The benefits of using a professional property manager
October 15th, 2009
Property continues to be one of the best investments anyone can make. But,the difficulties of renter selection and day to day management indicate that a lot of people are usually retarded by the hassles of ownership. Property management can be a full time occupation even if it is perhaps not an immediately obvious thing.
Among the issues to be faced are the selection of suitable tenants, rent collection and regular property inspections, the setting of correct market rentals, minimising the outgoings, determining responsibility for and monitoring routine maintenance and being aware of obligations under the Residential Tenancies Act.
It’s no surprise that some people find such matters stressful…..problems they can do without. Actually ,many people give up ,either because lacking of time or the desirement of not to get in trouble with the day to day administration. This can mean that many well intentioned investors do not achieve the dream of financial independence through property investment, by stopping their investment program too early, out of sheer frustration.
Fortunately there’s a simple solution - one that allows you to enjoy the benefits of your investment, while remaining free to enjoy your life. Doing the things that you wish to do and don’t worry about the condition of your properties, or being called by tenants at uncomfortable situations.
A professional property manager will protect your investment, secure your return and free you from such laborious tasks as inspections and maintenance checks. In selecting a suitable manager, issues to be considered include:
Correct Rental advice:
Current rentals for your property type and location – setting rent levels to give you the best return on your investment. It is always a good choice for a manager who specialises in the field where your investment is located.
Tenant Selection:
Choosing the right tenant is an occupation with many pitfalls and should not be entirely left to chance. First and foremost ,all tenants who are accepted should be shielded for previous rental history and credit worthiness. If they can satisfy the strict criteria of the selection process,this will minimize the chances of problems occuring later.
Inspections:
Regular property inspections are advisable on a minimum six monthly basis with an initial inspection no more than three months after the tenant moves in. A property manager will provide a comprehensive written report on your property and furnishings, following an inspection – these reports are often required by an insurance company, in the event of a claim.
Rent Collection:
Direct crediting and electronic banking allows rent deposits to be monitored on a daily basis. This can couple with a problem of the property investor’s major concerns-they will know that your rents will be paid on time. Having a professional property manager inspecting that cash is flowing smoothly,will make you free to do other things.For example ,travelling,where you may not always have internet access.
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Maintenance:
The issue of repairs and maintenance and the responsibilities of owner and tenant are clearly defined in the tenancy agreement. Any repairs can be handled by a property manager using qualified independent contractors, at specially negotiated rates. Many managers will not add a margin for this service, ensuring you get the best value for money.
Viaduct Harbour Rentals is a professional Auckland Property Managers, located in Viaduct Harbour, Auckland Central. They’re proficient in the management of modern apartments for longer term rental,which is located in the waterfront area of Viaduct Harbour and adjacent areas of Auckland Central.