The benefit of having an arm's length relationship with your tenant
October 12, 2016
Managing a rental property to your benefit, along with making sure the tenant's needs are met, is a difficult balancing act.
Having a property manager means you can have more of an ‘arm's length relationship’ and creates a buffer zone which helps to minimise issues that can arise between landlords and tenants.
Here are three reasons why having a distant relationship with tenants, through a property manager, is a positive move.
1. There is a full-proof process for selecting tenants
Having a DIY attitude for working with tenants may save you an agent’s commission fee, but it could actually prove to be a costly mistake if you do not choose the right people.
Property managers act on your behalf, and having one looking after your house removes the headaches and stress that goes along with choosing the very best tenants for your property. They will have a process that selects credible people to rent your home, and can also secure/negotiate other details such as a lease length, weekly rent etc.
Property managers also take care of all the legal side of things – such as collecting bonds and getting agreements signed.
2. You don’t have to deal with property inspections, issues and maintenance repairs
If a pipe starts leaking in the middle of the night – the tenant will ring you and you will have to organise a plumber. Of course this is a rare occurrence, but it does happen, and it sure is a real pain when you have to deal with it.
Or if there are some problems with your tenants; such as not paying rent on time, or causing issues within the neighbourhood, there really is no doubt most landlords would rather have someone else take care of the correct legal procedures to remedy the situation.
So this is where a property manager steps in and takes care of it all – meaning your life doesn’t have to be disrupted dealing with time-consuming problems. There will be a process where they conduct regular inspections of the home, and that is all in their working time… not your leisure time.
3. You get to stay out of those ‘awkward’ conversations
Having to let a tenant know that you’re increasing the rent, or not renewing the lease, can be an awkward conversation for landlords – especially if you’re met with displeased tenants. Having a property manager take care of these means you don’t have to, definitely a win-win.
It is also likely that you will be a lot more practical about making these kinds of decisions with a third party representative in place, because let’s admit it, being the one to communicate those ‘not-so-pleasant’ updates means sometimes you will just avoid them altogether – maybe you don’t like confrontation (who does!), or you might have formed an agreeable relationship with your tenant and don’t want to make them unhappy. Either way, it is a good situation to be completely removed from.