Making Property Decisions Easier With The Help of Professional Rental Managers
Posted by apm on December 13, 2023 Company News, News, Newsletter, Property Management
Howard Morley, apm Director, outlines important areas of property management that require careful decision making to ensure your financial investment in property returns the best possible results, with the help of a property manager of course!
In my experience, when decisions have to be made it’s important to consider all implications carefully so that any action you take does not impact adversely on later activities.
We all do this process in our everyday lives such as knowing side effects before taking any medication, decision making while driving a car, deciding education for our families, and where and when we take our holidays etc.
Making decisions when managing a rental property is no different, and that is why in my opinion property investors should employ a well-resourced and sound property management professional as their property manager.
The following are all important areas that require careful up-front decision making to ensure that your very significant financial investment in property is returning the best possible results for you in the short medium and long term.
Expertise and Experience: Professional property managers have experience in handling various aspects of property management, from tenant screening to tenancy agreements. Their expertise can help investors navigate complex issues and make informed decisions. Within our experienced team of 68 members, there is nothing much we haven’t seen before or heard of.
Tenant Screening: Property managers can conduct thorough tenant screening processes, including background checks, credit checks, and referee and rental history verification. This helps in selecting reliable tenants, reducing the risk of late payments or property damage. Our experienced property managers can compare notes and track previous history to complete screening.
Legal Compliance: Property managers are well-versed in landlord-tenant laws. They can ensure that all legal requirements are met, reducing the risk of disputes with tenants. apm holds regular in-house training with legal professionals to help keep us up to date.
Rent Collection: Professional property managers handle rent collection and enforce lease agreements. This ensures a consistent cash flow for the investor, and they can also address any issues related to late payments promptly. Systems that raise alerts to overdue rents help to ensure prompt action is taken.
Property Maintenance and Repairs: Property managers can coordinate and oversee maintenance and repairs. Here at apm we have a network of trusted and certified contractors who provide who timely and cost-effective solutions. Our regular property inspections (in line with insurance requirements) can also identify potential issues before they become major problems.
Time and Convenience: Hiring apm frees up your time, allowing you to focus on other aspects of your business or personal life. Property managers handle day-to-day tasks, emergencies, and communication with tenants, tradespeople, and other professional advisors such as Body Corporate /Commercial Managers.
Market Knowledge: Our apm property managers operate in defined areas of the region and therefore have a deep understanding of the local rental market. They can provide valuable insights into rental pricing strategies, ensuring investors maximise their rental income.
Marketing and Advertising: Property managers can effectively market and advertise vacant properties. Within apm we use our network and expertise to attract quality tenants quickly, minimising vacancy periods. We often have a list of screened tenants waiting for properties.
Tenant Relations: Property managers act as a buffer between a property investor and tenants. We handle communication, address concerns, and ensure positive relationships are maintained, which can lead to longer tenant retention and reduced turnover.
Financial Management: at apm our property managers often handle financial aspects, including budgeting, accounting, and financial reporting. This ensures that investors have a clear understanding of their property’s financial performance and transparent records to hand on their accountants.
At apm we have 68 dedicated team members who work together with industry leading software systems, while sharing their knowledge and many years of experience to ensure that the key elements required for successful property management that I have listed above are all linked. I know the combined efforts of the apm team will give you the best short medium and long term results for your property.
Professional Property Managers can bring valuable skills and resources to the table, making property ownership a more streamlined and less time-consuming experience for all investors. Contact us today for all your property management needs.