Real estate owners rely greatly on the services of the property managers who are best in the trade. So, if you want to get the best value for your property in Melbourne, you will have to find out Melbourne's best Property Managerswho can look after your interests with professional zeal and get you the best returns for your property. Be it rental, lease or sale, the property managers can get the right deal done for you. The real estate scenario in Melbourne is looking up with apartment living catching up with the imagination of the Melburians. According to a recent survey, the return on mid size apartment is higher than three bedroom houses at any place of the city.
But the question that arises is - is it necessary for all real estate owners to hire the services of property managers? How would you determine whether you need the services of a property manager?
The need to hire the professional services of a property manager would depend on the following factors.
- Number of units of property – From the owners point of view, the more the tenants the more complexities are involved in managing them. So, the number of units that you possess and want to put up for rentals would be a critical factor in deciding if you need a property manager. Increased number of units would entail increased responsibility, more complaints and vacancies handling, more running about and more cash management.
- Affordability- Property managers charge on an average between 4% to 10% of the gross monthly property income as their monthly professional fees for managing rental properties. Tenant placement fees are additionally charge by some property managers for finding a new tenant and it could run into a few hundred dollars or one month’s rental.
- Location – Managing the property requires your physical presence. If your residence is far away from the property location, it will be difficult for you to accomplish the tasks related to property management and respond to the emergencies and complaints promptly. So, you can entrust the job to a property manager.
- Your experience – If you are new to real estate investment and do not have any idea about property management, then you will have to hire a property manager. Trying to learn as you go should be avoided as it can turn out to be very expensive.
- Time allocation – You will have to devote time to manage your property. So, if you are otherwise pre-occupied and cannot give enough attention to your property needs then to get better returns on your investment you would need the service of a property manager. It is also possible that you can make better use of your time to make more money in some other assignments or jobs when you have to engage a property manager.
- Delegating power - The control of the property shifts to the property manager who takes complete charge of the property from collection of rent to filing taxes related to the property. This means you will have to part away with the control that was with you and should be prepared for it.
- Quick vacancy filling – Time is money and the more time you spend in filling vacancies, the more you tend to lose. Efficient property managers are experts in getting vacancies filled quickly by smart screening of tenants. They also have a good network of support staff to handle emergencies. They are also thoroughly conversant with the legalities of landlord tenant relationship that ensures risk free renting of the property.
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