Property Management

Many people cringe about the cost of using property managers to manage their investment property. Mostly because of the 7-8% commission they charge. The benefits for the advanced investor though far outweigh the somewhat small cost involved.

Here’s just some-

-Time!! Who wants to be phoned up that the toilet in the investment property has sprung a leak on a Sunday just before the footy starts?
-The huge advertising resources they have if aligned to a real-estate company when it comes to finding a good, reputable tenant.
-The professional and unemotional approach to what is essentially a business when making tough decisions regarding breaches etc.
-The local knowledge they possess if you are an interstate investor-this alone could be priceless!
-The legal know-how required when things don’t go as planned and court hearings are required.
-The “passing of responsibility” in regard to outsourcing the management and relieving yourself of direct risk against lawsuits and personal indemnity.
-And best of all, it is tax deductible!

The most important part of the management process is selecting a well-qualified, competent team to take care of your all-important asset so you can focus on the important things like how to get into the next one for example.

Here are some tips:

-Getting independent testimonials from current and past customers is a good starting point, all happy with good recommendations?

-Ask for a list of currently managed properties and drive by them to check how they are maintained and cared for, lawns mowed and garden tidy?

-Ring them on a busy part of the day about something trivial and see how they respond, helpful and interested?

- Ask them about their local knowledge and see if it compares to the research you have done? Do they know accurately the yields and expected vacancy rates?

-Have a look at their office desks and also the back seat of their car? Tidy and organized or a mess?

Don’t ever compromise with the management of your property, as it is priceless to have peace of mind that it is in safe hands!

By Matt Smart

Greenville Property Management

Sherman Unkefer | Brad Fallon | Sherman Unkefer | Brad Fallon | Brad Fallon | Brad Fallon | Brad Fallon | Brad Fallon | Sherman Unkefer | Sherman Unkefer | Sherman Unkefer

ONE: Local Expertise: A Local Property Management Company will have local expertise and knowledge. They’ll know the area well and be able to offer you an honest appraisal of the rental rate potential of the property. What’s more, they’ll know all the local vendors and suppliers that can help you to maintain your property.

TWO: Marketing Magic: Reduce the time your property is unoccupied by relying on the property management company’s marketing expertise rather than the time and cost of advertising the property yourself. By adding your property to a property management company’s rental listing, you can massively increase the chances that it won’t be long before your property is occupied and you’re making money from your rental property.

THREE: Tenant Relations: The property management company will take care of screening potential tenants, checking references and ensuring that the tenant is the best possible choice for your property.

FOUR: Law and Regulations: The rules and regulations around renting to tenants and multiple occupancy can be a nightmare and without a trusted ally. It may be difficult for you to understand how to legally rent your property to suitable tenants without advice. A company will take care of all the legal issues, helping you to rent your property without making potentially costly mistakes.

FIVE: Rent Collection: Automated banking ensures that you have the rent on time each month. If there are any problems collecting payments from the tenants, then the Management Company will take care of everything, saving you the stress and hassle.

SIX: Inspections and Inspection Reports: Property Management Companies will carry out regular inspections on the property and provide you with inspection reports, letting you know any problems with the upkeep of the property or issues that you need to resolve.

SEVEN: Deposit Management: Once the tenant makes the deposit payment, this money is kept by the Property Management Company in a non-interest bearing account. If there is an issue and the tenant’s deposit is required to pay for damages or replacements, then the Property Management Company uses the deposit to reimburse you.

EIGHT: Keeping Financial Records: There’s nothing more tedious than keeping financial records. A property management company will keep meticulous records of payments made by the tenants and delivered to you. You can ask for a copy of these at any time in order to keep your own personal records accurate and in order.

NINE: Deflecting Tenant Nightmares: There’s nothing worse than a phone call in the middle of the night from one of your tenants as they struggle to deal with some emergency. A property management company will simply deal with the issue, sending the appropriate trades person to deal with the issue, rather than pester you at 3am.

TEN: Property Management Fees: All fees that the company charges you are potentially tax deductible like other business charges.

Landlords! Whether you use a Property Management company or not, our Landlord’s Financial Property Software will help you. Find out more by visiting http://www.propertybookwork.co.uk today.

Greenville Property Management

Sherman Unkefer | Brad Fallon | Sherman Unkefer | Brad Fallon | Brad Fallon | Brad Fallon | Brad Fallon | Brad Fallon | Sherman Unkefer | Sherman Unkefer | Sherman Unkefer