Advice for Choosing a Property Manager
There are many elements that will contribute to the success of your rental property, but choosing the right property manager is arguably the most important. Property managers are there for you whether you’re time poor, unsure of the property market or you just want to make your investment journey easier. But what should you look for in a property manager? Here’s our advice.
Locality Is the Key
The investment property landscape changes so much from region to region, so a local property manager is the key to success. That means local to where your investment property is, as you might not be investing in your own area.
Having local specialists on your side will make it easier to find the right tenants, as they understand the demographics of your neighbourhood. As well as this, they can offer tailored advice about when to raise the rent and other crucial decisions. Apart from this, local property managers simply make more sense from a practical point of view. Having a property manager almost on your doorstep will make them more responsive to your requests as well as the requests of your tenants – and a happy tenant is a long-term tenant!
Making the Switch Should Be Easy
The Auckland property market is highly competitive, so it shouldn’t be a surprise to property managers that you want the best service. With that in mind, investors should look for a property manager that makes switching to their services easy. A property management team may be excellent, but if it’s expensive and time-consuming to switch to their service then it may not be worthwhile. In many cases, smaller property management companies will have the agility and understanding to make the switch easy for you.
Pricing Your Property Correctly
Pricing your property correctly is essential to rental investment success and your property manager should be able to help you with this. It doesn’t matter how unique or desirable your property is – if it’s not priced correctly you will either be losing money through low rental income or a lack of interest.
Innovative approaches like Walker Weir’s Rent Tender system allows tenants to bid on your property based on an indicated price, with the highest and best-suited tenant being accepted. This ensures you’re receiving the most rental income possible without overpricing and scaring away tenants.
Can They Offer ‘Rent Income Guarantees’?
This is a major benefit but it’s worth going for the best when it comes to property management. A ‘Rent Income Guarantee’ would see the property manager pay the rent for a specified period if there are rental arrears during a tenancy. Not only is this a great guarantee, but it reflects the confidence of a property management company in their own service.
Based in Auckland, Walker Weir Property Management is the only company in the area to offer a ‘Rent Income Guarantee’. To learn more about this service and why you should choose us for your Auckland property management, call 09 972 1212 or contact us online today.February 1st, 2018