Property management: What are the benefits of good relationships?
Property managers are a great asset to have on your side if you own investment real estate in Surfers Paradise. This is especially true for first-time investors or those without the time and skills to effectively run an investment portfolio. After all, creating a successful property venture can be a lot of work and takes a huge amount of time and effort to get up off the ground and running.
One of the things that property managers often excel at is building relationships with people throughout the local community. The benefit of managing property full time means you bump into a lot of interesting people that you can become acquaintances with. Here are some of the main benefits that can come from utilising a well-connected property manager when it comes to looking after your own investment portfolio.
A close relationship with local real estate agents
One thing to take into consideration when it comes to selecting a property manager is how closely they work with local real estate agencies. There are many benefits that come from these professionals being in close, consistent contact with people who eat, sleep and breathe property.
For example, understanding the currents and trends happening in your local area is a remarkably useful skill for a property manager to have. When setting weekly rents or measuring the growth in capital gains of your portfolio, having the base facts and figures – as well as the specific insights into your community – gives them the edge needed to make the right financial decisions in the long run.
Established contacts in the local business landscape
Another perk of living and working in the same area as the portfolios you manage is that, as a property manager, you often build close ties to local business as well. Frequently visiting places for supplies to help you keep the properties in tip top condition – like tradespeople and hardware stores – builds a rapport with the owners.
This sometimes results in professional discounts and other benefits for property managers, with these savings then passed down the chain to the investor themselves. Furthermore, being involved with the local community in an insightful way can illuminate different pieces of information about the local economy.
Understanding the growth patterns of a community is one of the main skills needed for a property manager, so being able to gauge these ripples across the area can be a great way for your property manager to plan ahead and make the most insightful recommendations possible.
Good rapport with your tenants
Finally, ensuring you find a property manager with great interpersonal skills is essential because they'll act as the link between yourself as the landlord, and your tenants. Hiring them to look after your portfolio means more than simply taking care of the home and the day-to-day running of the property. Being able to quickly and actively respond to tenant queries and complaints with a professional air is hugely important.
Ensuring your tenants pay their rent on time while creating a healthy living environment is the main role of your property manager, so before hiring them it could be worth asking for some of their references. Understanding how they've interacted with current and past portfolios can paint a picture of their approach to the job and give you the chance to decide if they're the right manager for you.
These are just some things to consider when looking for a property manager. Their interactions with the wider community can make or break how successful your investments are, so take the taking the time to find the right person for the job is essential.