If you have just purchased an investment property the first decision to make is whether you are going to manage the rental of the property yourself, or place it in the hands of a professional property manager. If your time is limited and your life busy with many competing priorities, the time and energy it will take to manage this property is probably something you don’t have. Most people who have investment properties have found that professional property management is by far the most efficient and cost effective way to protect their investment and maximise their rental returns.
Local Area Knowledge and Professional Skills Essential
An experienced and reputable property manager has personal characteristics necessary for the role such as patience, tolerance and honesty, and the ability to diffuse difficult situations quickly. They also have professional skills like excellent time management and communication abilities, conflict resolution and a sound and current knowledge of the relevant legislation and regulations. A thorough knowledge of the local area around the investment property is also useful when showing the investment property and when comparing values and rent prices.
Property owners often don’t realise the amount of administration involved in securing a suitable tenant for their property. To a property manager this is just second nature, and ensuring that the correct inspection reports and tenancy agreements are completed and signed before handing over the keys is just the beginning. There are regular inspections to be scheduled and completed on time, calls from the tenants to be taken and issues resolved, repairs to be organised from time to time and information about the property to be communicated to the owners.
The property manager is the liaison channel between the owner and the tenant, and as such, keeps both parties at arm’s length. This is very important in dispute situations where the property manager works to get a diplomatic solution to an issue so the tenancy can continue to the satisfaction of all parties. While most Christchurch Real Estate rentals are smooth sailing with few problems, there is always the potential for disagreement, and having a property manager handling the situation gets it resolved quickly.
Leave Recovering Rental Arrears to a Property Manager
Sometimes a tenant may fall behind in rental payments through a loss of employment or some other unexpected circumstance. It is part of the property manager’s responsibilities to monitor these situations and work with both the tenant and the owner to find the best solution. It can also be a scenario where the tenant has simply abandoned the tenancy and left owning rent. Again, the property manager is trained to deal with these situations and will work to firstly, try and recover any unpaid rent and then to get the property rented again as quickly as possible to protect the owner’s interests.
There is simply too much work involved these days for an investment property owner to self-manage rental property. When there are trained, experienced and capable property managers ready to look after your property, why put yourself through it? Click here….