How much rent could you charge?

Property Managers

The benefits of having Property Managers

Real estate is a growing industry in modern times. Despite the global economic downturn, the demand for real estate and properties in Australia has not decreased. This is due to the fact that real estate is an important asset, for businesses and individuals alike. People use properties as offices, as homes and also for investment purposes. Instead of traditional investing in stock markets, bonds and fixed deposits, many people are now buying additional houses and office lots for capital appreciation and rental purposes. As there is a growing demand for more properties and real estate, the profession of property management was established to assist you in the field of real estate.

Why do people need property managers, you may ask. By this I mean you can buy your own house, find your own tenants and get your own contractors to renovate and repair any issues that may arise. So why would anyone want to hire property managers? The primary reason is that property managers are experts in their field. Not only can they do all of the above, they can provide you consultation and also point you in the right direction should rental property legal matters arise.

Property managers have marketing and financial advantages. Property managers can help you hire contractors and designers to help you renovate and beautify your investment property. And this, at times, can be done at a much cheaper price than you doing it by yourself. By negotiating long term contracts with these third parties, property management companies manage to gain lower prices for the best contactors and maintenance providers in the market. It also assists in reducing the likelihood of hiring a handyman or maintenance service with an unknown reputation and job quality.

The knowledge of Property Managers

Property management companies also ensure all their managers are well trained in the field of tenant relationships and portfolio management. Most property management companies will have their own database of potential tenants and houses which are up for rental and sale. Property managers will help you to mix and match and find a tenant that would be best suited to your rental property. This is so much more efficient than putting up an advertisement in the local newspaper yourself, then dealing with all enquiries – which can be incredibly time consuming. Property managers will research the tenants past financial records and their past tenancies before arranging a lease agreement on any property. Rent fees will also be collected on your behalf by the property managers. They will also be the ones to assist tenants if they are facing any problems with the house.

Property management also includes administration functions. When your property is managed by a real estate agency, they can provide you with a full ledger on the history of all transactions in relation to your rental property. Not declaring revenues from investments can land you in serious trouble with the Government, so having good records is crucial. Most people will find it hard to prepare accounting documents and contracts for taxation and legal purposes – so having a property manager will help solve these problems as managers are well trained in for these matters.

Property managers are all-rounders when it comes to real estate. They can assist you from A to Z, from buying, to rental up to selling of a piece of property. Property management firms also charge reasonable fees, so you can be sure that you will still make a hefty profit out of the rental and even the sale of your real estate. So, if you feel that you need the assistance of property management firms to handle matters relating to your assets, get in touch with a local property manager in your area to get a quote or proposal or search for established property managers on the Internet.