If you’ve decided to invest in property, the chances are you’ve got a good understanding of property management. A good property manager not only saves you time and hassle, but it can also save you money.

Indeed, a UK survey at the end of last year found a property manager saves a landlord an estimated £1,910 a year. While the costs may differ between the two countries, even so, at the current rate, that’s over $3300 a year.

And here’s just six ways a property manager can save you money:

Maximising rental return

Experienced and knowledgeable property managers know the market and know realistically what tenants will pay for. In our experience, this has been higher than expectations. Property managers take into consideration the area, the condition, whether it’s furnished or unfurnished and can advise on annual rental increases.

Minimising vacancy rates

Depending on the market, some reports have found it takes up to 60 days for a DIY landlord to find a tenant. In our experience, it takes around 30 days or less to fill a vacancy, and we usually find a new tenant to move in the moment the old tenant moves out. This means your property doesn’t sit empty for an extended time, with you paying for a mortgage and no income.

Discounted advertising

Because of the amount of advertising property managers place in both online and traditional media, they often have discounted rates compared to one off advertising by an individual for a property to let. Plus they have the contacts and may even get you free editorial and listing in property magazines.

Better deals on maintenance and repairs

Good property management companies have preferred quality tradesman who are willing to discount their rates because of the volume of referrals they receive from the property management company. This means better deals for property owners.

Minimise the risk of bad tenant debt

This is perhaps the number one reason people use a property management company. (We saved the best ‘til last!). To ensure you get a good tenant who will not only pay the rent on time, but care for the home they are living in, a good property manager will use many screening tools which private landlords may not have access to or have to pay more to gain access. These tools include employment verification, contacting previous landlords, credit checks and using a tenant database to ensure you get a good, reliable tenant.

Furthermore, a property manager will handle rent collection to ensure you’re paid in a timely manner and handle disputes and debt collection.

Knowing the legalities

Good property managers know the legalities of property management inside out. This means you will always be compliant with current legislation and won’t get caught out with any potential lawsuits.

As well as saving you money, and time in managing your property, a good property manager will continue to communicate with the tenant, make regular inspections and update you with reports, giving you peace of mind your property is properly cared for.

We’re always looking at ways in which to help you get the best out of your property investment and help you realise your property investment dreams.

With over 40 years in real estate and property management, our talented team is constantly looking for new and innovative ways to ensure your property investment experience is exceptional.

This is why we are one of Newcastle’s longest established property management companies, so give us a call on 02 4956 9777, send us an email to mail@newcastlepropertymanagement.com.au or pop into our Cardiff office for a chat.

And don’t forget to check out our Facebook page for more property management tips.