Whether you have recently purchased an investment property or are going to rent your current home for the first time, what Property Management involves and the need for a Property Manager may be completely new to you.
Whilst some owners choose to manage and oversee their own rental property the vast majority of owners prefer to outsource this responsibility by having their property managed by a Qualified and Licensed Property Manager who has experience and knowledge surrounding the many and differing situations that can and do arise throughout the marketing, leasing and ongoing management of the property and its tenancy.
Having an experienced and knowledgeable property manager in place to lease and manage your property means you as the owner eliminate the need to be involved with the day to day management of tasks such as tenant’s enquiries, necessary record keeping of financials and dealing with the legal requirements that need to be in place when renting out your property.
In our experience, property owners tend to choose a property manager based on the individual person and this doesn’t necessarily mean that the agency that they work for is the biggest or has great exposure or volume in their sales department. It is advisable that you meet with several agents and preferably onsite at your property in order for the agent to provide you with a rental appraisal for your property. Owners should also do their own research and get an approximate idea of the rental value to assess if the agent’s appraisal is of an achievable and realistic figure. Be aware that highly inflated figures can and do lead to unnecessary vacancy.