As a property investor you have the choice of managing your investment properties yourself or delegating the day-to-day management to managing agents. Engaging a professional property manager is the preferred option for investors in today's more complex property market.
Choose your Property Manager wisely as this can make a great difference to the real return you achieve from your property. The number one objective of a property manager should be minimise vacancies and maximise property returns. Investors who think that hiring a property management professional is too expensive soon find out just how expensive hiring an amateur can be. You only need a few unnecessary weeks of vacancies each year before you can find yourself well behind. And, a poorly optimised property can leave you tens of thousands behind over the long-term
The problem of inexperience is partly driven by investors who think it makes no difference who they have manage their rental property. Their choice of agency is therefore decided on the basis of who discounts their management fee the most. As a result, some business owners offset those discounted fees by employing inexperienced juniors to manage their landlords’ assets.
Agents in our area normally charge between 7% and 10% of the rental collected to manage the property. While we’re commercially competitive, we take the professionalism of our property managers very seriously. First National Real Estate Tamworth commits its staff to ongoing training to stay ahead of legislative changes, and to better understand how they can add value to a landlord’s returns, preferring to compete on quality and results than the lowest fee.
