Clients who tried managing their own property at first are now returning to agencies due to the complexities of compliance,’ Branch Manager in our Property Management Division Anthony Lee says.

‘In many cases, going it alone costs more time, money and worry, especially when things go wrong. Trust me, you don’t want to be manoeuvring your own way through VCAT and dispute resolutions!’

So save yourself the trouble, and spend that time doing more of what you love.


2. You’ll find the best tenants, and quicker

As good a judge of character as you may be, conducting background checks and verifying rental histories is harder than it sounds.

‘The Privacy Act has seen many changes to what and how much information you can ask for – and legally not ask for,’ Anthony shares. ‘As a result, verifying references is more cumbersome – unless you have a written agreement with your tenant.’

And yes, that sounds easy enough to organise.

But then what? Do you know the subtle red flags to look out for? The sure signs of a top-tier tenant?

Property managers have experience and expertise in exactly that – therefore reducing your risk of problematic tenants and late payments down the track.


3. You won’t need to worry about legal compliance

You won’t need to worry – because your property manager will look after it for you.

‘The constant updates and changes to legislation affecting real estate, like the Residential Tenancies Act and the Privacy Act, are quite a burden – even for those dealing with it daily!’ Anthony admits.

But the good news is that property managers are well-versed in this ever-changing roadmap of legal compliance. It’s their job to ensure you’re keeping up with all the twists and turns and avoiding the legal potholes and roadblocks along the way.

What does that mean for your property?

A clean slate – across local, state and federal regulations.


4. You won’t have to deal with maintenance requests

Blocked drains, faulty smoke detectors, loose tiles. Really, who has the time – and the connections?

Well, property managers do, as it turns out!

‘Reputable and reliable tradespeople are hard to find,’ Anthony says. ‘But with a property manager, you’ll have access to qualified and insured tradespeople who you can trust. Even if your preferred provider is busy.’

As a bonus? Your property manager could even save you money through any bulk service agreements they may have in place.


5. You’ll have a streamlined rent collection process

Professional property managers have the rent collection process down to a fine art, enforcing lease terms and handling any late or missing payments with ease. Which means you can maintain a steady and consistent income flow.

And yes, maybe you could get a reliable tenant who will pay their rent on time, all without the help of a property manager.

But what happens when that goes wrong?

‘It’s always okay when the rent is on time,’ Anthony explains. ‘But what if it’s not? Do you have the skills to review unpaid debts and overdue payments with a fine-tooth comb? Can you navigate your own way around VCAT records and requirements? Do you know how to lodge compliant documents?’

If you answered ‘no’ to any of these questions, you need a property manager.


6. You’ll have someone else to handle the emergencies

From a burst pipe to a malfunctioning oven, emergency situations are just that: emergencies. So they need to be dealt with. Pronto.

If only there was someone who was available seven days a week to handle these issues…

Oh wait!

‘Property managers have access to the trades during peak times when response time is vital,’ Anthony shares. ‘Because we know the ramifications if these issues aren’t dealt with within an appropriate timeframe can be serious. Especially if it’s to do with safety or essential services.’

And that means less damage to your property – and maximum tenant satisfaction.


7. You’ll have access to the latest market expertise

There’s a lot more to property management than meets the eye.

‘Market conditions are constantly changing, so it’s important to be on top of the latest conditions, values and fluctuations – and to ensure your Disclosure Statement is correct,’ Anthony says.

Property managers have a deep understanding of the local real estate market. They can provide valuable insights on setting competitive rental rates for your property, maximising your return on investment as a result.


8. You can stay out of conflict

Rather keep the drama in your life to the type you watch on TV? We get it.

But the reality is that dealing with tenant disputes is par for the course in property management. And believe us, it’s stress-inducing for all parties.

‘Most tenants feel very uncomfortable approaching, let alone negotiating, with you – an RRP (Residential Rental Provider),’ says Anthony.

So, to make the process easy for everyone, it’s best to have an objective third party – one with diplomacy and relevant knowledge – to address and resolve any issues.


9. You won’t have to handle evictions

When eviction becomes necessary, it’s a sad situation for everyone. Which is, again, why an experienced property manager will make it as painless as possible.

‘You need to deal with the police through the eviction procedure, get in touch with the locksmith, and then follow protocol if goods have been left behind,’ Anthony shares. ‘It’s a big job.’

But with a property manager by your side, you will be well placed to meet your legal requirements, reduce your mental load and minimise the potential for complications.


10. You won’t have to be a pseudo-accountant

With a property manager, you can say goodbye to the calculator and the memories of high school math class you’ve been forced to hang onto.

That’s because property managers handle all those financial aspects for you. And yes, that includes budgeting, expense tracking and financial reports.

‘We put together accurate records of all your income and expenditure, both monthly and at the end of the financial year, to save time and money at tax time,’ Anthony explains.

This way, you can stay organised and make informed decisions about your property investment.


Thinking about renting out your property, without managing it yourself? Request a rental appraisal with us today. We won’t let you down.