If you’ve been thinking about getting a rental property under your name, one question you have to ask yourself is: should I self-manage the home or use a property manager?
For those who want to fatten up their bottom line, the instinctive response might be to opt for self-management. However, there are many great benefits to using a property manager that could make it really worth the extra dollars. The 250,000 rental properties Ray White handles internationally are a testament to that. Our professionals do the heavy lifting so that, for the most part, you simply need to sit back and watch the rental income flow in.
Many people will continue flowing into the rental market as an alternative means to get a home, there are many great benefits to using a property manager. Here are three important tasks that property managers handle:
Property managers have great knowledge on rental properties in the local area. This means they will be able to give an objective assessment of the weekly rent you should be charging. For instance, CoreLogic RP Data shows that in December, the median rental price of Australia’s combined capital cities was $483 – but this can vary wildly between each suburb, let alone region.
Your manager will have a more accurate judgement of rental prices in your area which will help you to maximise tenancy while ensuring you’re getting paid what you deserve.
Property managers are also responsible for opening the home to inspection by potential tenants – something that can unexpectedly time-consuming if you have to handle this yourself.
QV’s Home Price Index shows that in New Zealand, the average value of homes rose by a whopping 12.6 per cent in the year to January. With Australia also recording stark rises in prices, many people will continue flowing into the rental market as an alternative means to get a home in both of these countries.
Your property manager will be there to open the door for each of these potential renters, meaning you won’t have to alter your schedule one bit.
The risk of letting someone use any possession you own is that it might get damaged – or worse. Rental properties are no different, and it can be a huge lifesaver to have a manager there to regularly check up on it and make the necessary steps if something is amiss. The last thing you want to worry about while working hard at the office is your flat’s broken window.
Get in touch with Ray White to find out more about our extensive property management services.