The Best Qualities of a Property Manager

The importance of property managers is not new to anyone, especially to the landlords, buyers, sellers and tenants. Real estate management is a career profession and is booming in every corner of the world. The manager works either directly for the owner of real estate properties or works for a real estate management firm. Nowadays, owning a rental property anywhere on this planet requires the assistance of property management services which are professional and efficient. Not all managers have the same competency to find you a rented house or a house to buy. Hence, you need to consider certain things before hiring a manager:. Wondering what are these? Check out here:

Reliable and ethical

Property managers need work on a code of honor while they deal with other people's trust and money. While collecting rent, laundry machine money, maintenance charges, security deposits, etc. the managers should maintain a fiduciary relationship with the property owner. While the owner entrusts his money and property, the manager must be honest with these. The managers must perform at the highest level of integrity.

Local ordinances and state laws

There are separate land laws of every place and every country. The Government usually decides on how the real estate is to be managed. The manager needs to stay updated with the legal requirements of managing real estate so that he or she can take right decision and correct action whenever required.

Organised and detail oriented

The property manager, while collecting rent, must also ensure that the rent is paid and updated in the tenant's account as “Received”. He should maintain financial records with details of each and every transaction. Also, it is their duty to remind the tenants about the rent increase, lease renewals, lease expirations, etc. In short, the manager must be able to multi-task based on priorities.

Technical competency

In today's date, a property manager should have computer competency along with other technical skills like typing, driving, etc. The methods of mail merging, emailing and faxing need computer knowledge. Also, he or she should be in complete command of basics of computer usage. Only then they can efficiently handle all tasks.

Communication skills

The property managers must have good communication skills as they have to deal with people coming from all walks of life and all corners of the world. Hence, the managers must be able to document their cases in front of judges, negotiate with vendors, and talk to owners and tenants even when they are in bad state of mood. They should always deal with their clients in professional manner.

Flexible mind

The managers must have a flexible mind as this is a volatile profession. They should have ability to accept changes of law and have positive and unbiased attitude, obey fair housing laws, etc. They should not mistreat tenants.

Hence, hire the one who will completely understand the priorities and interests of the homeowners, landlords or home sellers. Make sure you hire a professional who had all these competencies and abilities.

Why Is Your Property Safe When You Contact Letting Agents?

It does not matter how the current housing market is, when we plan to invest on property. This is because investing on property is one of the most stable ways to gain a good profit. If you need to get good profit out of the investment made, it is very essential to maintain the property the right manner. If you need to rent your property to someone, and if he is responsible for the taking care of the property, then the risks of maintaining it will be lesser. Since at times it is not possible, the wisest move would be to contact the leading in your neighbourhood for taking care of your property and to give you better returns. Such agents will help you a lot when you are living not so close to your property and if you are not able to take good care of it on a regular basis.

Why to contact a property management company

When you contact a property management company, you will be assured of getting the right service that will take care of your property in a much more responsible manner. If you are planning to shift to another state or region, and if you need someone to take care of your property and rent it to the proper tenants, checking the maintenance work and other related things, then you can rely completely on such property management companies.

What does a letting agency do?

A letting agency makes sure that your property gets the right tenants of your choice. They will give advertisements in the local newspapers or other media and then contact the people who are interested to rent your property. You will be informed about the ones who are interested to rent your property so that you will be able to make a good decision regarding choosing the right tenant. All the paper work related to the renting procedure is handled by the property management company without any fail.

Internal audit to ensure that no damage is caused to the property

An internal audit is conducted as soon as the house is about to be rented. This audit is conducted as soon as the tenant moves from the property so as to ensure that the property is maintained and that no damage is caused to it. Thus this will give complete relief for the land owner who need not take complete responsibility of the property as a whole. Regular maintenance work will also be taken care of by the property management company. Tenants too will be getting a lot of benefit if the property is taken care of by a property management company.

Who will get maximum benefit?

The management company will also make sure that the monthly rent will reach your account without any fail. In short, the complete responsibility of the property will become theirs, as soon as you decide to come in terms with a management company for renting out your property. People who are living far away from their property and people who own multiple properties will find a lot of benefit when they contact a property management company.

Landlord-Tenant Relationship

Be approachable: Make sure that your tenants can contact you by phone or by e-mail if it is more convenient, should they need to. Responding to requests promptly will help tenants to feel listened to and supported.

Give advance notice: As the property owner, you may feel you should be able to visit regularly to ensure all is in order. Bear in mind, however, that while it is your house, it's your tenants' home, and it's not sensible to enter the property without their permission for any reason. The law states that you should give the tenant reasonable notice (which is deemed as at least 24 hours) should you need to view the property.

Be fair: It is only natural that items should break through wear and tear. If this happens, consider whether the item was old and needed replacing anyway. If so, it might be your responsibility to replace said item, not the tenant. Equally, it's important to convey to the tenant what breakages they will be liable for in the tenancy agreement, with costs if possible.

Property Maintenance: Make sure that you fulfill your duty to tenants by fixing problems as soon as they happen. Communication is important here. If your tenants feel they cannot come to you with a problem or breakage, they may try to fix the problem themselves and make it worse, or leave an issue for a long time, which could compound the problem.

The importance of proper insurance: You do not need to have specific landlord insurance, but it is definitely worth considering, as there are a host of benefits. Some companies offer Legal Expenses Cover that gives you financial reassurance should a dispute with tenants lead to legal action, as well as cover for any malicious damage or vandalism by tenants. It's also worth looking at providers who offer optional rent guarantee cover that protects you in the event that your tenant fails to pay their rent. This could also give you the peace of mind needed to take a tenant who perhaps appears less ideal – financially speaking – in the first instance.

EPC: Every property has to be let with an Energy Performance Certificate. EPCs also include an estimate of the size of the property, which can be useful when comparing properties. As a landlord, ideally you want a property with a high rating or one that is easy to increase the energy efficiency. If you have a good EPC rating (within A to C), this should appeal to prospective tenants as it means lower heating bills. New builds should have an A rating and the worst properties will be those with no loft insulation, double glazing or cavity walls.

You can organize your EPC by choosing an energy assessor from epcregister.com or your letting agent should be able to do this for you. Property management companies like assured properties have included this under landlord services. When buying, check that you can use the EPC from the vendor.

Property Management 101 – My Predictions – Renting Vs Home Ownership

Once upon a time everyone started off by living at the family home until they could save for a home of their own. There was a very clear line when I was growing up, of the home owners and the renters and the latter were typically looked down upon. It was considered even worse if you grew up in public housing.

The dream for everyone was to save a deposit as soon as possible to buy a first home which was expected to be upgraded at some point to the family home. This was usually a bigger home with a yard for the kids and was positioned closer to schools.

As children moved out and the parents aged, home owners then downsized again to a smaller home or unit. Nursing homes were not so common and children usually took on the responsibility when Mum and Dad could no longer live by themselves in their own home.

As time progressed and the finances changed, as well as wanting everything sooner, the attitude changed as well. Young people started moving out and renting either with a partner or with friends until they settled down and could afford to buy a house.

It would not be unusual for three or four people to rent together in a share house until in their 20's or 30's when everyone paired off. They would typically move in with their new found love and start a family in their own home. Careers took priority over family for a little while. People seemed to be buying a bit later, however the dream was still very real; to own your own home and have a family.

The new trend that I am seeing is that we are back to two types of families. The first is the traditional home owner. The new, second type is the ‘lifestyle renters'. These new type of families no longer want a home of their own.

Some lifestyle renters want to live in an area such as the Gold Coast that they could never afford to buy and want the prestige that a higher class area can offer. While they can afford the rent, they don't want to, or cannot commit to the mortgage and maintenance of a home.

Others can afford to buy, however they like the flexibility and freedom to move every few years for work or for a change of scenery. They live comfortably and enjoy life.

Then there are the investors. Some investors have multiple properties and use that income (rent) to pay for the rent in their higher priced rental property. We have clients who own multiple properties and choose to rent for many reasons.

The interesting thing for me, is that renters are no longer looked down upon like they once were. It is fair to say that there are still lower income areas, that are unfortunately judged differently. However, I feel that overall people are accepting that some people will just never own a home by choice or design. Without people renting, a whole industry of Property Managers would not exist, so I love our tenants and I am glad that others in society do to!

I predict that Lifestyle Renters will grow as we want better lifestyles with more flexibility.

Some Tips Through Which You Can Increase Your Income From Your Property!

In a world where money has become a primary thing, people are running around to find extra sources of income in order to live their life comfortably. Property management has emerged as the newest form of investment through which people can easily maximize their income without any extra effort on their part. Suppose you have an extra property. You can easily double it up as a holiday home and earn a sufficient amount of money from that property itself. Some people are also opting for property management in their own home. When they go out on holidays, they rent it out to guests and earn a good amount from that.

Points to keep in mind before investing in property management

There are some important points, which should be kept in mind before you invest in a property.

• Firstly, the property has to be transformed into a holiday home following the complete rules and regulations. There are many legal regulations, which have to be followed in order to make the property a holiday home, and if you do not follow the rules then you can easily get into a plethora of legal hassles.

• Secondly, stock the holiday home with all the emergency necessities that your guests might need which include things like flash lights, first aid box, fuses and so on. Not paying heed to these requirements can easily blow an emergency out of its proportion.

• Thirdly, pay heed to the cleanliness of the area and make sure it is kept clean and tidy always.

• Fourthly, pay attention to the repeat customers. It is those repeat customers who are responsible for the most profit out of holiday property management.

• Lastly, focus on the marketing of your holiday home. It is those marketing strategies, which serve the most when you are looking for more profit from your holiday home.

Look for a little help

Most people engage in holiday property management all by themselves. Then there are other people who are unable to take care of the property due to some problems on their part. For them there are many concierge services, which undertake all the responsibilities on your part. They will look after the property, welcome the guests, keep the area clean and you can take the profit without any effort on their part. Many guests prefer the holiday homes, which have concierge, services because through these services the guests get many kinds of added benefits like holiday trips or restaurant bookings and so on and so forth. Concierge connections can be beneficial to you I the long run. So make your choice wisely.