Being an investment property owner you may have realised that there is quite a bit of work involved with the management, long after the purchase contract has been signed. Motivated property owners may like to consider taking this on themselves; however; there are some great benefits and good reasons for enlisting the services of property management in Sydney.
Are you time poor?
Overseeing maintenance and repairs on a rental, as well as advertising, screening tenants, filing the correct paperwork, managing accounts and more, involves a great deal of time. When there is much to be done it’s very likely you already have a job or other commitments to attend to. Do you have time to manage your own investment property? The chances are that you don’t, but a professional property manager does; it’s what they do.
Are you experienced?
As mentioned above, there is a lot of work involved with running a rental property and the question is whether you know how to do it. Unless you have had prior experience in property management before then the chances are that you don’t. Don’t become more stressed in the venture of being an investment owner and let the professionals take care of it for you.
Where is the property located?
Even if you do have the time to manage your own rental property, are you able to travel there if necessary? Often people are able to purchase or make the decision to buy an investment property because the area is cheaper to buy in, and this can mean that it’s some distance away from your primary residence. When you hire a property manager, you can choose one that is nearby to your investment.
Many properties make more work
If you have purchased more than one unit in a unit block or have a couple of homes in one area, your work load will be possibly doubled. A reputable property management team will be experienced enough to handle this kind of workload and successfully oversee the efficient running of all your properties.
Do you want the responsibility?
If there is an issue with a rental, it is the property manager who must rectify the problem and organise the repairs, chase up the late rent or deal with a disgruntled tenant. Ask yourself, whether you want to deal with this? Do you have the patience to deal with this? These parts of the role are easily overlooked but possibly one of the more important aspects of being a property manager is to be able to deal with tenants and issues that can arise.
So at the end of the day the answer is yes, you should have property management in Sydney handle your investment.