There are many well-known benefits to using a property management company to run your rental property. They have more time and experience to market and find tenants for your property, and run background checks to ensure they are reliable. They also handle the maintenance and repair issues, saving you some major hassle. These well-known benefits of investing in Perth property management are not the only reasons to choose a professional management team for your investment property.
When there is an emergency repair requiring the landlord’s intervention, the tenant will call the owner day or night. If you have a property management company in charge, then that emergency phone call goes to their offices, not your private number, allowing you uninterrupted sleep. You also will have less stress about the maintenance issues, and finding tenants, which also increases the quality of your sleep.
Time for New Hobbies
The amount of time you spend overseeing your investment property depends on how many properties you have. Regardless of whether you have a single family home or a complex of apartments, you will at some point have to put in an extensive amount of time to search for new tenants or perform repairs. When a property management company takes over for you, you will now have time to spend on a new hobby.
Money to Spend
Hiring property managers does cost money, but in the long run you will have more money to spend on your new hobby or anything else. Property managers can reduce the amount of time between tenants, which reduces how much money you have to spend when you are not bringing in any income. Additionally, they can often get better deals on maintenance costs, as well as perform routine checks to find problems before they become costly repairs. Because they are able to reduce your vacancy gaps and maintenance costs, you will end up with a higher return on investment, even after the cost of a property management. Plus their costs are tax deductible so the tax man will help you pay for them.
No Legal Hassles
When you own an investment property with tenants, you have to be in compliance with certain building codes and legislation. Occasionally, you may find yourself in disputes with tenants over different issues as well. This can all create legal hassles that could cost you a lot of money in lawyer and court fees. A property management company is prepared for different legal situations and will ensure that you remain in compliance to prevent any problems. Additionally, they will mediate any tenant complaints and problems to avoid the courtroom. Over the last few years in Western Australia the compliance requirements have all changed for smoke detectors, window & door locks, security lighting, pool fencing and RCD’s alone. You don’t want to be left on the wrong side of the law.
With a property management team on your side, you can relax and enjoy your investment income without any of the hassles. You do not even have to worry about interacting with the tenants or learning any of their names. Instead, you just have to work with your dedicated manager or managers as needed. You will have less work, less hassle, more time and more money, which leads to a higher quality of life.
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