There’s a little more to being a landlord than collecting regular deposits from your tenant and occasionally checking they haven’t burnt the property down. Being a property manager is a job I absolutely love, but I’m regularly surprised by the misconceptions around what I do and the value of my role. So, I’ve come up with the top myths I come up against and prove just how valuable a great property manager can be for your investment.
Property managers are too expensive
The cost is one of the first things I’m questioned on, and rightly so, as you want to maximise your investment. However, ‘too expensive’ is a myth I’m going to crush because the value behind the fee property managers charge will far outweigh the cost. A good property manager has a wealth of knowledge and experience in the local real estate market, engages proactive marketing, has a team dedicated to the upkeep of your home and can often increase your net income.
Property Managers just collect rent
The role we play is incredibly varied, doing many tasks for many different people every day. D Residential is in control of your investment property on a daily basis overseeing, no surprises, rent, but also ensuring your property is well maintained by the tenant. We arrange routine inspections and repairs, ensuring your tenancy complies with the Act, limiting risks and while doing so, we work hard to ensure a good relationship between you and your tenant exists (which can be a delicate balancing act, speaking from experience!).
Renters will destroy a home unless the landlord is diligent
It’s time consuming to keep check of a property, but as a professional, it’s booked in my calendar with regular appointments I never miss. On top of that, I thoroughly screen my list of tenants and expect high standards from all of them. I haven’t been disappointed once – my tenant list is top shelf!
The Act requirements can be adjusted if agreed to by the tenant and landlord
Understanding the intricacies of the Residential Tenancy Act is no small feat and there is no bending the rules – even if both parties think it’s a good idea! The rights and responsibilities for both lessors and tenants described under the Act are there to protect both parties, especially if the tenancy has to end early. The rules from the Act might not be written into a rental agreement, so it is very important you have a property manager guiding you (or be very well-versed in the Act yourself).
You’ll have no say in contractor choice
Sure, we have our favourites and we’ll recommend them, but that doesn’t mean it’s our way or the highway. We often get called outfor being pushy and forcing landlords to surrender their choice of contractors. However, for us it’s about simplifying maintenance needs for our many and varied clients, and that’s why wehave affordable contractor services readily available. However, it’s also no problem to adjust our terms to ensure you have approval over all contractors. We’re nice like that!
So that’s today’s edition of myth busting done and dusted – if you have any more myths for me to challenge or would simply like more information about how I can help you best manage your property, call me on 0402 888 550.