If you are a property investor, you are running a business. Any profitable business relies on keeping costs down. For the property investor, it is vital to understand the service level they will receive for their money before engaging a property management company.
Landlords owning residential rentals often find it challenging to choose a credible property manager they trust. It is crucial to find a property manager with experience and expertise who constantly achieves first-rate returns for their clients.
The value of employing an experienced, reliable, comprehensive property management service allows you to benefit from reduced maintenance costs, decreasing vacancies, and rental arrears, maximising your financial return.
Landlords should be wary of making their decisions on property managers based on fees alone; there is much more to property management than collecting rent.
Great property managers have the following skillsets and procedures in place.
• Skills and knowledge of the local area and a deep understanding of how to market your rental property, effectively exposing it to the maximum number of potential tenants.
• Set the rent at an appropriate level to ensure the property leases quickly while at the same time maximising the return for the landlord
• A comprehensive tenant selection procedure that secures honest & trustworthy tenants who will pay rent on time and look after your property.
• Adhere to the Residential Tenancy Act’s legal obligations that protect your interests, including compliance with the Healthy Homes Standards & Health & Safety.
• Have outstanding communication skills, including clear expectations and induction processes, particularly at the start of new tenancies.
It’s tremendously important to find a property manager who has the competency levels you need rather than the lowest property management fees.
When you are meeting property managers, focus on their professionalism. Take the time to find out how they handle arrears, inspections and rent reviews and most importantly, tenant selection.
It’s also essential to get an idea of the property management company’s current rent roll to ensure you find a property manager that understands your local area and have the experience and understanding of the properties and tenants that match your properties type and location.
Any profitable business relies on reducing risk.
By wisely choosing a competent management company, your property manager will have had specialist training in the Residential Tenancies Act. If a problem occurred the firm will have access to a tenancy law specialist a phone call away.
They will take more photos than is usually necessary; they will always document chattels, will advertise the property for rent well in advance of the current tenants leaving, so you don’t suffer the loss of rents.
Importantly they will have the time to communicate with you so you can feel comfortable that your highly valued asset is always carefully looked after.
If this article resonated with you and you want more bang for your buck, then let’s meet for a coffee and a chat; there’s no obligation.
To get in touch – drop me an email at firstname.lastname@example.org or call 027 249 8295
PS. All Ways Property Management is here to grow your investment property returns with minimum fuss.