Investing in property can be one of the smartest financial decisions you can make. Yet often, people underestimate how much time and energy must go towards managing every aspect of your property ownership – from advertising your property, finding tenants, conducting maintenance, to calculating appropriate rental increases and conducting repairs…the list goes on and on and on. But this doesn’t mean that anyone who’s busy with running their own business or a particularly demanding career shouldn’t invest in property. Finding a great third-party property manager to handle your day to day running of your investment property can be a great option for those looking to save time and money. Better yet – consider investing in a property brand that provides these services for you as standard, such as Quest Properties.
Here are just some of the many benefits that having an expert property manager look after your investment for you.
You’ll have higher quality tenants, and little to no vacancies
One of the most time consuming parts of owning an investment property is finding suitable tenants to occupy it. After all, you want to find someone with a good track record, as you want someone to look after your valuable property. But finding the time and money to advertise the vacancy, as well as making sure you properly interview and screen potential tenants can be hugely time consuming and stressful. That’s where a property manager comes in. They can handle all of the nitty-gritty tasks of finding occupants, such as advertising, tenant screening, conducting regular property inspections throughout the duration of the lease, handling security deposits, collecting rent, and even evicting tenants in more serious cases where things just aren’t working out. Big-name companies like Quest will even pay you your rent every month, regardless of whether the property is occupied or not – a huge financial burden off your shoulders.
You won’t have to worry about carrying out repairs on the property yourself
The costs associated with regular maintenance and upkeep of an investment property can really add up in the long term. But with a company like Quest, you won’t have to spend your time and money facilitating ongoing maintenance on the property, or organising repairs if something is faulty. With Quest, any non-capital repairs are the tenant’s responsibility, as are all furniture and fittings. They’ll also give you plenty of notice of any planned upgrades on the property coming up in the near future, so you have time to plan ahead.
You’ll have the best expert tradesmen already on hand to make any repairs
When the time does come to carry out repairs (it’s usually inevitable with most properties), using a third party property manager means that they’ll already have an arsenal of plumbers, builders, and repairmen at their disposal. These will be reputable tradespeople with a proven track record, so you can be sure that only the best work is being carried out on your precious investment property. It will also save you the time and hassle of having to research, call or ask around to find the best handymen for the job.
You won’t have to review rent annually
Part of ensuring your investment remains profitable is conducting regular rent reviews and increasing prices are necessary. But how much of a rental increase should you calculate each year? A property manager can help you with these sorts of questions. Better still – Quest has fixed annual rental increases of 4% (or CPI with 5-year market reviews) automatically built in to their business model – so you can be assured that you’re always getting paid the full value of what your investment is worth.
For more information about all the benefits of having your investment property managed for you, contact Quest Properties today >>