If you're looking at getting into the investment game, you've probably been considering Main Beach real estate. Given its international tourist destination status, rentals in Surfers Paradise are often snapped up quickly.
In fact, statistics from SQM Research show that the vacancy rate for June 2015 was just 2.8 per cent. That's quite impressive, given that it is the off-season. Despite the obvious potential, the work doesn't stop once you've purchased real estate in Surfers Paradise. In many ways, buying the property is just the beginning.
Here are a few ways a property manager can make your life a lot easier.
One of the best ways to entice potential tenants is hold an open inspection. Given that most of us aren't trained in real estate, it can pay to have an expert organise this for you. A property manager can organise, advertise and host the event for you, ensuring that the invitation reaches as many people as possible. All going well, this will result in you having a greater pool to choose from.
Property managers can undertake the sometimes cringe-worthy task of interviewing prospective tenants. They will know what to ask and also what to take from people's answers, as well as what to look for in reference files. With their years of experience, they will be able to cull the list down to the most suitable occupants for your Surfers Paradise property.
If you charge too much rent for your property, you will struggle to find residents, meanwhile if you charge too little, you will be potentially out of pocket. A property manager will be able to use their expert insights on the area and surrounding properties to determine a fair and reasonable rent to charge your tenants, meaning all parties involved will be happy.
Any usual tasks like regular inspections and responding to tenant complaints about required repairs or maintenance are mitigated when using a property manager. Their prime duty is to ensure that your Main Beach real estate investment runs as smooth as butter. This means you can sit back and relax as your property manager takes care of any speed bumps.
Landlord and tenant associations aren't always the most cheerful, which is why it's a good to have a property manager as an intermediary. Emotions won't get in the way as all communications will be relayed in a prompt and efficient way. Not that we can imagine you wanting to live away from Main Beach real estate, but having a property manager on hand will also release you from any ties to the area, or even the country for that matter.
As soon as you become a landlord, there is a mountain of legal obligations that you are expected to comprehend and sustain. If any difficult decisions arise, you need to make sure that you don't violate your tenant's rights. Fortunately, property managers are experienced and educated in all renting-related legal matters, and can help ensure that you stay on the right side of the law, no matter the circumstance.
In addition to the aforementioned tasks, property managers can also provide specialist insights on your Surfers Paradise property, such as scheduled developments in the area that could greatly affect the price.
If you're interested in property investment in the area, talk to the experts at Ray White. We can take you through the whole process from locating and purchasing rentals in Surfers Paradise, through to the management and upkeep.