Part of maintaining a successful investment property is having the right management company who will look after it and its tenants, leaving you free to enjoy the benefits of being a landlord with none of the stress. Especially as a first time investor, it is sometimes difficult to choose between the many residential property management companies that offer their services. As a guide, in this article we look at a number of factors that you should look out for when considering who to manage your investment property.
Professional, Experienced And Prompt Service
Generally when you own an investment property you want to be assured of two main things: that your property is well maintained (to ensure that it holds its value in the market) and that there is a regular flow of rental income coming in. No one wants to discover that their investment property is damaged or that there is a lengthy and costly vacancy period where they cannot find a suitable tenant. One of the reasons property investment experts suggest that investors hire a professional property management team is that often people who manage their own rental properties can be so overwhelmed with maintenance issues and the general day to day tasks of property management that they find it difficult to spend adequate time on finding suitable tenants in the event of a vacancy. It’s also worth noting that the fee you pay to a professional property manager is 100% tax deductible.
When choosing a property management company one of the most important things to look for is a company that has a long track record in the industry, with professional and prompt service. Having an experienced and local team of staff that understand the investment property market will help to ensure that your property is well maintained and tenanted. Testimonials and comments from clients are always a great way to check if a company provides the kind of service that you want, and these days most businesses will include such feedback on their websites that you can access.
Find A Specialist Property Management Company
Having a management company that specialises in the type of property you own can also be a huge advantage in finding the right tenants, lease negotiations and in the ongoing maintenance of the property. For example, if you have purchased an off the plan property then finding a management company that specialised in brand new apartment rentals would be a good strategy. The company you choose should also provide:
- Expert selection of tenants
- Timely communication of issues
- Regular reporting on the property including inspections
- Targeted marketing services
- Dedicated, enthusiastic property managers
When you own an investment property or thinking of building a property portfolio you want the experience to be as stress-free as possible. Finding the right property management company can mean a long-term partnership that brings you all the rewards while being assured your investment is growing in value. Residential property management experts Ironfish provide a true partnership with investors – many of their investment strategists are actually former clients of the company – and they have experienced local teams in all the major capital cities to assist you with all your property management requirements.