Can a property manager help reduce vacancy rates?
A property manager may be able to reduce vacancy rates in several ways. One way they can do this is by bridging the gap when a tenant gives notice they are leaving. A good property manager will know your property is going to be vacant and can tell prospective tenants your property will be available in 30 or 60 days. In many cases, a potential tenant will also have given notice and will be looking for a new place in the same or a similar amount of time.
A good property manager will also look into a tenant’s background. They will be able to find good tenants who pay their rent on time and keep a property tidy. A property manager may be able to find a long term tenant. As a landlord, you may not have the time or skill needed to find a good long term tenant.
As a landlord, you probably also have a day job. What will you do if an emergency arises while you’re at work? Urgent repairs must be carried out within 24 to 48 hours. The sooner they are carried out, the better relations you will have with your tenant. If you’re working, you may not have time to arrange urgent repairs.
Repairs that are not urgent give you more breathing space. They should be carried out within 14 days of notification. However, tenants appreciate it if they are carried out sooner. A property manager is there to handle both urgent and non-urgent repairs quickly and efficiently.
A property manager will cost money, but it can be money well spent. Look for a property manager that charges a flat rate. Some property managers charge extra for things that are part of their routine duties and you never know how much you will have to pay them per month.
Don’t forget you can claim the cost of a property manager on your income tax return.
This article originally appeared on www.propper.com.au.