Maximising your Rental Investment with a Property Manager
If you’re in the market to lease out your property and are tossing up whether to engage the services of a company that can manage all aspects of a your rental property so you can retain your privacy and not need to interact directly with tenants and any rental issues that arise you may want to read on.
In this article, we explore why rental property management is an essential option for investors looking for a relatively stress free option, where the property managers oversee all contact with tenants including maintenance, appraisals, collecting rent, emails, forms and applications, inspections, listing the property, phone calls, and general property support as required.
Benefits of property management are outlined below:
- Set price for management – property managers charge a percentage of the weekly rent as their fee; this fee is completely tax-deductible as a business expense. Based on the property manager, there are a wide range of inclusions which all are outlined when signing up with an agency.
- Higher quality tenants – professional property managers go out of their way to carry out a thorough screening process to ensure they find tenants that pay on time, rent for longer periods of time and locate tenants that are more suitable for long-term tenancies. Being in the business allows property managers to know a good candidate and also the warning signs of a bad tenant.
- Management of legal issues and reporting – if you’re in the unfortunate position where you do run into legal problems with tenants your agent will act on the behalf of the landlord. Property managers will oversee tenant screenings, evictions, inspections, insurance policies, leases, termination of the lease, bond and inspection reports.
- Collection of rent – if you’re based in another regional area, interstate or based internationally it can be difficult to collect rent on a regular basis and ensure your investment is managed from a financial point of view. Your property manager will not only manage the rental side of things for you but also receive rent on your behalf and undertake rental appraisals on a regular basis.
- Reduce any vacancy cycles – your property manager is a local expert when it comes to the rental market, and their goal is to ensure the smallest gap between tenancies. Owners can be assured that they will have not only better tenant retention but also shorter vacancies.
- Lower maintenance and repair costs – property managers work with maintenance and repairs on a daily basis and have some of the most efficient and affordable service providers on tap, keeping the cost of repairs and maintenance lower while the quality of work high. With plenty of properties on their books, property managers gain access to not only the best trades in the local area but also the best prices due to their ongoing work and the volume of jobs available for affiliate tradesmen.
Do you have an investment property that needs property management services? Or are you an owner looking for a free appraisal of your property to get the latest market value for your rental?
With years experience as property investors and property management, the team from All Ways Property Management are the specialists in rental property management in and around the Manawatu and Tararua regions.
If you’re looking to buy an investment property and need advice about property management services or you want to gain access to the latest information about rental prices for your suburb speak with the team from All Ways Property Management today to discuss how to get the highest return on investment for your property.
