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Using a Property Manager |
Using a property manager to look after your rentals will save you a lot in time and stress. A rental manager will be someone on the spot who can do the inspections, screen the tenants and take care of tradesmen for maintenance purposes. It is much better to have a manager if you live a long way from the property or have a full-time job. Tenants may have an emergency such as the hot water system suddenly leaking all over the floor. They cannot wait until you get home from work to have it fixed.
While it will cost you up to 10% of your rental income to have a manager, it is still worth it to many investors. It frees up their time so they can concentrate on finding more good investments. A manager is a buffer between you and the tenant if things start to go wrong. An irate tenant can phone you at 2 a.m. demanding a problem be fixed; they cannot do this with a manager, because they only have his business number.
A property manager will usually be a real estate agent who has experience in managing a property. He will know where to source tradesmen for maintenance and he knows what all the legal requirements are. You can work with your manager to work out just what costs you will allow for maintenance before he needs to get your permission, and other pertinent details. | | Author Info: Visit the Saville Australia website at http://www.savilleaustralia.com.au for more information on the company as well as residential property investment opportunities with property development. |
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