Managing a property may look easy at first glance. But when you start going through the process of advertising for tenants, showing the property and selecting the right tenant, it can be overwhelming.
As a wise landlord, you’d see the value of having a property manager who could systematise the work in a way that everything will fall to your advantage, especially your return on investment.
What value will a property manager bring to you?
A property manager is someone who has expertise in taking care of properties and provides a range of professional services in property management.
A good property manager usually has sufficient experience in marketing, cash flow management, property operations and tenant relationships.
Marketing a property needs careful attention to detail. Contrary to what most people think, marketing a property doesn’t start and end with just making sure the property is listed. For one, all required documentation must first be secured. Then comes good visuals, such as images, photographs or videos paired with a great description of the property. These marketing materials should be attractive enough to captivate the interest of any potential customers.
Marketing also entails a lot of screen time, because you need to monitor queries and comments from potential renters. It needs a well-trained property manager to answer these queries in a way that will be persuasive enough that customers will want to physically check out the property as well as weeding out those less desirable for your home.
Of course, you’d want to make a profit out of your property. But sometimes, it can be expensive to maintain a property and, if you’re not skilled enough in cash flow management, you might just lose more than what you should be gaining.
A property manager will be able to help you ensure that cash flow is within your means and will not slash a large sum from your potential profit. A slightly lower rental yield can be invaluable in avoiding rental voids when tenants leave. As a professional, the property manager will automatically submit to you a regular cash flow report which you can use as a basis for evaluating your property business.
Organising maintenance work for your property can be exhausting. You’d need trustworthy building contractors to refurbish your property which surprisingly can be hard to find. A well-experienced property manager will have an extensive network of reliable building maintenance companies, thus saving you effort and potential losses from hiring a bad contractor.
Your property manager will surely have a directory of efficient and cost-saving maintenance services.
Finally, a property manager can help you deal with your tenants.
Perhaps the most stressful work attached to running a rental property is dealing with tenants. Complaints from tenants must be dealt with swiftly and efficiently to avoid backlash, but equally a firm hand must be used to ensure tenants don’t choose to take advantage of your kindness. The hardest part is when eviction needs to be done and the tenant refuses to budge.
An experienced property manager will be able to use negotiating skills and persuasive speech when dealing with such kinds of tenants. Having a property manager on hand to face the tenants will save you a lot of headaches and stress.
As a last word, your real estate business will surely thrive if you let professionals help you. While this means you need to pay professional fees to your property manager every month, it is a small investment when compared to the savings and profits you will gain because of good property management.
When looking for great property management, you need to consider the services of RentalsCo. They are leaders in the Whangarei Rental Market and their attention to detail is second to none.
Contact the team today for a no obligation appraisal.