Why choosing a professional property management team is better than doing it yourself
April 2, 2024
Renting your property can be a clever way to pay off your mortgage and create a steady income stream.
But only when you do it the right way.
We know that it can be tempting to manage your property yourself. But if you don’t have a full understanding of what you’re doing, you can actually create more obstacles for yourself, and wind up losing money.
So in this article we’re going to take a look at why getting the right property management matters—and why Sherlock Homes Group will help make things easy for you.
The risks of self-managing your property
It’s a huge time commitment
Property self-management takes up a significant investment of your time and energy—probably even more than you realise. From advertising your vacancy, to screening tenants, handling repairs, and collecting rent, the workload can quickly become overwhelming. Balancing these responsibilities alongside your personal and professional commitments is challenging, and can quickly lead to burnout—or worse, making costly mistakes.
The challenges of dealing with tenants
Property management requires a strong set of communication and conflict resolution skills, and actually dealing with your tenants is one of the most demanding aspects of property management. Rather than go through a safe third party, you’re the one directly addressing late payments, handling complaints, organising repairs, and enforcing lease agreements. If you’re not comfortable with confrontation and negotiation, managing tenant relationships can be stressful.
Maintenance and emergency response
Maintenance issues and emergencies can arise at any time; day or night, rain or shine—not just during business hours. As a property manager, it’s your role to be available to address these situations. But this can be challenging, particularly when you have other commitments. Self-managing your property requires you to establish a network of contractors, and make yourself available 24/7 to deal with emergencies.
Navigating legal compliance
Navigating the legal landscape of property management is complex. Staying updated on ever-changing tenancy laws, fair housing regulations, and local laws is crucial. Failure to comply with any one of these legal requirements can lead to costly lawsuits, penalties, or damage to your reputation.
Doing the right things by the ATO
Accurate financial management is vital for maintaining the financial health of your property, but also to stay on the right side of the ATO. Managing rent collection, tracking expenses, and preparing financial reports can be time-consuming. And without the proper systems in place and requisite knowledge, you’re likely to make errors without even realising. Incorrect financial management can lead to financial discrepancies, tax issues, and difficulties in monitoring your property’s profitability.
So while managing your own property might initially seem appealing, there’s a lot of work, heartache, headaches, and risk that comes with it.
The benefits of partnering with a professional property manager
Engaging a professional property management team like Sherlock Homes helps take the burden off your shoulders, and gives you peace of mind that you’re doing everything possible to maximise your investment.
We know how to market and advertise your property properly
Gone are the days of putting up a photocopied ‘Property for rent’ ad on notice board at the local shopping centre. At Sherlock Homes, we’ve got in-depth knowledge of the Perth rental market. We use our expertise to create attractive property listings, that leverage various marketing channels, and showcase your property to a wider audience, in the best possible light.
We streamline the tenant selection process
One of the big advantages of working with Sherlock Homes is our experience in tenant screening. We have robust processes in place to conduct thorough background checks, verifications, and rental references. By partnering with you to select reliable and responsible tenants, we’ll minimise the risk of late payments, property damage, or vacating tenants—and ensure you get the right person in your property.
We create a safe barrier between you and your tenant
When you’re doing it yourself, collecting rent can be a time-consuming and uncomfortable. So we take care of it for you.
We conduct regular property inspections, to ensure that your property remains in top condition. Our established systems ensure your rent is received in a timely manner, and any late payments or arrears are dealt with without you having to get involved. Our experienced team enforce lease agreements, follow legal protocols, and can initiate eviction proceedings if necessary, saving you from potential legal headaches.
Maintenance and repairs are our thing, not yours
Maintaining and repairing rental properties can be a hassle, especially if you don’t have a reliable network of contractors. At Sherlock Homes, we tap in to our network of experienced trades and contractors, who we trust to complete any maintenance or repairs in a timely manner, to a high standard.
You get comprehensive financial management—and the ATO stays off your back
You’re likely not a financial management specialist. So we take care of all the financial reporting, including detailed statements and summaries of income and expenses. This simplifies your tax preparation, helps monitor your property’s performance, and ensures transparency in your financial transactions. You know that when tax time rolls around, you’re doing everything right, and can even use your property to maximise your deductions for that financial year.
And remember: one big benefit of working with a property management team is that you can claim all your property management fees as a tax deduction.
You get complete peace of mind
The most significant advantage of engaging Sherlock Homes Group as your property management partner is the time and stress we save you. By allowing us to take care of all the day-to-day property management tasks for you, you’re able to get on with your life and focus on other priorities.
You deserve property management, on purpose
At Sherlock Homes Group we take a personalised approach to leasing that ensures your home remains in the best quality condition, and you can be completely hands-off. We take care of the complete, end-to-end management of your property, and you get peace of mind that your investment is being looked after by the experts.
So when you’re thinking about leasing your property, partner with the real estate company that’s got your best interests in mind. Get in touch with our expert team today to discuss our process.
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Please note that the information provided in this blog is intended for general informational purposes only, and shouldn’t be construed as professional advice. It also may have changed between now and its time of publication, so we can’t guarantee its accuracy or completeness. As such, this means that we aren’t liable for any loss or damages arising from the use of the information provided in this post.