So, you’ve bought a new property and are going to rent it out. This is a great way to expand your investment portfolio and a wonderful way to grow your finances. Many people invest in property as a full-time venture, and it’s no wonder; it’s an exceptionally secure way to create wealth for your future. If you want to rent your home for more, you should know what are the benefits of using a property management company.
In order to maximise your chances of successfully owning an investment property, it’s important that you have a good tenant. After all, cash flow is the lifeblood of property investing, so your tenant’s regular rental payment helps you meet your mortgage obligations and keeps your property afloat while it (hopefully) increases in value.
As with any other type of investment venture, it’s always best to seek the advice of a professional. In this instance, the professional is an investment property management company, and they are there to ensure that your investment continues to perform profitably. We want to cover some of the biggest benefits that come with choosing to use a dedicated property manager (PM) so that you understand the value of this service.
Want to rent your home for more? Looking for a way to ease the burden on your time? A property manager can help with all this and more. Call us now on (07) 3188 7651 or contact us online to find out how we can help you.
What are the Benefits of Using a Property Management Company?
✓ Your PM will save you time
One of the biggest benefits to working with a dedicated PM is that they do exactly what their title says: They manage your property. That means that they take care of everything from collecting rent through to doing property inspections through to finding a new tenant if your old one moves out.
That’s not to say this service doesn’t come at a cost – but you can claim whatever you pay for your property manager as a deduction on your tax, so it’s not an expense that you are taking on without repayment from the ATO. Bottom line? When you work with a PM, you will benefit from getting your free time back because you do not have to do any of the tasks associated with managing a property.
✓ Your PM can manage your tenant
When you own a home, you know that things can break, things need replacing, and from time to time you will need to engage a repair person to come to your home and replace a leaky tap or fix a wall.
In your own home, you might be able to put up with a leaky tap for a couple of weeks while you get around to fixing it yourself. But in a rental property, it is imperative that you have any issues fixed ASAP. This is a legislative requirement that you must adhere to, but it also ensures that your tenants are happy with their home and are happy to stay (and keep paying the rent).
A PM will manage your tenancy, providing them with updates and information about anything that they are needing to be fixed and will also arrange and coordinate any repairs that need to be done to your property without you having to lift a finger.
✓ Your PM allows you to enjoy the return on your investment (without any of the hassles)
One of the key things about buying investment property is that you should treat it like you would stocks or shares. Just because it’s a home, that doesn’t mean it’s any different to a trade on the stock exchange. This is a financial transaction, so by hiring a PM to run it for you, it’s like arranging for your broker to manage trades on your behalf.
All you need to do is sit back and watch your asset appreciate. After all, the only decision you need to make with shares is to buy, sell, or hold. It’s the same with investment properties.
✓ Your PM has legal knowledge and skill in this area
Sometimes issues can arise with tenants or leases. It’s a lifesaver when you have a PM on your side because they can help you navigate this difficult area. Dealing with the RTA and QCAT is not something many people have time for or wish to do, which is another area where your PM comes in really handy.
A property manager is an asset to your investment and can make a real difference to your property ownership experience. For property manager services Brisbane wide or to learn more about ‘what are the benefits of using a property management company’, call us now on (07) 3188 7651 or contact us online to find out how we can help you.