Rental property investment can be a financially rewarding venture, however managing both the tenants and the property can be challenging and overwhelming no matter how much time you dedicate to the task.  At the end of the day, it is difficult to keep track of everything you need to know legally and financially without resources that are readily available to industry experts.

Landlords with little experience often see huge benefits from hiring a professional property manager, who will be able to oversee their investment and help achieve you the best returns – removing the unnecessary stress from your daily routine.

So what are the main benefits to hiring a property manager?

Setting the right price
Researching online for properties that resemble yours to predetermine what kind of rent you should be charging doesn’t guarantee you’ve got the right estimate. Good property managers are able to do a complete analysis of the market and compare with the unique features your property offers before determining the right price. You’ll be able to maximise your monthly return on your home, at a fair price that won’t deter tenants from hanging around long term.

Finding the right tenants
This is one of the most important steps that often requires expert knowledge and information. Having a good tenant is one of the biggest assets a landlord can have, but finding the right one without being privy to reliable data can be difficult. Property managers take care of anything related to your investment, including any legal issues, evaluating credit reports, verifying the employment status of potential tenants, performing security checks and references from previous landlords. Staff at Investors Choice Property Management also uses a budgeting model to determine whether the tenant has sufficient income and employment stability to be able to meet your rental obligations before submitting it for your final approval.

Handling tenant relations 
Commonly when a landlord attempts to self-manage their investment, they risk falling into a friendly relationship with the tenants often making it difficult to tackle issues like late rent payments and any problems that may arise with the upkeep of the property. Hiring a property manager means you’ll have an expert with the resources to maintain a good relationship between the tenants and the landlord. A good property manager reduces the chance of unnoticed damages by consistently performing routine inspections of the property and attending to any immediate issues that your tenants may have.

From: https://www.landlords.melbourne