Published on April 23rd, 2015 | by Chris Snell - Rental Success0
Property Managers make your rental property work
Anyone can shop for property but investing it judiciously to yield the proverbial goldmine is a totally different ball game altogether. Property investments need to be handled with kid gloves to yield profits. Unlike with other hard assets, this is a time consuming task-one that requires a lot of effort. Managing your investment portfolio means more than just collecting the rent- properties need upkeep and maintenance and pose tough challenges to investors.
Of course investors care about their property and do want it to fetch the most it can, but how do they go about it? There are companies that offer their professional services to help them build their wealth, ensuring in the process that all their management needs are met, without investors having to do any work at all. How cool is that!
Renting property is not easy; property needs proper exposure for effective marketing, and property management specialists have a large database of tenants and a long list of corporate and executive clients looking for rentals or leased property. In addition, they have access to real estate property websites and enough clout with local newspapers where they regularly insert ads—in fact they have a long reach that pays dividends very fast- done this way, renting real estate is surely a breeze.
Choosing tenants is never an easy task—after all every property investor wants tenants that will look after the property like the owner does. Property managers do the spade work—they screen the tenants, carry out the identity checks, keep appointments with prospects, conduct the tenants around –in short do everything but check them in.
That’s just the beginning of the story– once the tenants are approved, an agreement has to be drawn up, bonds have to be signed, documents have to be checked and legal rights of the investor have to be protected. Property managers do all this on the investor’s behalf, leaving
them free to tackle more important things. Renting property and getting good returns is no joke as property investors will tell you.
Then comes the hardest part—collecting rents from tenants– those offering professional services take care of this too. They not only collect the rent but deposit the money in the investors’ account, giving them a detailed break-up of what’s due and what’s been paid. From time to time they also conduct inspections to ensure that the property is well looked after. Once the tenancy comes to an end, the property rental is re-assessed, any work that needs to be done around the property is taken care of and the whole cycle begins again.
In addition, there are a thousand other things to be taken care of—insurance premiums have to be paid, maintenance and costs for repairs are likely to be incurred— arrears of rent have to be to be attended to and more importantly disputes that may arise have to be tackled—too much for property investors, who just want good returns and peace of mind.
Property managers can give them all of that! From real estate search and real estate rentals to timely outgoings and expert advice, they manage the whole investor show. It’s clear that investors will do better to hire professional services to manage their property portfolios.
Chris Snell is a licensed real estate agent and is a specialist in the rental property management services. Rental Success aspires to educate investors in the management of their rental property.