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Types of Property Managers and Which is Best for You

Property managers are the professionals who take care of rental properties. They oversee everything right from maintaining, caring, collecting rent, looking for tenants, repairing issues, and everything else that comes in between. This gives owners an advantage of focusing on other key tasks. If you are searching for the professional property manager then visit our website. Read more: https://medium.com/@freedomrealtorsau/types-of-property-managers-and-which-is-best-for-you-61a8fcdaa18a

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Types of Property Managers and Which is Best for You

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  1. Types of Property ManagersandWhich isBestforYou?

  2. Firstofall,congratulationsonbuyinganinvestmentproperty.Itisagreatachievementbutitalso bringswithitselfawholesetofresponsibilities.Inordertomaintainandkeepthepropertyspick andspan,youwillhavetotakecareofitandmaintainitonadailybasis. To be able to maintain an investment property, you might also be thinking of doing it all by yourself.Well,thereisnothingwrongwithit.Butwhenitcomestohandlingadministrativetasks, documentations,followingstaterulesandstayingup-to-datewiththem,allatoncemayturnout tobeachallenge. Probably,thisisthereasonthatabout80%ofAustralianshirepropertymanagerstotakecareof theirproperty.Themajorreasonisthatmanagingyourownpropertycomeswithalotofrisksand responsibilities.Itmaytakeupalotofyourtimeandyoustillmaynotgetdesiredresults.So,itis suggested to employ a dedicated individual for your valuable asset. You can contact the team of FreedomRealtorsandhireapropertymanagerforlong-termrentals. Hiringapropertymanagermayalsoseemachallengebecauseyoumayhavetoassessomeoptions before finalizing. While finding yourself a suitable property manager, you may even think of self- managing your property and saving money. There is nothing wrong in it but is hiring a property managerreallyworthit? WehavegotfreshinsightsfromourTeamtogiveyouclarityonthesubject.

  3. WhoArePropertyManagers? Property managers are the professionals who take care of rental properties. They oversee everythingrightfrommaintaining,caring,collectingrent,lookingfortenants,repairingissues, andeverythingelsethatcomesinbetween.Thisgivesownersanadvantageoffocusingon otherkeytasks. DifferentTypesofPropertyManagers Theinclusionofpropertyhasbroughtamassivechangeintheentirepropertyindustry. However,nomatterthechanges,youwillcomeacrossmajorthreetypesofproperty managers:

  4. TraditionalPropertyManagers If you take a walk down the street and knock on the doorofyourlocalrealestateagency,youwillfind traditionalpropertymanagers.Theyarethemost popular property managers among people for managingtheirproperties.Thisisbecause,the investorscanhireapropertymanagerfromthesame placetheyboughtthepropertyfrom.Itseemseasyand quiteconvenient. Here’swhatyoucanexpectfromatraditionalproperty managementcompany.Letuslookintotheir characteristics:

  5. ProvideLocalPresence Traditional property managers generally work on propertiesinacertainarea.Itmeansyoucanbe reassuredthatyourpropertyisbeinglookedafterbya localpropertyprofessional.

  6. ChargeFeesBasedonPercentage Percentage-basedfeeiscalculatedasacommissionofyourweeklyrentplusGST.Thiscanalsovary dependingonthelocationofyourproperty.Itisalsoimportanttonotethatcertainservicescaneven costextra,soitmaygetchallengingtofigureoutwhatyouareactuallypayingfor. ManagingGreatWorkloads Traditional property managers are known to manage up to 150 properties. It involves a lot of paperwork,involvementoftenantsandinspections.So,itmaygethardtogiveyourpropertydue attentionthatitneeds. New ModelPropertyManagers Whiletraditionalpropertymanagersweresaidtobetheheroandhadmaintainedastatusquo.The timehasbroughtamassivechangeinthemarket.Now,agrowingnumberofdisruptorsareentering therealestatepropertymarket. Newmodelpropertymanagersareshakingthingsupbymakingpropertymanagementtheirprime focus.Theyusuallyusetechnologytodeliverabetterexperienceforinvestorsastheyuseinnovative solutions.

  7. DIY(Do-It-Yourself)PropertyManagers Ifyouwanttosaveupsomeamount,thengothisway andmanageeverythingyourself.Youcanalsobecome aDIYpropertymanager.Eventhough,itinvolvesalot ofworkandthereisaprettysteeplearningcurve. Here’swhatapropertymanagerdoesinday-to-day life.

  8. DutiesandResponsibilities: Inspections—Apartfromconductingopenhousesforprospectivetenants,youwillalsohaveto conductingoing,outgoing,androutineinspections.Theseareimportanttomakesureyourtenants aretreatingyourpropertyastheyshould.Youwillalsoneedtoknowexactlywhattolookoutfor, rightfromcheckingthewallsforanydampnesstomakingsurethesmokealarmsareoperational. Leasing—RentingoutyourpropertyasaDIYpropertymanagerinvolvesmultiplesteps.Rightfrom settingareasonablerentalratetoadvertisingyourproperty,andthenfinallyassessingthecharacter ofprospectivetenants.Youwillwanttomakesurethatyouaretreatingeachstepoftheprocesswith utmostcare.Thisway,youaremorelikelytofindthebestqualitytenantswhowillstayinyourrental propertyforlong-term. Tenancyagreements—Negotiationmustbedonedirectlywiththetenant.Whowillbepayingforthe utilities,andwhotocontactforemergencyrepairsetc.? Managingbills—Frommanagingcouncilandstratafeestopayingutilitybills,youwillneedtostayon thetopofeverythingandmakesureallthebillsarepaidontime.Thisisimportantespeciallyifyou arelookingtoinvestinanotherpropertyinthenearfuture.Latepaymentsnomatterhowsmallcan reflectbadimpressionwhenthebanksassessyourcreditfilereport.

  9. DifficultyinTimeManagement One of the main disadvantages of becoming a DIY propertymanageristhatahugetimecommitmentis involved.Itclearlyisnoteasyandstayingonthetopof allthedutiesinvolvedcanbetime-consuming.

  10. KeepingUpWithDocumentation Keepingonthetopofeverythingcanalsobeachallenge. Whileitcanberefreshingtohaveafullcontroloverhow everythingismanaged,thisalsomeansthatyourduties andresponsibilitiescanreallypileupifnottakencareof inrealtime. YouasaDIYpropertymanagerwouldneverwanttobe reallybadatprotectingyourvaluableasset. Whilenooneisperfect,itisimportantforyoutomake sureyoustayup-to-dateandkeepgoodrecordsasa propertymanager.

  11. Challenges withConflictResolution Conflict resolution may arise as major headache. While there is a plenty of advice available online, tenancylawschangeinnotimeandnostayinguptodatecanlandyouinalegaltrouble.Itisalsohardto keepyourcoolandtrytodothingsethicallywhenyourownpropertyandmoneyareonline. DifficultyFindingGoodTenants Findingtenantsiseasybutlookingforgoodtenantsisnotthatsimple.AsaDIYpropertymanager,you mayfinditdifficulttohuntgoodtenants.Ifyourpropertystaysvacantfortoolong,thatwillalsobe anothertrouble. So,toavoidanyproblem,itissuggestedtohireapropertymanager. AdvantagesofEmployingaPropertyManager Youhaveaprofessionalwholivesandbreathesthemarket.Theyworkinyourinterestandstrivestogive youincreasedrevenue.

  12. YouGetaProfessionalAdvice Propertymanagersarenotjustexpertsonpropertymanagement.Theypossessawealthofexperience andknowledgeonthemarket.Agoodpropertymanagerwillbeabletogiveyougreattipsonhowthey canshowyourpropertyinthebestlight.Whenitcomestopropertymatters,itwillbethebesttohavea professionalbyyourside. ExpertinGettingYouGoodTenants UnlikeDIYpropertymanagerswhodonothaveaccesstopopularwebsites,agoodpropertymanagerhas therequiredexposureandcaneasilyattractpotentialtenants. UnlockingMoreTimetoDoWhatYouWant Agoodpropertymanageralsotakesthepainoutofyouastheyareobligedtotakecareofeverything relatedtoyourproperty.Thiswillgiveyouenoughtimetolookintoyourself,carryingoutactivitiesthat youlove,whilebeingreassuredthateverythingelseisbeingtakencareofbyanexpert. SincetheadvantagesofhavingaprofessionalpropertymanagerweighsmorethanthoseofDIY managers,itissuggestedtogofortheformer.

  13. GETINTOUCH 1RaphaelSt,HallamVIC3803 0476372002 rentals@freedomrealtors.com.au ContentResource: https://medium.com/@freedomrealtorsau/types-of-property-managers- and-which-is-best-for-you-61a8fcdaa18a THANK YOU

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