It hardly needs to be said that the health of your investment property lives by the tenants who occupy it. The value of a tenant who always pays their rent on time and takes immaculate care of your property’s assets can be measured in real currency compared to one which doesn’t.
It’s lucky then that an expert in making sure the right tenant ends up in your property is never far away. But come on, can a property manager really ensure a correct judgment more than you can as landlord?
Without casting shade on your abilities in this area, consider the following:
Property managers know things you don’t
The idea of a ‘tenant blacklist’ almost seems like a it could be an urban legend: a rumour started long ago and propagated by paranoid renters ever since. But according to Carolyn Parrella, there are actually several databases consisting of tenants who have in some way breached the conditions of their rental agreements- including a record of exactly what it was that earned them their place. It could be news to us to hear this actually exists, but it’s a tool property managers are well aware of and in most cases have easy reference to.
Property managers can spot a good tenant
If you had to conduct job interviews for the same job every week, continually monitoring those whom you approved, is it fair to say you might develop a sense for who is best for the job? It’s precisely the same for property managers. With experience comes a better ability to recognise the things that actually translate into a more successful tenancy- and to recognise them more rapidly, at that. Property managers are also often in a better position to meet with tenants face to face at the inspection or open house, giving them access to even more information.
Property managers do the leg work
Exciting as it is, chances are that your investment property is only one of many things you have going on in your life. As such, you simply might not have the time to be as diligent in your tenant selection as you might like. A property manager is not only afforded this time and has all the information readily available but has their own vested interest in having the right tenant in your property. If they aren’t 100% on a prospective tenant, they’ll do the work until they are.
For even more, have a listen to Carolyn Parrella from Terri Scheer, Australia’s leading landlord insurance specialist, joining Steve Price in the player above.
