Property Management in St. Clair
3 TIPS TO HELP YOU PERFECT YOUR PROPERTY MANAGEMENT IN ST. CLAIR
JE White’s – Property Management Specialists
St. Clair has undergone a significant change in recent years. The real estate market in particular has grown exponentially. With a plethora of housing developments at your discretion, there is no lack of options if you are considering an investment property. As important it is to find the best investment property given your budget and purpose, it is equally necessary that you have a perfect property management strategy. Here are some tips that can help you to perfect your approach to property management.
1. Always consider a property management team that has the manpower and experience to handle the challenges of managing your property. Managing an investment property is not just limited to knowing the basics of real estate. It requires marketing the property, finding tenants, screening the prospective tenants, dealing with tenants pertaining to everything about the property and not just rent collection. And then there are taxes and financial advice relevant for the property. A property management company must have real insurance experts, financial planners, tax consultants and also a network of technicians, from plumbers to electricians. A property management company is entrusted with the complete task of ensuring that the investment property is taken care of and that the business is rewarding enough for the investor. The eventual returns on an investment property will be a different ballgame, but the recurring returns have to be assured by the property manager.
2. Your property manager needs to show they have extensive experience and knowledge of the region. To find out if the manager is a good suit for you and your investment, enquire about their history with rental properties in the area, how many properties in the area they currently manage, and finally their vacancy rate in the region. This will help paint a better picture as to how the property manager fairs against his or her competitors, as well as the likelihood of your property being left vacant.
3. In addition to the overall upkeep, the financial aspects and legalities pertaining to property management, you may also require body corporate management depending on the legal title of your property. Townhouses, units and apartments will more than likely fall into the strata title scheme, and will presumably require the management services of a body corporate manager. Body corporate management is a specialised service, and while many body corporate management companies extend their services to property management, rarely do property management businesses handle body corporate management. Having two different companies manage your investment is nothing out of the norm, but streamlining both management services to a single management provider gives you peace of mind knowing that your property manager and body corporate manager regularly keep one another informed with updates pertaining to your investment.