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We all want financial security for our futures - perhaps you’ve decided to invest your money into a rental property for that very purpose. However you may be discovering that to safeguard such a valuable asset and reap its rewards, a great deal of time, effort and patience is required. Have you considered the advantages of utilising a property manager?
Do You:
- Have a busy life – need less stress and hassle?
- Live out of the area?
- Want the right tenants?
- Want consistency of rental payments?
- Want expert advice for the right rental rates?
- Need your property marketed and advertised?
- Need reliable property maintenance without the employer responsibility?
- Own more than one rental?
Managing a property takes time and effort! It may be an extra expense enlisting the services of a property manager, but time is money and the success of your investment could hinge on it. In fact hiring a good manager can actually save you money as well as time.
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"Time is money and the success of your investment could hinge on it".
A good management company is equipped with the experience and know-how to help you gain the maximum rental dollar, relieving you of all of those day-to-day hassles and obligations, and providing you the peace of mind that comes from knowing your property is in reliable hands.
Certainly if you’re new to managing property, the right property manager could be a particularly valuable asset to you – simple mistakes like hiring the wrong repairman, being unaware of housing regulations, or taking too long to fill a vacancy can mean learning as you go becomes very expensive.
A property manager can market and advertise your property in a compelling way so as to avoid long vacancies, and chase up those rent arrears, which are crucial to maintaining your cash flow, particularly if you have just the one rental property.
For investors that have more than one property with ever increasing responsibilities, or who live out of the area, a property manager will not only take care of all the daily aspects of running your property, but free your time to identify further investment opportunities so you can take advantage of investment deals in locations that are farther from home, or otherwise further your career.
A property management company will provide routine property inspections. They have relationships with trusted maintenance workers and tradesmen, enabling them to get the best work for the best price for your property and also overseeing any necessary maintenance projects, especially handling any emergencies. It’s important to keep up with property maintenance, not only because your property is a very important asset whose value you want to protect, but because you don’t want any come-back from a disgruntled tenant that has been injured due to a lack of appropriate building care and repair!
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Speaking of tenants, some are really reasonable to deal with, while others can be very challenging. If you have limited tolerance for tenant demands it brings significant relief to know you can leave all of that up to a manager you can trust. Good property managers are skilled at finding and effectively screening tenants quickly – every week that a property is untenanted your profit reduces! They also have a good screening process, which can help towards minimising potential tenant problems. Skilled in handling conflict resolution, a property manager will relieve you of that stress and will act on any necessary evictions the correct way. If the tenant knows they are dealing with a third party, rather than with the landlord, this can go some way towards improving relations over issues too.
There are more ways than one for you to gain from your rental. Dominion Property Management are Wellington’s leaders in room-by-room rentals, whereby you can gain up to 30% more profit!
Get in touch with Dominion Property Management and ask how we can get your asset working for you. We’d love to help.