If you're renting out your property in Brunswick, you might be wondering about whether to use a property manager or go at it alone. Of course, the latter can seem quite appealing as it'll mean not eating out of your bottom line.
CoreLogic RP Data shows that as of December, Melbourne's median rental price was $450 per week and you'll want every one of these dollars in your pocket where possible. However, an 11 January release by the organisation shows that rental growth has been slow, recording only a 2.2 per cent increase over 2015. This is a reflection of a market that is heavily saturated with rental homes, and this is unlikely to be different in Brunswick.
This is when enlisting the skills of a professional can make all the difference. Property managers handle what would have been a tedious process efficiently so you can get tenants in as swiftly as possible. In turn, this leads to greater cash flow. Let's take a look at a few jobs these agents are tasked with.
In an environment filled with rental real estate, getting yours in front of the right people is key. Property managers are responsible for the marketing aspect of your property in Brunswick, using their networks to get potential tenants through your doors. Furthermore, they'll use the internet to advertise your investment home in tried and true ways, widening your reach even more.
Property managers are masters of the contract and know all the fine print on any binding agreement you have with your tenants. They will run the hard yards to ensure that renters have read and signed what is required and understand what they are legally obliged to do, so you don't have to. This leads to a smoother process that will get those dollars flowing in uninterrupted.
Do you have a real estate in Brunswick that you're using as an investment home? Get in touch with Ray White Brunswick to see how using a property manager can not only save you time and effort, but give your home an edge over others.
Stay tuned for part two as we examine what else property managers are responsible for.