Should you manage your investment property yourself or hire a property manager? Many Aussies experience this dilemma. Let us help you walk through some of the crucial benefits of hiring a property manager.
Owning and leasing a property in Adelaide can be a highly profitable venture. However, renting out your property can be challenging. Even the most excellent tenants always make requests, and attending to these queries, maintenance, and demands can be time-consuming, stressful and frustrating.
The following factors can help you decide if a property manager may benefit you.
1. Vetting Tenants
Property managers will access the National Tenancy Database, making it practical for you to verify potential tenant’s rental history.
The database can access historical tenancy information, including:
- Individual Public Record Check: hold records of court orders, bankruptcies or judgements.
- Tenant Check: contains records of tenancy history.
- Visa Verification: confirms the visa validity of international lessees for the period of the lease.
- Identity Verification: validates details against acknowledged data resources.
2. Tax Benefits
As an owner, you can claim tax deductions on property manager’s fees. However, it is crucial to remember that these fees can only be claimed when the property is genuinely available for rent or was rented.
As a landlord, you must keep a complete record of receipts and other relevant documentation to claim tax deductions. It is advisable to consult with a financial planner or an accountant for better understanding.
3. Conducting Property Inspection
On your behalf, appointed property managers can focus on looking after your investment and will make comprehensive property inspections with tenants. They will keep detailed report’s of the property’s condition and handle any repairs or maintenance required.
A property inspection checklist used by a property manager is a written record. It may provide accountability for any damages incited during the tenancy.
4. Attending Repairs And Maintenance Requests
One of many roles of a property manager is to quickly respond to the maintenance and repair issues on behalf of the landlord by appointing an appropriate tradesperson to address the problem.
Delegating this process to the property manager not only ensure it is completed thoroughly and quickly but shows respect for your tenant. It can help create an excellent rental experience which could lead to long-term tenants.
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On the same note, we reached out to Rick Nieuwenhoven, Chief Executive Officer at the Nieuvision Group & Professionals Modbury, to share his opinion on “Do we need to use a property manager?”
No, you don’t need to use a property manager. You can self-manage your property. However, I will say that it is trickier than what you think. And an excellent property manager will make managing your property look really-really easy.
The tenant does not have a lot of rights and obligations, and therefore, if you select the wrong tenant to go into your property, it can be challenging for you to manage. So, tenant selection is fundamentally important in this process.
And it also knows all of the legislation around it, which is changing all of the time.
Now, my suggestion would be, let an expert handle your most important asset and your investment. And you either look at other avenues to make more money or enjoy your time and not worry about it and let someone else stress about it.
Two Cents
One of the most significant benefits of hiring a property manager is avoiding some legal hassles. An accredited property manager is typically equipped with a comprehensive understanding of the state and federal laws regarding vetting and selecting the tenants. When eviction becomes inevitable, they will know how to save money and time while complying with the law.
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