Buying a property is one of the biggest financial decisions you’ll make in your life. And when you buy property for the purpose of using it as an investment property, the responsibilities more than double! From ensuring you lease out the property to the right tenants, conducting regular inspections and rent is paid on time to ensuring your tenants’ rights are met and all maintenance work, whether scheduled or ad hoc, is completed on time, there are many things that come with putting up a property for rent.
While it may be possible for a property owner to take care of all of these steps on their own if they live close to their investment property, the problem arises when they live far away from the property they’ve purchased. For example, a person living in Epping may have bought a property for sale in Rye for the purpose of making an income out of it due to its high rental yield. The distance between the two suburbs is around 2 hours, which can make it difficult for the property owner to perform routine checkups, conduct maintenance work and respond to a tenant complaint in an effective manner.
This is a major reason why most property investors choose to hire local property managers. Read on to find out more about the many benefits of choosing a local agent to manage your rental property.
Proximity to the property
Of course, first and foremost is their proximity to the property you have purchased. Finding the right tenant will involve holding several house inspections, which can become difficult if you live two hours away from your property! The property manager will organise these inspections, hold them in your stead, answer any questions prospective tenants may have, lock up and review the applications to find the most suitable candidates. If one round of inspections doesn’t bring the right tenant, they will keep holding inspections until they do find the right person or persons. Their proximity to the property also comes in handy in case there is ad hoc repair or maintenance work required and they can be at the property in minutes instead of the hours it would take you to get there!
They know the area inside out
Most prospective tenants have some questions before they apply to rent a property. Many of these questions include the best schools in the area, what the neighbours are like, the proximity of the closest shopping centres and grocery stores as well as any hidden gems of the area. No one knows an area better than the people living in it and a local property manager will be able to answer these questions with much more detail and accuracy than someone who isn’t a resident of the area.
They are well known in the community
For local property managers, having a good name in the area they work in is paramount. They depend largely on word of mouth to get more business, and maintaining a good reputation with both tenants and property owners is at the top of their priorities. Moreover, because they are residents of the area, they also build good working relationships with tradies in their vicinity and can recommend the best and most cost-effective plumbers, electricians and other tradesmen to help save you money on maintenance works. They may even be able to get you a discount!
They know how to market to the locals
A major part of a property manager’s job is finding the right tenants to fill vacancies. This is easier said than done, as to find the right tenant, you first need to market the property well enough to attract qualified tenants in the first place. As a local of the area, a Rye property manager will know what people looking to rent in Rye are looking for and will tailor their marketing techniques to cater to this audience.
Many people looking to invest in property hesitate to look for properties for sale in areas that are far away from them. This can keep them limited in their options, and may restrict their earning potential. Up and coming suburbs like Rye are forecasted to be the next Sorrento, and buying Rye homes for sale could offer you a fantastic return on investment in just a few years. Don’t shy away from buying property in this area just because you don’t live there and let a local property manager handle the hard parts of owning an investment property while you enjoy the gains.