Five reasons to use a local property manager to manage an investment property
Once you've decided to purchase an investment property, the next decision can change the whole course of your journey as an investor.
Choosing a property manager.
Choosing the most suitable property manager will minimise disruption, keep costs low and streamline your experience in the homeowner/tenant arena. Make the wrong choice, and you could be telling a very different story.
At Manage Me Property Solutions, we believe investors should always choose a property manager who is local and well-known in the area. In our digital age and with a renewed focus on remote working since the pandemic hit, it can be tempting to go online and choose a property manager based purely on the fees or social media presence. But while extensive research is essential, here are five reasons you should choose a local property manager to manage your investment property.
1. Good local knowledge
It speaks for itself that the most suitable property manager for you knows the area well. Not only do they have a good geographical understanding so they're not spending their time getting lost, but they also understand the property market and history of the area. It's this local knowledge that allows them to provide a more accurate advisory service to investors.
If you live in Sydney and you want to capitalise on the booming rental market on the Gold Coast, choose a property manager who is aware of the ups and downs within the local market and has personal history to base their recommendations on. This knowledge and experience of the local market will also help them set the right rental price to minimise vacancy periods.
2. Robust network
Local agents will have a strong network of past and potential tenants, property owners, and businesses in the area. All of which can help with effective marketing and running the property efficiently to reduce outgoings. These face-to-face connections are invaluable to gauge the best decisions for your property rather than relying on information published online which might not be accurate or relevant for the local area. If you ever decide to sell, the local agent will be out in the community having conversations that will help find a buyer faster.
3. Good understanding of the market value
While you can sit behind your computer and guess at a market value, a local agent will know from experience and connections the true rental value of an investment property. They will know the pros and cons of the area based on their feedback and personal experience to help investors get the maximum return on the property while not charging too much and deterring potential tenants.
The reputation of a local property manager will always precede them. Property managers who fail to prioritise the investor's needs or do a good job will be well-known in the local area helping you make an unofficial assessment of potential managers.
5. Peace of mind
Local property managers will regularly be in the vicinity and will keep an unofficial eye on the property. They can pay attention to how the property is maintained outside of regular inspections, how it fairs during adverse weather events or if there is a tenant of concern. The local property manager will highlight any areas of concern to you, rather than the other way around.
Choosing a local property manager is essential for property owners to get the most from their investment. To find out more about our local property management service, contact Manage Me Property Management Solutions today.