9 ways property managers help add value to investment properties

Buying an investment property is the first step of a long-term journey that could bring you immense satisfaction and financial gain. As with any journey, having someone experienced on board who knows the best routes and how to avoid possible pitfalls is invaluable.

When it comes to property investment, a property manager is just that person. A good manager will help you navigate your way to successful real estate investing, acting on your behalf and in your interest to maximise returns and minimise risk.

Here, we break the property manager’s role down into three main areas – the tenants, the property, and the finance and legalities, and show you nine ways that a great property manager can add value to your investment property.

The tenants

Really good tenants pay their rent on time and look after a property as if it were their own, so finding, keeping, and managing fabulous tenants is an essential part of maximising your property’s short and long-term value.

A property manager’s role when it comes to tenants includes:

Finding the best tenants for your property

With the knowledge and resources to advertise your property and attract a wide range of potential tenants, property managers can provide you with a far wider pool to choose your ideal tenant from. They will organise viewings and talk to interested parties so that you don’t have to, and they will also screen tenants carefully, taking the necessary time to ensure your tenant can meet their commitments and will care for your property well.

Retaining your ideal tenants

Once they are in, you will want to keep a great tenant. A property manager will help you do this by providing timely responses to the tenant’s queries, solving any small problems quickly, and being highly accessible to tenants, meaning that you can sit back and relax while things get sorted efficiently.

Managing the comings and goings

Vacancies can mean real losses for a landlord, and a property manager is highly focused on minimising any downtime when a tenant does decide to move out. They will ensure the property is cleaned and made ready for an incoming tenant and will organise property reports and final inspections to make sure that your property is at its best before and after a rental.

If you have a problematic tenant, it’s the property manager who will help you deal with them right the way through to eviction if needs be.

The property 

Whether you live far away from your investment property or have a busy lifestyle, it isn’t always easy for you, as a landlord, to get there in person and deal with any urgent or longer-term issues. A property manager will have you covered and will be responsible for:

Immediate maintenance and repair issues

Property managers will carry out regular inspections to make sure that any immediate issues are sorted out as efficiently as possible. They will usually have built up good relationships with a team of local tradespeople to ensure that any unforeseen problems can be dealt with quickly, keeping your tenant happy and your property safe.

Long-term building issues

Your property manager will be able to discuss your long-term investment plan with you. They can help you understand property depreciation and guide you when it comes to deciding about renovations, major repairs, or upgrades that could protect and even enhance your capital growth. They will also act as an intermediary between your tenant and strata, should the need arise.

Risk management

With their extensive knowledge of legal safety requirements, a property manager will help you understand and mitigate any risks related to the property itself. They will advise you on things like smoke alarms, window latches, pool fences, appliances that need to be serviced, and so on, to minimise any possible risk to tenants, to the property, and to you.