If you’re a property owner, you have two options when it comes to managing your rental properties. You can choose to manage them yourself, or you can hire a property manager to do it for you. While managing your properties yourself might seem like a good idea, there are many reasons why you should consider hiring a property manager. In this blog, we’ll explore some of the reasons why you might want to choose a property manager.
Hiring a property manager is a great way to protect your investment and here is why…
1. Time Savings
Perhaps the most significant benefit of hiring a property manager is the time savings it provides. Managing a rental property can be a full-time job, particularly if you have multiple properties. A property manager can handle all of the day-to-day operations of your rental property, freeing up your time to focus on other investments or personal pursuits.
2. Legal Compliance
As a landlord, it’s essential to comply with the laws and regulations regarding rental properties. There are many of them and it can be difficult to keep up with all the changes. A property manager will have a thorough understanding of these laws and regulations and will ensure that your properties are compliant. This can help you avoid legal issues and penalties down the line. https://www.tenancy.govt.nz/law-changes/
3. Tenant Screening
Screening potential tenants is crucial to ensure that they are reliable and will take care of your property. A property manager has access to various tools, technology and resources to conduct thorough background and credit checks on potential tenants. This helps ensure that the tenant has a good rental history and the ability to pay rent on time.
4. Property Maintenance
Property maintenance is a significant part of owning a rental property. It includes everything from routine maintenance tasks to emergency repairs. A property manager will have a network of reliable contractors and vendors that they can call on to handle these tasks promptly and efficiently. They will also conduct regular inspections to identify any maintenance issues that need attention. https://www.tenancy.govt.nz/maintenance-and-inspections/
5. Rent Collection
Rent collection can be a difficult and uncomfortable task, especially if a tenant falls behind on payments. If there is a hitch, they have policies, procedures, and the legal knowledge and tools to resolve it as quickly as possible. They can also handle financial management tasks such as monthly statements, sent by email with copies of all invoices for any expense, and end of year financial reports for the accountant. Council rates, water rates and insurance premiums can also be paid by the property managers if permission is given to do so.
Overall, hiring a property manager can be a smart decision for property owners who want to save time, reduce stress, and ensure that their properties are well-managed and compliant with local laws and regulations. If you’re considering hiring a property manager, be sure to do your research and choose a reputable and experienced company or individual who can meet your needs and provide you with the level of service you require.
If you have questions about how a property manager would work with you and your investment property contact us today for a confidential chat.
The following advice is of a general nature only and intended as a broad guide. The advice should not be regarded as legal, financial or real estate advice. You should make your own inquiries and obtain independent professional advice tailored to your specific circumstances before making any legal, financial or real estate decisions. https://fnproperty.co.nz/disclaimer/