It really does take a professional to properly manage a rental property.
Many times, we have been approached by property owners (Landlords) and been told they are not happy with the performance of their investment.
All too often this can lead to financial dissatisfaction and a reluctance to continue investing in property and reap the benefits it can reward investors with. At Position One Property we are dedicated to maximising real estate asset value for our clients and so offer expert guidance to ensure this is not your experience.
Financial Pitfalls for the Property Investor to Avoid
Fair Rent is absolutely essential. If you place your rent too high for the market you will have an empty home instead of a profitable investment. If you place the rent too low, you do your investment a disservice.
We pride ourselves on knowing the rental market inside and out and are able to offer you a thoroughly researched estimate of what you could expect for your property.
Prompt Maintenance and Repair work should be carried out, not only to make certain the tenant’s rights are well protected and respected but to also to guarantee that the integrity of a property owner’s investment is maintained.
We have After Hours procedures in place to ensure no tenant or property owner is ever left inconvenienced.
Rental Arrears is a property owner’s worst fear. We invite all of our tenants and prospective tenants to participate in a rigorous assessment to ensure they are able to pay their rent on time every time.
Should the rent ever be in arrears we promptly contact the tenant to see if there are any issues that need resolving and move on any information immediately.
We do of course take every precaution and action necessary to avoid this but advise that it is always wise to maintain current insurance to cover any losses or damage.
Under or No Insurance can be the downfall of a good investment. It is so essential to maintain appropriate insurance when renting a property that we insist upon it in order to ensure you have the best possible outcome whatever the scenario.
The last (but not least) tip we have to offer is to not manage the property yourself.
This may seem like the ideal situation but unless you are intending to make your tenant your friend you could invite more than you bargained for into the mix.
Maintaining a professional distance is not only beneficial but necessary in any business transaction.
As we have sound and up-to-date knowledge of legislative requirements and the ability to act quickly in case of an issue arising, we take all the care out of your investment and leave you time to pursue what you do best and spend your time how you wish.