FULL ARTICLE FROM SCOOP BELOW:

By Hugh Grant

Do you know how many rental properties there are in New Zealand? The answer is around 600,000.

If you own a rental property or want to do so in the future, you’ll want to know what you’re getting into to maximize the upside and minimize the downside. While you can make money investing in stocks, mutual funds, or even cryptocurrency, you can also invest in real estate.

But once you become an investment property owner, you’ll want to figure out how to manage it. You have two options. Firstly, you can manage it yourself. Secondly, you can hire a property management company to manage your property and take care of your tenants.

Continue reading to see some reasons why it makes sense to hire a property management firm.

Property Manager Will Manage Day-to-Day Affairs

Buying a rental property is one thing. But taking care of the property and the tenants is another thing. When you hire a property manager, you’ll get help managing the day-to-day affairs.

Whether you live close to or far away from your rental property, you might not want to be onsite every day. You won’t have to if you have an experienced property manager looking after your asset and tenants. Let the property manager know what you want to be done.

Property Manager Will Find Good Tenants

If you buy a rental property, you’ll want to find tenants who don’t cause problems and pay their rent on time every month. But that means finding the right tenants in the first place. A property manager will have processes in place designed to find good tenants. And it will do so within the bounds of the law so that no one can launch a successful discrimination lawsuit.

By asking for a list of previous landlords, checking employment history, and performing background checks, a property manager will help to find the best possible tenants for your units.

Property Manager Will Manage Maintenance and Repairs

Your rental property will need routine maintenance. And if routine maintenance is done on time, you’ll be able to cut down on the rate and extent of repairs. A property manager will know what needs to be done, where to go to get the best deals on products and materials, and which contractors offer the best value in terms of rates and results. So, you won’t have to scramble to find people to perform the work that needs to be done.

Property Manager Will Help Fill Vacancies

When tenants leave, you’ll want to fill those vacant units as soon as possible. That’s one of the things a property manager can help you with. It will know how to produce ads, where to place those ads, and can offer suggestions on how you can make your rental property more attractive.

Property Manager Will Handle Tenant Relations

A property manager will also handle tenant relations on your behalf. This means tenants can call the property manager if they have any concerns. You’ll want to ensure that your tenants’ needs are met, and that service might be better left to an experienced property manager. When a property manager is taking care of things, you won’t have to worry about tenants calling you when you’re eating supper, spending time with family, or getting some sleep at night.

These are some of the reasons why it makes sense to hire a property management firm. You can shoulder responsibility for managing your rental property if that’s what you want. But as you can see, property managers can help with a wide range of services. Trying to do everything on your own could make for a more stressful situation than needs to be the case.

Whatever you decide to do, ensure that you think things through carefully to make the best decision for you.

Source: Scoop