HOW TO CHOOSE THE RIGHT PROPERTY MANAGEMENT SERVICE IN GEELONG
It is not easy being a landlord, especially in regions
like Geelong. It is a very competitive real estate market, and people are
willing to pay top dollar for the best properties. So if you have a property
for rent in Geelong, you can surely
expect it to earn you a good deal of revenue. However, managing your property
well enough to attract tenants and promoting it so that prospective tenants are
aware of its existence is essential to the task. Incidentally, those are also
the tasks that most landlords fail at miserably, leading to lost opportunities
and lost revenue. This is why you should definitely consider enlisting the
services of a real estate agent or a property management company in Geelong to
help you manage the property effectively.
You should choose wisely on going for the right
property management services in Geelong. There is no dearth of real estate
management services on the market today. However, not all of it might be to
your best interest. Consider the simple fact that many property management
services, working on commission, push you to accept a lower price or offer on a
particular piece of property instead of advising you to hold out for better
offers even though they are perfectly aware of the market situation and how
much can be reasonably expected from the property in question.
ARE PROFESSIONAL PROPERTY
MANAGEMENT SERVICES WORTH IT
Property management in Geelong is no joke. As a
landlord, you do have certain legal and ethical responsibilities towards your
tenants; just as you expect them to provide you with rent regularly, they
expect you to take care of any of the issues that crop up or complaints that
they might have. You also need to adhere to all rules, laws and regulations
that govern such interactions between landlords and tenants and real estate
management in general. Even managing one piece of property can easily become a
full time responsibility that requires spending time and resources.
Professional property management companies become the
middleman between you and the tenant. Your tenants never directly engage with
you unless absolutely necessary. The management company professionals take care
of any issues and complaints that the tenants arise without any involvement
from you. They efficiently process any routine or procedural jobs such as
collecting rent payments, filing the proper taxes, attending to regular
maintenance, ensure that the property is being taken care of the present
occupants, etc. Most management companies even handle evictions by themselves
and also get a new tenant before you even get the news of such an occurrence.
These companies are very efficient and very good at what they do.
Your property is first and foremost an investment that
you intend to generate revenue from. Hiring professional management services to
look into the best decisions for your investment can definitely be the right
choice if you are inexperienced in dealing with real estate or simply cannot
afford to spend the amount of time that you need to spend in dealing with
projects like these. Getting things done professionally can indeed cost you far
less in the long run than what you would have spent in case you tried to do it
yourself and could not to the optimum level. Factor in the opportunity costs that
incurred from missed opportunities, and the case seems even stronger in favor
of going for professional management services in Geelong.
If you can afford to go for one, then it is definitely
recommended that you subscribe to professional
property management services in Geelong. In addition to sparing you a lot of wasted time and
headaches, they really do take care of many time consuming processes,
especially legal ones that are usually associated with real estate. These
companies do charge a flat rate for their services, which is usually 10% of the
revenue you earn from the concerned property but it can be well worth it over
time.
There are many reasons why you might not be able to
promptly respond to your tenants’ complaints; maybe you do not live near enough
to make personal visits every time a new issue crops up or personally supervise
maintenance personnel. You also need to remit the actual amounts for
electricity, water and other utilities on behalf of your tenants. And if you
have multiple properties on rent, each of those responsibilities gets
multiplied. It becomes clearly obvious now that if this describes your
particular scenario, you are a lot better off having your property managed by
the professionals.
RESEARCH
Choosing the right property management company in
Geelong is going to take some time. You should definitely do your prior
research before committing to a company. Delve in to the data for the company
in question. Compare their listed quotations to average market values at the
time and see what they advised their clients. What do they charge for their
services and how does it compare to their competition? How many similar
properties have they successfully managed and for how long? Verify the number
of insurance or legal disputes they have solved without unduly involving the
landlord. Companies love to make grandiose claims but you want a service
provider who can back up those claims with evidence and performance. Also go
for a service provider that might offer dedicated personnel to managing and
looking after your particular property; many management companies have a few
agents responsible for more than a hundred properties. Do not let that become
the situation.
CONCLUSION
Property management is serious work and you should
only undertake it yourself if you are up for it. If you are not prepared to
invest the time and resources that you need to execute your responsibilities
adequately, hiring professional property management services is a viable and definitely recommended
alternative. You avoid the petty hassles and disruptions to your work while
your tenants get their issues attended to regularly and efficiently. Complaints
are resolved sooner and legal hassles sorted out with minimal intervention. All
parties stand to benefit from professional management services.
