What is Property Management?

If you own any sort of property, be it residential or business related, you will need someone to manage it. The question you are probably asking is how professional management can help you?

So, what is property management? It's the managing, or handling, of real estate property by someone other than the owner. Most often, it is handled by a management firm that might handle more than one client's real estate properties.

It goes without saying that quality is a big issue with this service. A good management firm will act as a go-between for the real estate owner and the tenants, handling any questions and complaints that the tenants might have so that the owner is not forced to deal directly with them. This kind of service can include doing many different things, from collecting rent to hiring groundskeepers and repair people. They can keep an eye on repairs that need to be done, and suggest improvements on the property to the real estate owner.

Property managers can also be essential in keeping an eye on your property - making sure that no one is vandalizing your real estate, and taking care of problem tenants as well. The actions that manger may have to take can include eviction, as well as involving the authorities, tasks that a real estate investor may not want to have to do. They can also be used as arbitrators between tenants, when disputes arise that are not severe enough to involve the police or other authorities.

When done well, property management is the answer to a lot of issues that real estate investors might face. The management team can do the hands on work while the investors reap the profits.

Visit us for more information on how a Property Management company can assist you with your rental property.

Finding the Right Rental Property

From the first decision to invest in real estate to actually buying your first rental property, there is a lot of work to be done. This task may be daunting for the first-time investor. Owning property is a tough business and the field is peppered with land mines that can obliterate your returns.

Following are some ways to minimise risk and assist you in finding the right property for you;

Neighbourhood
The quality of the neighbourhood in which you buy will influence both the types of tenant you attract and how often you face vacancies. For example, if you buy in a neighbourhood near a university, the chances are that your pool of potential tenants will be mainly made up of students and that you will face vacancies on a fairly regular basis (during summer, when students tend to return back home). 

A Good Tenant is a Good Investment

Good tenants are easy to ignore - until they tell you they are moving out. Why are they leaving? Well, it might be because you ignored them. And when tenants plan to move, it's very, very difficult to get them to change their minds.

While you may not be deliberately ignoring these gems, the truth is that you spend so much time working on your not-so-good ones; cajoling them to clean up their acts or planning to evict them that you may not be aware of the tenants who suffer in silence, before deciding to move on.

It's vitally important that you retain your good tenants, not only because they make your investment more pleasant, but because they are so hard to replace. Once that unit is vacant, you may not re-rent it for months, and you have no idea how the next tenant will turn out. He could be just bad enough to make your life really difficult, or so bad that he only lasts for a month or two before eviction.