Real-estate investment is big business in Western Australia, like for example much of the world. This is especially true of rental property. A well-maintained rental property in Perth, for example, could net an investor many thousands of dollars every year.
One of the most successful real estate investors own anywhere from a few to dozens of properties within a specific region - enough that managing them all can be quite a challenge. Upkeep, tenant needs, turnover, filling vacancies, and myriad other tasks can keep an investor busy for hundreds of hours a week, especially if each new challenge needs to be researched before it can be addressed. Perth real estate investors would do very well to hire a property management professional.
A Perth property manager knows not only the regular tasks associated with managing investment property, but in addition city and region-specific concerns. They are familiar with the various neighborhoods and know, for example, who to call when they needs reliable plumber at three in the morning or a tow-truck service on a Sunday afternoon. A property owner could spend HOURS trying to arrange for these services and would likely pay much more. Property owners maintain relationships with service providers based on regular communication and need - they can save you money.
Could you learn the skills needed to manage your own Perth property? Sure you could, and you’d surely save some money. Let me assure you, though - the money saved will be traded immediately for headaches and late nights. Property management businesses have something that you, as a property owner and investor, will never have - laser focus. You may have a lot of projects going at any given time. You may be searching for new properties or running other businesses on your income from investment property. No matter the reason, a property management professional spends their days dealing with the kinds of issues that distract you from your REAL work.
Maintenance, tenant interviews, chasing down back rent, managing utility service providers, contract negotiations - these jobs are incredible time vacuums, especially for an owner/landlord who deals with them as they arise. Through time management and batching, a Perth property manager can be far more efficient than you can and will provide better service to you AND to your tenants because of it.
Property investment is a fantastic tool for creating income, improving your net worth, and ensuring your financial future, but it’s a game with an incredibly steep learning curve and a lot of potential pitfalls. Hedge against failure and regret with your Perth properties by bringing in an experienced property manager to help. You won’t be sorry.