Updated on the 9th April 2020
If you own a property that you are renting out, you’ll know the importance of managing that investment to ensure your tenant is happy. Because when your tenant is happy, they are going to feel comfortable staying in your property and paying rent, which helps you with your mortgage payments and other financial commitments for the property.
Some people choose to manage their property themselves, which means inspections, contact, rental payments, maintenance, and any other issues are dealt with directly. It’s fine if you have the time and capacity to do this, and to manage tradespeople and rental payments and inspections, but what about if you want to use a property manager to look after your property?
We wanted to take a look at the benefits of using a property manager compared to the benefits of managing your property on your own, with special consideration paid to the benefits of using a property manager who is also a landlord or who has owned property in the past.
The ultimate goal of this article is to give you enough information to compare the benefits of each and make the right decision for your property.
Want to know why it helps to use a property manager who knows what it’s like to be a landlord for your rental property management? We discuss some of the reasons why it can be hugely helpful and beneficial to you and your tenant.
Landlord vs property manager: Key differences
There are a couple of key differences between a landlord vs property manager, and when you have a property manager with landlord experience it can help to make a great deal of difference to your investment.
Let’s take a look at them here.
Property manager with landlord experience
Obviously, the key differences between a landlord property manager and a property manager is that someone with landlord experience has a deeper understanding of what it’s like to actually own a property. As such there is a higher standard of care. Let’s take a look at some more key differences.
Landlord vs property manager: Advantages of a property manager with landlord experience
1. They understand the importance of your tenant
A property manager knows how to manage a property, sure, but a landlord knows what makes their tenant happy. Your property manager is invested in keeping your tenant because they don’t get their property management fee without a tenant in house, but a landlord property manager knows how important that monthly rent is for paying off your mortgage. This means that they want to keep your tenant happy and are just as committed as you are to keeping up to date with maintenance and repairs.
As a result, your property manager will go that extra mile for you and your tenant and will work hard to make sure that your tenant is happy with the service they receive.
2. They’re more invested in your property
A property manager who is a landlord understands that your property is a vehicle for you to earn money and is a financial asset. Good upkeep and maintenance of your property is vital to ensuring that you will continue to earn money from it in the future.
As a result, your property manager will action repairs and fixes promptly and will be proactive when it comes to inspections and maintenance. That’s not to say that your everyday property manager won’t be as proactive, it’s just that a property manager who is a landlord will value the importance of these fixes.
3. They know how to go the extra mile
Your tenant is a vital piece of the puzzle when it comes to paying rent on time. Your property manager knows this and will ensure that your tenant is treated well because they want your tenant to renew their lease year after year. It’s the attention to detail that will go a long way to keeping your tenant happy and ensuring that you’ll have happy tenants in your property for many years to come.
Whether it’s a gift at Christmas time, prompt attention where fixes are needed, or something else — your property manager knows how to go the extra mile for your tenant.
4. They think like you do
At the end of the day, when looking at a landlord vs property manager, a property manager who owns property knows what it feels like to be you! They understand the potential stressors, and they know what is important – both for you, and for your tenant. You’ll find that your property manager will be able to intuit things that you might not even have considered, and will be able to manage your property successfully with minimal input from your end.
In addition, if you have a tenant who is not behaving as they should they will act quickly, and will ensure that your asset is protected.
Wondering what are the benefits of using a property management company to manage your investment? Call us today at Beyond Property Management for property management you can trust on (07) 3188 7651 or get in touch online.