Why Hire a Property Manager

It is best to divorce yourself from your tenants. Hire a property management company to look after your property to save you money, time and stress. But, what does a property management company do?

Even if you understand the landlord and tenant laws in your area - do you really want the hassles that come with having tenants in your rental properties? You have to find tenants, check out references, take care of the maintenance, do property inspections and deal with evictions. Is this how you want to spend your time?

A property management company will advertise your property for let. They are responsible for interviewing, checking references and showing the property to all prospective tenants. Once they have short listed prospective tenants they pass the list on to you with recommendations for your final approval.

The company will then sort out all the legal requirements, draw up a lease, take any deposits and turn over the keys to your new tenants.

The property manager becomes your spokesperson. The middle person if you like. They assume the role of liaison between you and your tenants when there are problems. They also complete regular checks of the property according to your local tenant and landlord's law to check the tenants look after your property according to their contract.

Your manager takes care of all the property maintenance required on your property. They will arrange quotes, service people and times with the tenant for the work to be completed. Don't forget to give your manager a budget limit (say $100) that they can act on without your permission. Make sure you receive copies of all invoices and receipts you are billed for above their monthly commission.

While property managers are not lawyers they are well trained in real estate law. If there are problems with your tenants or if the lease is broken for any reason, your property manager will keep you informed and take care of all the legal and financial issues. Your property manager also deals with the issues of re-letting your property.

Buying investment properties is a stake in your financial future so you want to manage them well to achieve your goals. Dealing with tenants and the issues surrounding your investment is daunting and stressful so, do yourself a favor - hire a professional to take care of your business.