on 29 January 2015. Posted in Property Management

As a novice investor, enlisting the services of an experienced property manager could make all the difference when it comes to earning a profit from your portfolio.

When you become a property investor, its likely that youll think of your portfolio as an extension of yourself. After the amount of time and money spent on creating and developing it, its only normal to feel a little protective of your real estate portfolio. However, there are a number of things that you need to be aware of and take measures to prevent, in order to keep your investment property in Maitland in a good, profitable state.

One of the major pitfalls that can cause problems for an investment portfolio is the inexperience of a new landlord. After all, newcomers to the investment game arent going to have the foresight and experience to necessarily make the right calls all the time. There are a lot of things to take into account as a landlord, including things like finding suitable tenants, setting the appropriate weekly rent and taking care of the day-to-day maintenance of a property.

Luckily, in this day and age, there are professionals you can turn to. Seeking out the services of a property manager can help you make the most of your investment portfolio, without the stress that comes from having a hands-on role in its development.

What is a property manager?

A property manager is a real estate expert that effectively assumes the role of landlord for your investment properties. This includes finding tenants, taking care of any issues that arise with the home, ensuring rent is paid and collected on time, and making sure the property is run as efficiently as possible.

This can be beneficial due to the experience theyre likely to have in the real estate market, which means youll be putting responsibility over your hard earned investment property into capable hands. Their knowledge of the real estate industry means theyre capable of making the right calls for your portfolio. Everything from how much you should be charging for rent through to interviewing potential tenants for your investments.

Often they will conduct the interviews and use their experience to ask the right questions, follow up on the most suitable references and create shortlist of the most appropriate potential candidates. This can give you peace of mind in knowing that those occupying your home are of good character and capable of looking after the property — while also keeping up to date with their rental payments.

Furthermore, any maintenance or repair issues that arise in the property fall on the landlord to take care of. But with the services of a property manager under your belt, you can rest assured knowing that theyre shouldering this responsibility as well, in order to keep both your tenants happy and your property in good, marketable shape.

And in keeping with this, its not uncommon for prolific property managers to have established relationships with local tradespeople as well, garnering them a discount for any services or materials used. These savings are then passed along to you by proxy, making a property manager a great investment in your financial investment future.

Finally, by being involved with the market and real industry as a whole, property managers often have an intimate knowledge of the laws surrounding renting and where both landlord and tenant stand legally. Therefore, utilising their services means you can be sure that youre operating well within the legal confines of an investment property owner.

If youre interested in purchasing investment property in Maitland. be sure to speak with a real estate professional about the possibility of hiring a property manager to take care of your portfolio in order to help you gain a great return in the future.