Investing in the Canberra real estate market is a big decision that requires a lot of planning and consideration for buyers. Whether you are a seasoned property investor or a first-time buyer, owning an investment property comes with its own set of challenges. One of the most important decisions you’ll make as a landlord is selecting the right property manager in Canberra.
Typically, a property manager is responsible for handling a broad range of tasks from finding the right tenants, to handling repairs when they arise, and ensuring that rent is paid promptly. In this blog post, we’ll explore why hiring the right property manager in Canberra is critical for your peace of mind, and the profitability of your investment property.
5 Benefits of Hiring the Right Property Manager in Canberra
1. Finding the Right Tenants
One of the biggest advantages of hiring a property manager is that they have a large portfolio of potential clients, know how to market a property for rent, and are experts in selecting the right tenants. Canberra Property Managers like those at Red Brick Properties also have a thorough screening process to ensure that all potential tenants are pre-qualified as suitable and will be reliable when it comes to rent payments. Some of their duties will include (but not be limited to) conducting background checks and credit checks, verifying employment and income, and contacting previous landlords for personal references. By finding the right tenants, a property manager can help reduce vacancies, increase rental income, and minimise the risk of damage to your investment property and late payments.
2. Maintenance and Repair Work
Maintenance and repair work are an inevitable part of owning an investment property. As a landlord, it is your responsibility to ensure that your property is in good condition and safe for your tenants. Property Managers attend to routine maintenance, emergency repairs, and small-scale renovations. They typically have a network of trusted contractors and vendors that they know who can provide quality work at a reasonable price. Having a Property Manager to handle maintenance and repairs saves you time and money, reduces stress, and helps to ensure that your property is always inhabitable and in good working order.
3. Ensuring Rent is Paid On Time
Collecting rent is a critical aspect of being a landlord. Rent payments are what generate income from your investment property, which for most landlords is the entire purpose of owning an investment property in Canberra. Late payments or non-payment has a negative impact on your cash flow. A good Property Manager helps to ensure that rent is paid on time by setting up a prompt rent collection system, personally following up with tenants who are behind on payments, and initiating the eviction process if necessary. By having a Property Manager handle rent collection, you can avoid the headache of chasing tenants for payment and ensure that your cash flow remains predictable.
4. Handling Legal Issues
As a landlord, you will need to be aware of numerous legal regulations that govern the Canberra rental industry. These regulations include housing laws, lease agreements, security deposits, and eviction procedures.
Red Brick Properties’ Property Managers are familiar with all relevant legal issues and help ensure that you are in compliance with all applicable laws and regulations in ACT. They also handle legal disputes that may arise with tenants, saving you time and money on legal fees.
5. Peace of Mind
Owning an investment property can be stressful, particularly if you own multiple properties or live far away from where your rental property is located. Our Property Managers can take care of everything from finding tenants in Canberra, handling repairs, and collecting rent, giving you more free time to focus on other areas of your life. By having a property manager from Red Brick Properties, you can rest assured that your investment property is in good hands.
Before hiring a Property Manager in Canberra, be sure to do your research, check references, and interview several candidates. Doing so will help you maximise the profitability of your investment and enjoy the benefits of owning rental property in beautiful Canberra.
For more information on Red Brick Properties Property Management services, call us on 0455 559 622, check out our website Homepage at https://redbrickproperties.
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