Thinking about self management? Here are five factors to consider regarding your investment

Self-management can be a costly, time consuming and stressful exercise, Ultimately costing you more than it saves you.  A property manager’s experience is crucial in securing the best renter. In the current economic climate often, where everyone is looking to save money wherever they can, there may be a temptation to self-manage an investment property. But there are reasons why paying for a good property manager may ultimately save more than it costs.

Here are five factors to consider:
1. Keeping vacancy periods to a minimum - having a dedicated and skilled leasing department managing a vacancy will ensure the investment property is tenanted as quickly as possible.

2. Finding quality and reliable renters - A dedicated leasing department will coordinate home opens at optimal times so that all interested parties are able to come through the property and encourage applications to be submitted.

3. Keeping track of rent payments - your property manager will be able to easily monitor all payments coming in from your renters daily.  Any delay with monies being received will be picked up early, followed up and communicated with you.

4. Asset management – your property manager will be able to advise on maintenance items that need addressing while managing the asset at its optimum financial performance level.


5. Regular routine inspections can also detect any issues before more expensive deterioration occurs.    A well-connected property manager will have a list of regular contractors with whom they have established relationships to achieve a quality service at a competitive price.


Ultimately, managing an investment property is a time-consuming and stressful task.   Employing a property manager frees up your time and ensures a less stressful experience while the investment grows. Time, after all, is money.


Source: Australian Property Investor