Congratulations, you successfully secured an investment property! But the million dollar question is: “what’s next?”
You probably plotted the points already to picture where your possible income from your investment property will go, but have you thought about the processes that you need to do before everything actually comes into fruition?
If not yet, then this might be a good time to have a conversation with our team.
From maintenance, communication, negotiation, administration, collection, inspection, leasing, strategising, to marketing; it might look dragging and sort of almost a full-time job to some, but, ladies and gentlemen, a Property Manager saves the day! You can make the most out of your life while a Property Manager juggles everything in place.
According to our very own Abbey Berry, Director of Property Management at 4one4 Property Co., when a property owner has a property manager, he/she actually hired someone whose forte is to manage his/her property. “Property owners pay us for our knowledge and skills in the property management field, which we, generally, have a better understanding of, because it is what we are doing each and every day–day in, day out–we have many properties, and years of experience,” Abbey stressed.
Ain’t convinced yet? Here are some of the benefits that Abbey wanted property owners to realise with having a professional Property Manager on board:
- Filter good-quality tenants
You wouldn’t want to face issues every now and then with your tenants, so choosing the right ones might be the key. An experienced property manager knows exactly what you are looking for. They put their expertise in screening tenants from a bunch of rental applications through careful background checking, contacting references, and reviewing rental history. Through good property management, red flags will be identified beforehand and you can filter reliable tenants who will pay on time and will cause you fewer problems in the future.
- Get rid of long vacancy
Setting your rent fee too high might push your clients away; setting it too low might sacrifice your finances. A professional property manager knows how to meet halfway. They can help you in determining the relative or average rate which you can take into consideration. This one’s a crucial area because it requires knowledge on the local real estate market and data on existing similar properties–which a property manager both have. They also monitor lease renewals every time the need arises. Aside from these, a property manager knows exactly what improvements your property needs to make it look more enticing and interesting. Thus, more prospective clients will show their interest in your property, which results in less possible time for vacancy.
- Do the rent collection
This process might be quite a hassle for you, but we know it’s an essential part. According to Abbey, this area is also a bit challenging for some property managers, especially when it comes to communication and negotiation, but this boils down to proper screening of quality tenants. A skilled property manager monitors the renters and makes sure that the tenants pay their rent on time. Long story short, a property manager will do the work for you, while you’re doing what you love the most.
- Handle property inspection
We understand that you also have a life outside property management, so instead of scrabbling your schedule every time a prospective tenant requests to view your property on a weekend or whenever they are available (and apparently, you’re not), hiring a property manager will definitely make a difference. Entertaining clients with their requests proves that you’re persistent to win their hearts; and doing the contrary may lead to losing them in an instant. Our property managers can take on the task for a quick process of finding the right tenant for your property.
- Bridge communication gap
Having a go-to person whenever a concern arises is a must in real estate. We understand that you’re not available 24/7, so a property manager can do the task instead. Your clients or tenants can air their concerns or questions directly to the property manager which means faster response and actions can be taken. In this way, you, as the owner, and your client are always on the same page with the property manager as the middle man. This will lessen the possibility of unwanted confrontations and legal actions.
- Supervise maintenance and repairs
Speaking of good communication, with a property manager relaying all information that they are observing and receiving from your current tenants, you would know if there are any improvements that need to be addressed in terms of the property itself, and if there any adjustments that need to be considered in terms of your current procedures. In this way, you can maintain a good relationship with your tenants without compromising the quality of your property for future engagements.
- Work on the marketing side
Whether online or offline, a skilled property manager is knowledgeable when it comes to the strategies and tactics of advertising your property. They know exactly what to say, how to say, and where to say it. This also includes responding to existing clients’ queries and reaching out to future and possible clients.
Abbey also advises property owners to not pick a property manager solely based on the fee that they are charging; instead, “pick a property manager based on the skills and knowledge that that person has, the technology and the procedures that they use in the agency, because those could make a big difference to the effective management of a property.”
At 4one4 Property Co., we believe that no two properties are the same. So, in terms of property management, we apply different strategies based on the property’s specifications with respect to our clients’ beliefs and standards. Plus, our property management team has great attention to detail, so even the littlest things matter to us with the assurance that nothing is being left behind. Not to mention, we are a ninety (90) percent paperless agency, so everything we need is actually web-based (that’s less hassle for you, too!).
What you’ve read above are just some of the many benefits of having your own property manager for your property. If you’re curious about the other advantages, you may outsource one of our professional property managers to prove that property management is, indeed, a wise investment.
