30 Nov 12
The major goal of any property investor is to have the investment working to suit a particular situation. Whether it is reducing a taxable income by using negative gearing, building equity in the property to leverage against other investments or some other strategy, no investor wants to see a property sitting idle. An untenanted property is a cost to an investor. To avoid this, experienced property investors prefer professional property managers to look after their rental.
A professional property manager is usually an employee of a larger agency that has systems and processes in place to efficiently manage a portfolio of rental properties. An agency such as All Residential Real Estate has a section of their larger real estate business dedicated to property management. This enables them to provide an efficient service to their property investors.
Advantages of Giving the Property to Professionals
There are advantages for investors in going down this path, as opposed to managing the property themselves. Property management agencies advertise extensively in a wide range of media to attract high quality tenants. They follow this up with a comprehensive system of reference checking to ensure that the only tenants they put forward for a client's rental property are those with a proven record of care and reliability.
As the best real estate agency around, All Residential Real Estate conducts high quality media campaigns using their website as the centrepiece. The photographs they take of the properties on the website show it off to its best advantage. They know from their market research that most people now use the internet to search for real estate. Their professionally presented website loads quickly and allows the enquirer to do all the preliminary work online, including the rental application.
Streamlining processes to make it simple for someone to search and apply for a rental property creates efficiencies that benefit the owner. With the website attracting many enquiries, there are more applicants to choose from, so the property is rented quickly. This reduces the amount of income lost to the owner through vacancies. Fanning's reference checking process includes examining for prior defaults, checking income and employment stability and the condition of property on vacating.
Fanning's property managers do thorough inspections on a regular schedule to ensure the properties are being looked after. If there is any maintenance or refurbishing needed, they obtain quotes from Fanning's database of skilled tradespeople then consult with the owner prior to arranging any work. The owner simply approves the work and the property manager arranges it then follows up to ensure the quality of the end result.
Professionals Negotiate Rent Increases for their Clients
Making sure that the property owner gets maximum return on investment is a balancing act between getting the highest rent possible and keeping a good tenant. Professional property managers have access to rental market research, industry statistics and local knowledge that allows them to set rents that are often higher than the competition. They are trained to negotiate for rent increases without antagonising and possibly losing a good, reliable tenant.
These are just some of the skills and services that professional property management provides to the property owners. The fee charged is small in comparison to the skills and knowledge required to efficiently manage the properties. Any property owner looking for a new agency to manage their investment should head to www.realestatewollongongnsw.com.au. Simply by filling out an online form, or calling their office, you could be handing over the hassles and responsibility of your property to professionals.