Managing your own investment property comes with quite a bit of expense. So when it comes to routine maintenance on the property it can be tempting to consider making the necessary inspections, repairs and fixes yourself, rather than using a tradesperson who could end up costing you more…
It sounds like a money-saving idea in theory, but in reality, doing DIY property maintenance on your investment property could actually cause you quite a few headaches.
Headache 1 – Knowledge of tenants’ rights
You might be skilled enough to do maintenance and repairs on your property, but are you aware of, and up-to-date with a tenant’s rights when it comes to repairs and maintenance? Some issues are classed as urgent in legislation, and need to be dealt with as quickly as possible.
An example would be something essential breaking, like toilets or anything that stops the flow of water to the property. When things like this occur they’re generally classed as urgent, and need immediate attention.
Headache 2 – On call for emergencies
If a situation like the above does happen, you will need to be immediately available to attend to the repair, even during inconvenient hours.
You’ll also need to either be skilled enough to fix the issue yourself or have the proper contacts to get a tradesperson out quickly to fix the problem for you.
Headache 3 – Lack of quality, well-priced contacts
If in the event a serious repair is needed, and you do have to enlist the help of a tradesperson, do you have a bank of contacts you know are fairly priced, available at all hours for emergencies, and who will provide a quality service?
A property manager can save you both time and money
If you’re not sure if you’d be able to deal with these headaches long-term, it could be worth using a property manager. Whilst property management services do attract a fee which is usually a negotiated percentage of the rental price, in the long-term, they can end up saving you money on repairs and maintenance, as well as being much more convenient.
Property managers are required to keep up-to-date with legislation which affects your rental property. They know exactly what’s constitutes an urgent repair and what doesn’t, and can explain these details to your tenants.
Property managers are also used to receiving calls on weekends, holidays and out of business hours to attend to urgent matters either you or your tenants might face. They’re also equipped to act quickly in these times.
Property managers also have great tradespeople in their contacts lists. Because they deal with different tradespeople across a range of industries, they generally know who provides quality service at a reasonable price. Some may even be able to negotiate discounted fees for you depending on their relationship with the agency.
You can’t underestimate just how much cash a property manager can save you in the long-run, with good relationships potentially saving you hundreds if not thousands of dollars.
Our team would be glad to tell you more about our property management services in your area.