Photo credit: Stephen Bowler
Working with a Property Manager is not something all owners will consider. Many are happy to deal with all the aspects of property management themselves, from responding to enquiries from guests or tenants, organising change-overs, meet and greets, inspections, even to doing the cleaning and laundry on departure.
For others, particularly new investors and those who value their non-working time, it makes huge economic sense to engage a professional property management company to carry out all the administrative and marketing responsibilities.
Deciding whether to hire a Property Manager is a ‘given’ if the answers to the following points are YES;
You don’t live near your rental property, as it is in a different city, another state or even overseas
You own many rental properties
You are not familiar with the aspects of managing rental properties or you just don’t like undertaking the role
You need professional advice regarding legislative requirements and the market value of nightly and weekly rates in the location
You have a full-time job and simply do not have the time
Engaging the services of a Property Manager can really save you time and stress when it comes to taking care of your property, liaising with guests or tenants, managing income and expenditure, maintenance and repairs – the list is always growing.
Australian Luxury Stays had a scenario recently where a property owner, who had retired from a long-term government job. His expertise are still highly sought after and a result of ongoing contract work offerings, he is even busier than before. Part of his retirement hobby was to manage his recently renovated Art Deco 1930s villa. A great idea, in hindsight however he is too time poor! So he searched on Google to find a professional “high end property management company” and found Australian Luxury Stays.
Most property owners prefer the services of a Property Management company as they will earn a good income hassle free, and they don’t want their investment to give them a job.
That being said, some owners like to be more hands-on and do want to manage their own properties, however they need to be able to factor in a dollar for the work they do per week otherwise it is not a realistic investment at all.
In my next post I will give you some tips for hiring the best Property Managers – don’t go on price alone! It is often the first question a property owner will ask, what is your management fee and how much rent can I expect per week. Do these words sound familiar to you?