Do I need a property manager?
Why you need professional services
First time property investors often wonder if they should look after the property themselves. This may be appealing as a means of saving money but there are reasons why smart investors use a property manager.
Firstly – do you believe that you will be saving money by leasing the property yourself? Not only does PRD Northern Rivers have an extensive marketing campaign for each property, but quite often tenants expect private investors to have cheaper rental properties and target them because they do not have access to the same thorough checking services that professionals do.
You must also consider the amount of time you are willing to commit. You will spend a great deal of time showing prospective tenants through your property and many of those may not be in the financial position to rent the property. A property manager takes measures to qualify tenants before showing them through an investment property. This ensures that prospective tenants are not only financially able to pay the rent but that they are looking at properties they are actually interested in renting.
The final issue that you may find is that negotiating directly with your tenants can be difficult. Having an experienced property manager ensures that these negotiations do not become emotional. When you are managing your property yourself it is very common that you build a personal relationship with your tenants. It can become very difficult to increase the rent on a friend.