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Outsource or in-house – property management for investors

30 NOV 1999 • By Phillip Tarrant • 3 min read • Investor Strategy

Do you have the time or inclination to manage your investment property?

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A key element of long term successful property investment lies in the management of your property.

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Finding good tenants is essential for any landlord, but keeping them happy can be a challenge. Successful property management is not just down to collecting the rent on time, it’s also ensuring the property is well maintained and that problems are dealt with in a timely manner.

The question is: do you take the job on yourself or bring in the professionals?

 
 

Benefits of doing it yourself Without doubt a major draw card for self-managing your property is that you will save money as agents typically charge around five to seven per cent of the monthly rent for their services.

If you live within close proximity to your investment property you may also feel that you’d like to build a personal relationship with your tenants and be available to fix problems when they arise.

If you own a new house or unit there is likely to be less need for maintenance, or if you’re a dab hand with a hammer and saw you may be able to keep costs down on repairs on an older property.

Benefits of an agent But not every landlord wants to deal directly with their tenants and many prefer to hire a property manager.

Some landlords may feel uncomfortable negotiating increases in the rent whereas a property manager can remain detached. A property manager is also likely to be more familiar with market rental rates, which can be reassuring for the tenant when pushing up the rental price.

In addition, a property manager will ensure that there is a structured process to regular inspections, which can help reassure tenants that their interests are also being considered.

And when your tenants decide it’s time to move on, a professional is likely to have access to a bigger pool of potential tenants – which could mean cutting down the time that your property lies vacant.

If you’re seeking a good manager for your investment property, we have some great relationships with local agents, so give us a call.

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RELATED TERMS

House
A house refers to a building or property used as living quarters or an individual’s place of permanent or temporary residence.
Property
Property refers to either a tangible or intangible item that an individual or business has legal rights or ownership of, such as houses, cars, stocks or bond certificates.
Phillip Tarrant

Phillip Tarrant

AUTHOR

Phillip Tarrant is executive editor – Real Estate at Momentum Media. He is also an investor with a large property portfolio.

He leads the content strategy and corporate growth for a range of market and business intelligence platforms at Momentum Media, including Smart Property Investment – the authoritative voice for Australia’s property investment community.

As head of the Smart Property Investment Podcast Network, he also steers the largest network of property podcasts in Australia, which collectively generates nearly 2 million downloads every year.

There are over 2.6 million investment properties in Australia, with over 2.1 million Australians (or around 8 per cent of all Australians) owning one or more investment properties. A vibrant and critical sector for creating wealth for Australians, the property investment sector is expected to remain a pillar to the national economy.

For nearing a decade, under Phillip’s stewardship Smart Property Investment has been informing and educating property investors on the tactics and strategies to create wealth through property.

Trusted by over 100,000 Australians each month as the turn-to independent resource for property market insights and information, the brand supports the mantra of "for investors", by investors’, drawing on the unique position that Phillip and Smart Property Investment share, warts and all, its own journey through property.

The Smart Property Investment Show, part of the Smart Property Investment Podcast Network, is one of Australia’s most popular podcasts, forming the keystone of an integrated digital platform delivering daily property updates, live broadcasting, insights, opinion and data to property investors across the nation.

Underpinned by a content team universally recognised for their knowledge of the sector and approach for clear and concise communication, Smart Property Investment has become a central part of Australia’s property community.

About Momentum Media

Momentum Media is a leading media and market intelligence company, and the business behind Smart Property Investment, REB and RPM.

Guided by a strong sense of purpose to support our communities, Momentum Media has forged its place as one of Australia’s most influential media and professional development businesses.

We have been equipping Australia’s corporate, investor and SME sectors with market and business intelligence for over a decade.

Across an integrated business supported by digital, events, broadcast, research, print and social platforms, we are guided by the purpose: Be Better informed.

This passion for informing, educating and inspiring drives us to build more engaged communities, delivering greater leadership to the markets we connect to and forging closer relationships with our audiences.

Being at the forefront of media innovation, backed by a pioneering spirit, has been central to Momentum Media’s growth.

We’re an evolving, forward-thinking business based on a purpose that supports corporate Australia and the markets critical to our nation’s economic prosperity and security. We’re also focused on delivering exceptional value to our commercial partners.

We adapt on a daily basis to rapidly changing market places; we’re a fluid media business, unanchored to any particular technology, channel or tone of communication.

With a reach spanning nearly 2 million professionals, high-net-worth individuals and SME business owners, we’re connected to the rapidly changing preferences and attitudes of our communities – and we’re making a positive contribution for our communities to thrive.

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