Knowing property is one thing; market trends and calculating returns to choose the best investment is a completely different game to property management. In Auckland, both the commercial and residential property markets are tough and expensive games that require a lot of knowledge and effort to play successfully.
While you might have a lot of experience with the local market and investing, not everybody is cut out to be in property management.
Managing your properties professionally is one of the most important parts of retaining tenants and growing a positive reputation. Especially with the rising trend of property review among renters online, effective property management is critical.
Professional Property Management
A professional property manager serves as a liaison between landlords and tenants, taking care of everything from finding occupants to day-to-day operations. If you don't have a lot of experience or the time to be dealing with advertising through dozens of local listings, dealing with queries and tours for potential renters or complaints if there are problems, hiring an Auckland property management firm to do the work for you ensures you maintain a professional reputation and a list of happy occupants in all of your properties.
Property managers typically charge according to gross rent - usually a very low percentage - but prices can vary depending on exclusivity and the amount of work they take on.
What to Look For
Look out for a management company that covers the basics. They should generally take care of:
Property inspections
Rent collection
Repairs and maintenance
Tenant management
Accounts
Evictions
Advertising and leasing
Other responsibilities are negotiated by the owner and costs are agreed upon beforehand. It all comes down to what you want control over and what you feel comfortable letting your manager deal with. It might pay to do a bit of research about the company online and talk to other owners to see if they have had or heard of anybody having negative experiences with a particular local manager.
A property manager can help you focus on what you're good at - especially in a market like Auckland where your time could be better spent elsewhere. If you have a few properties in your portfolio or you just don't like the idea of managing tenants, finding a good property manager can make a world of difference to efficiency and the potential of your investments, all while maintaining a great reputation among tenants.
While you might have a lot of experience with the local market and investing, not everybody is cut out to be in property management.
Managing your properties professionally is one of the most important parts of retaining tenants and growing a positive reputation. Especially with the rising trend of property review among renters online, effective property management is critical.
Professional Property Management
A professional property manager serves as a liaison between landlords and tenants, taking care of everything from finding occupants to day-to-day operations. If you don't have a lot of experience or the time to be dealing with advertising through dozens of local listings, dealing with queries and tours for potential renters or complaints if there are problems, hiring an Auckland property management firm to do the work for you ensures you maintain a professional reputation and a list of happy occupants in all of your properties.
Property managers typically charge according to gross rent - usually a very low percentage - but prices can vary depending on exclusivity and the amount of work they take on.
What to Look For
Look out for a management company that covers the basics. They should generally take care of:
Property inspections
Rent collection
Repairs and maintenance
Tenant management
Accounts
Evictions
Advertising and leasing
Other responsibilities are negotiated by the owner and costs are agreed upon beforehand. It all comes down to what you want control over and what you feel comfortable letting your manager deal with. It might pay to do a bit of research about the company online and talk to other owners to see if they have had or heard of anybody having negative experiences with a particular local manager.
A property manager can help you focus on what you're good at - especially in a market like Auckland where your time could be better spent elsewhere. If you have a few properties in your portfolio or you just don't like the idea of managing tenants, finding a good property manager can make a world of difference to efficiency and the potential of your investments, all while maintaining a great reputation among tenants.
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