If you’ve ever owned a rental property or are planning on investing in one, you know that it can be financially rewarding. At the same time, you may be aware that owning a rental property requires a lot of time, commitment and hard work.
You may think it makes sense to manage your property yourself, but for some people this isn’t practical. Owning a rental property brings with it many unique challenges – above and beyond the responsibility of ownership. Here are some reasons why you should hire a Property Manager
Knowledge and experience
Property Managers deal with managing properties day in and day out. They are specialists in this field and have the necessary knowledge and experience required to ensure your property and its tenants are being looked after properly to ensure a mutually beneficial outcome. Hiring a property manager doesn’t mean hanging over full control over your property, you can retain as much or as little responsibility over the management of your property. At Metro NZ We work with each of our clients individually in order to match all expectations.
Setting rental prices
Not sure if your property is generating maximum returns for your investment property? Basing your rental price off other similar listings you have seen is a good place to start but Property Managers are able to find you the optimum market rental price for your property. At Metro NZ we offer a free appraisal service to ensure that your property is priced correctly so you have the perfect balance between maximizing your rental income and reducing your vacancy rate with good tenants.
Screening tenants and collecting rent
As a landlord, finding a tenant that meets your standards and expectations is crucial in ensuring your rental property is financially rewarding. You will need to find a tenant who can not only afford to pay rent, pays it on time and has the qualities you are looking for in a tenant. Your ideal qualities in a tenant may be someone who has a full-time job, no pets and doesn’t party too much. Whatever these qualities are that you are looking for, a Property Manager is able to match your requirements to prospective tenants through a vetting process which will pick up on any red flags too. Property managers will also be responsible for the collecting of payments such as rent and deposits to ensure you always receive your rent on time. Hiring a Property Manager could ultimately save you time, money and stress incurred during an eviction process as a result of unfavourable tenants.
Maintaining the property
Unless you’ve bought a brand new property, chances are you’ll probably have to do a considerable amount of maintaining and fixing throughout your property’s life. Things may become broken or clogged and may require a considerable amount of time and labour to fix and can be especially inconvenient if you do not live close to your rental property. Imagine receiving a disgruntled phone call in the middle of the night from one of your tenants asking you to come fix something for them. Hiring an experienced Property Manager can take this stress off your hands by ensuring your tenants and your property are well looked after at all times.
Abiding rules and regulations
Whether you are aware of the rules and regulations surrounding tenanted properties, it can be time consuming and stressful ensuring you are abiding by them. Rules and regulations can vary and be as simple as having an adequate fire alarm or can be more complex such as landlords unlawfully entering their rental properties. Hiring a Property Manager will ensure you are in compliance with any important regulations and prevent any legal troubles arising.
If you are thinking about hiring a Property Manager to take care of your property, the team at Metro NZ will make sure your property is looked after to the best of our ability in order to ensure you are receiving maximum returns for your investment property.