Is Self Management REALLY worth it?

Is Self Management REALLY worth it?

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Portfolio Expansion

A common issue faced by many property owners is the decision they make when their portfolio begins to expand. Do we sell, or do we consult a property manager to care for the properties? When it comes to property, we know things can get difficult, in these times; we can look for a solution that will remedy all of our problems. For us, the ideal fix is a property manager, someone who can ensure that you’re rental property is providing you with profit 365 days of the year. However, for the property manager to keep the property tenanted 24/7 requires communication and dedication – not only between themselves and the tenant, but, also the owner and the tenant.

 

These questions may have even plagued you at some stage. The majority of investors want to increase their portfolio and the inevitable truth is that with more properties comes more income, however, consequently, more problems are the result. Statistics show that the average New Zealander will own less than two properties in their lifetime and even so, these two properties in conjunction with your career may overwhelm your time.

 

When we consider the amount of time that goes into maintenance of a property; we must acknowledge the replacement of fittings, the inclusion of a new coat of paint and the plumbing. These can be costly and can limit the amount of properties an investor will concern themselves with and ultimately restrict the expansion of their portfolio. Instead the property investor concerns themselves with monitoring tenants, tradesman and the property far more than they should. With more properties comes less time spent on things that are more important to the owner – the family, the fishing and the shopping consequently get less attention than they deserve.

 

Opting into a property management service offers a greater lease on life. The time you once spent investigating the fire alarm at 3am can now be spent in bed enjoying your beauty sleep. Or the time that you were relishing lunch at work; you can finally go back to that because you’re no longer checking the leak in the kitchen. The things of old you once enjoyed can now be reinvigorated with the possibility of having your property looked after. A property manager acts as the messenger between two parties – the most important thing is that everything that can go wrong is planned for in advance. This is the most essential part of keeping peace between tenant and landlord. For those that are DIY landlords, they will notice that tenants whom demand maintenance repairs can occur at any time or day (including public holidays).

 

A good property manager cautions you from over-improving a space. Before making major decisions about improving or repairing your rental home, talk to us at Quinovic Lambton Quay – we liaise with the finest tradesmen in Wellington and ensure you’re receiving the best deal at the cheapest prices. When you do improvements on your rental property, it is essential to think ahead. Consider the longevity; things that are resistant to wear are optimal. A lot of appliance upgrades are vulnerable to tenants and anything that is sentimental or is easily damaged should be removed or alternatively, forget about owning it. Property Managers will work with you to find the most advantageous improvements and repairs for your money.

 

However, prior to any maintenance occurring in the rental property, the property must be occupied in the first instance. The right property manager will screen every possible tenant and will ensure that what you want is what you get. If you’re after a group of 5 University students who don’t drink, you’ll be hard pressed, but, for every other instance, Quinovic Lambton Quay can look after you. We allow you to choose the tenants that occupy your property. You can guarantee the tenants that do occupy your property are responsible, clean and reliable because we take the utmost care in our choice. We take into consideration everything you desire and once we’ve narrowed down our decision – background checks are conducted. This is done with the property owner in mind. Each and every one of our property managers are introduced to the potential tenants and as a collective we consult with one another to make sure we’re happy with the decision.

 

In the worst instance, the wrong group of tenants can cause your property a lot of stress. Tenants with criminal charges, a history of evictions and poor credit do not help in building a strong, positive cash flowing property for the landlord. In advance, the right property manager would have issued a screening process as well as background checks on the tenants. Property managers are afterall, tasked with aiding the landlord, but, they can only stretch so far before miracles must occur. Luckily, the property managers at Quinovic Lambton Quay have been trained in all circumstances to deal with any problem, no matter how big or small.

 

Essentially, a property manager takes the difficulty out of your life, yet, still channels all information directly to you. You can then aim to grow your portfolio and expand possibility of ROI with the knowledge that each property is little concern. A property manager is typically involved in the process of managing a property that is available for lease. As we’ve discussed, property management may involve seeking out tenants to occupy the space, collecting monthly rental payments, and maintaining the property. The ultimate objective is to preserve the property value of the asset while at the same time generating income. But, what makes Quinovic Lambton Quay different? Our PMs have done this for many years and have had the pleasure of dealing with all our clients in every situation.

 

A good property manager cautions you from over-improving a space. Before making major decisions about improving your rental home, talk to us at Quinovic Lambton Quay – we liaise with the finest tradesmen in Wellington and ensure you’re receiving the best deal at the cheapest prices. When you do improvements on your rental property, it is essential to think ahead. Consider the longevity; things that are resistant to wear are optimal. A lot of appliance upgrades are vulnerable to tenants and anything that is sentimental or is easily damaged should be removed or alternatively, forget about owning it. Property Managers will work with you to find the most advantageous improvements for your money.