Renting a property requires a lot of work and a high level of commitment, which many property owners don’t have the time or inclination to put in. Property managers are highly skilled, licensed professionals who know the ins and outs of the state’s laws and regulations, and advise you on your rights and responsibilities. Having a skilled property manager on your side is the best way of protecting and adding significant value to your investment.
Here’s five reasons why:
1) Shorter vacancy cycles
Whether you have a portfolio of investment properties or are considering purchasing your first one, the most costly part of the cycle is when the property is vacant. A skilled property manager knows how to handle vacancies effectively. From preparing and improving the property for rent, to determining the best rental rate and strategically marketing the property; quality tenants can be found quickly and the investment remains positive. We have an enormous database of prospective tenants and combined with a series of tailored marketing strategies, find the most suitable tenant for your property and your investment needs in the shortest time.
2) Higher quality tenants
Think of tenant screening as the moat and draw bridge around your castle. Our property management team have seen thousands of tenant applications and know exactly what to look out for. It’s a timely process but one that is paramount for setting your investment up for success. With quality tenants in place, the focus shifts to retaining them. This takes clear communication, availability to discuss issues round the clock and personal service to ensure their needs are met and exceeded. It’s costly to have a high tenant turnover rate so retaining quality tenants is the highest priority.
3) Maintaining your investment
A tenant calling about a leak late on Friday night can be a quick way to ruin a property owner’s weekend or a minor issue that is resolved quickly. Our team have numerous trusted partners from electricians to plumbers, painters, gardeners and so on. These partners have been working on Savills projects for years and as such are on call for us whenever issues arise. This fast, efficient, friendly service ensures the tenant remains happy and the property owner receives quality service at a reasonable cost. If there are any issues where the tenant becomes unhappy, the property manager is the adjudicator and knows how to have those difficult conversations. They navigate the expectations of the property owner and tenant while applying the lease conditions appropriately.
4) Management of paperwork
There is an unbelievable amount of paperwork involved in leasing property. From property rules and regulations to lease agreements, contracts for repairs and maintenance, and more. Our team are all experienced in reviewing these documents and we complete, file and store them on behalf of our clients, without letting anything slip through the cracks. A skilled property manager must be proactive, have great attention to detail and well organised to manage all elements of the process.
5) Advising on how to maximise your investment
Head of Property Management for Savills, Max Ma is an expert on investment properties and manages numerous portfolios for clients. His expertise and advice puts our clients ahead of the rest. Max advises on the latest zoning regulations, state and federal laws, property values, local market changes and rights and responsibilities of both property owners and tenants. Using his knowledge and experience he can advise property owners when to increase rent, how to price a property correctly to avoid an extended vacancy and where or when to purchase the next high quality investment.
For advice and a comprehensive market appraisal of your investment property, contact Max Ma on 0466 872 572 or 8008 8521.