Handling your own tenants is much like cutting your own hair – it’s difficult and the end result would be much better off handled by a real professional.
Property managers play a larger role than some might think and often it’s the behind the scenes work that people underestimate. If an owner’s pool of tenants makes managing the kids in Cheaper by the Dozen seem like a breeze, it illustrates the complexities of the details that real estate agents deal with every day.
Renters can become disgruntled when ongoing issues are not dealt with properly and wonder why they can’t just contact their landlord directly. Sometimes, owners managing their own tenancies can be busy with other commitments and are unable to handle issues with the deft hand of a professional or in a timely manner. Often issues escalate into problems if not dealt with quickly; making it crucial the person responsible for managing the property is available full time.
Crucially, property managers are well versed in the legal rights of both the tenant and the owner. This means that both the owner and the tenant are safeguarded in all of their dealings. An agent is more experienced in picking out the ideal tenant that can make consistent payments, meaning less headaches and more time to seek out other investments.
Particularly, locally based agents are more likely to have the time to be devoted to not only the property, but also to the tenant. Local property managers provide a swift response to the inevitable problems that will arise. This is especially important when the owner is interstate or internationally based.
Additionally, your property is not always your only property. Often property owners juggle many places, which makes managing them all role that only a full-time job can handle.
Happy renters mean longer, ongoing relationships and most importantly, renewed leases. Having a capable real estate agent looking after your investments and tenants effectively manages your properties, keeps your tenants happy, manages any issues before they escalate and most importantly – doesn’t have to bother you with the detail unless crucial.
If you handle your own tenants and they are tangled in a mess of mismanagement, hacking away at the issues can sometimes make the issue worse. Ensuring you have a property manager that has the dexterity and skill to properly handle any upcoming issues protects you and your tenant in the long-term.
SHANE GOLDFARB is director of Hodges Real Estate St Kilda.