The Real Estate Institute of Australia president Malcolm Gunning says a property manager should help take the emotion out of your investment.
A major part of the job is not just collecting the rent, but also acting as a mediator, he says.
Aside from all this, an excellent property manager will regularly give you an idea of what your property’s worth (both in terms of rental income and if you decide to sell), and will know how satisfied your tenant is.
The best property managers will also help their clients create wealth through expert advice.
This could be done by talking to a landlord about their five or 10-year property plan, by recommending tax depreciation schedules and much more.
Property managers should also be monitoring the market and suggesting rental increases as often as the market permits.
They might also advise on renovations that could help an owner achieve higher rents.
If you find a great property manager, hang on to them tightly.