Anyone who is considering investing in property in SE Queensland, Australia needs to think about a few things first. If you have the money to do so, property investment is typically a very solid choice. Done properly, there is a lot of money to be made if the property appreciates – and of course you can make a little extra by renting the property. If you try to go it alone though, you may have a lot of trouble ahead.
Suppose that you buy a rental property and find a tenant right away; and for the first month or so, all goes smoothly and you start to pat yourself on the back for making a good investment. But then there’s the panicked late night call – the tenant’s toilet is overflowing and flooding their bathroom. You start to call plumbers and quickly find out that no one is going to come out to your property at this hour. You start to think that it may have to wait until the morning – then your tenant calls yet again and you decide that you’re going to have to go look at this for yourself.
Understandably enough, your tenant is upset. So are you – this isn’t really what you had in mind when you became a landlord. While the overflowing toilet is really no one in particular’s fault, the tenant will feel you are responsible for the problem. You may start to question the wisdom of becoming a landlord – you got into this business to make money, not to fix overflowing toilets at all hours of the night.
Many new property investors find themselves in just this sort of situation. They buy rental properties without really giving any though to how much work is really involved – and there is a lot of work; but you don’t have to go it alone.
One way to get around this is to hire a property manager. For a nominal fee, they will take care of all the leg work for you. You buy the property and get the profit, but they manage it for you. This is really a win-win for all parties involved.
Hiring a property manager is a good idea – most property investors, especially as they first start out, know little to nothing about rental regulations and landlord/tenant issues but still want to invest in real estate.
A property manager knows the ins and outs of the business. They can develop a lease agreement for you that will keep you safe from liability and headaches. They can collect the rent for you and fix any problems with the property. Besides this, your time is valuable. Any amount of time that you spend doing these activities will prevent you from making money at your current job.
When you decide to get a property manager, look for one that is reputable and has been around. You want someone who knows what they’re doing and can take care of everything for you. Once you find a good one, hold on to them. A good property manager is invaluable to you and your real estate business.
Author: Paul T. RobertsonThis author has published 3 articles so far.