We’ve all fallen victim to trying to do it all. Having a successful career, seeing the world, buying a home, building a family, staying healthy and active, pursuing our hobbies and interests, and the list goes on…
But when it comes to managing your rental property, doing it all is tiring and counterproductive – hello, 3rd cup of coffee!
Just like an accountant is worth their weight in gold at tax time, an experienced property manager won’t just save your sanity, they’ll help your back pocket too.
What are the benefits of property management?
It’s possible to enjoy stress-free property ownership when you work with an experienced property manager who is invested in your long-term rental yield and capital growth. A property manager will:
- Ensure your property is occupied by reliable and stable tenants, minimising any weeks of lost rental income.
- See that maintenance issues are dealt with early, so that small issues don’t turn into big ones that cost you big in the long run. Plus, a property manager will save you from those 2am tenant phone calls about leaking pipes or broken heating.
- Save you money on travel costs with regular virtual inspections.
- Save you time with an online portal that puts everything you need at your fingertips.
- Perform regular health checks on your property and keep you in touch with local property market to ensure you are charging market rates.
- Get you organsied and paying the bills on time so you aren’t charged overdue fees.
- Ensure your financial records are up to date, to help your accountant to get things right.
Yes, there are management fees to pay – but when you look at all the different ways a property manager can reduce your costs, those management fees are a small price to pay for extremely large gains.
Why is cost reduction important?
Ultimately, reducing costs will boost profits. After all, this is your investment property, and you are not renting it out to make a loss. But cost cutting must be carefully managed, or it can be incredibly costly!
Cost cutting on maintenance issues will only cost you more in the long run.
The problems worsen and require emergency repairs, while the tenants move out because the property is falling down around them. This will also impact your capital growth as your property is no longer such a great investment.
Deciding to take whichever tenant is ready to move in now, without proper screening isn’t right.
It reduces your vacancy time…but how do you know they will look after your property, pay rent on time, and not leave you in the lurch just a few months down the track?
Finding a great property manager can help you reduce costs.
The right property manager will:
- quickly find a tenant who will treat your home like their own and want to stay
- keep your tenants happy by taking care of maintenance and repairs
- keep you happy by taking care of small problems before they turn into catastrophes
- ensure your property is well-maintained, increasing its value and maximising returns.
A great property manager like ARG PM will take care of the leasing process for you and ensure you have respectable and honest tenants ready to move in as soon as the property is empty, reducing downtime. Downtime costs money! Instead of spending weeks with an empty property looking for tenants, hand over the keys on day one.
Instead, with ARG PM…sleep easy and sit back and relax knowing your investment is in great hands.
4 tips and reminders for reducing costs
It might seem like it’s easy to do yourself, but easy can be costly. Here are 4 reasons why property management can reduce costs.
- You don’t need to be physically present every time. If you are managing the property yourself, you would need to attend every walkthrough, inspection and viewing, check in on maintenance and repairs, and otherwise be on call. With a property manager, you can relax and only attend those events you feel like you want to. This saves you time and money.
- Embrace a property manager that embraces digital technology. Going one step further and using the latest technology available to be in touch with your property manager means you can attend walkthroughs and inspections virtually, communicate with your manager online and access all your information through a single portal. Again, this saves you time and money.
- Keep an accurate record-keeping system. This is crucial, especially if you’re embarking on your first investment property. File all your receipts, bills, expenses, and reports in one place which is easily accessible for you. Don’t lose track or you may end up chasing everything at the end of financial year! Even better, save yourself time by working with a property manager who will keep concise and precise records for you.
- Time is money. It might seem like you’re saving yourself a lot of money by taking on the management yourself, but what you should be asking yourself is: what is your time worth? Sure, you could spend your hours chasing tenants, tradespeople, documents, and contracts…or you can hand it all over to a property manager like ARG PM to deal with, while you get on with your career, family, retirement…or whatever takes your fancy! Your time is yours…use it wisely.
We’ve been focusing on how cost-efficient property management can be – but there’s also a benefit to your mental health and wellbeing.
Working with a property manager like ARG PM gives you back your peace of mind, so you can enjoy your life, children and loved ones – which may have been the reason you bought an investment in the first place.