Buying property is a popular way of investing for the future, but once you have purchased an investment property there is still work to be done. One of the key things you will want to ensure is that your property is tenanted with regularity. The cost of an empty rental can seriously impact the value of the investment, especially to immediate cash flow.
For this reason, many people choose to use the services of a professional property manager rather than being landlord themselves. Here are some of the key reasons:
- Professional property managers talk to hundreds of potential tenants every year. Put simply, they know what to look for in an application and, especially if they have worked in the area for a number of years, they will have built relationships with other property managers to enable a speedy and thorough check of credentials.
- A good tenant is an essential for keeping your investment in good order, and a reliable tenant is what you need to ensure the investment is not draining your funds. Professional property managers have systems in place to ensure that tenants stay longer. As well, property managers ensure that the rental is always ready to be tenanted, so that if tenants do leave, the turn over time will be short.
- One of the main benefits of having a property manager is the buffer it provides between you and your tenant. You don’t have to collect rent or take phone calls about repairs. Property managers know the current tenancy law and will have long established processes to deal with tenants professionally; for them there will be no attachment to the property, it will be one of the many they manage.
If managing a property is causing you headaches, then a property manager might be the missing piece of the puzzle. For all property investment matters, contact Accrue Real Estate.