TOP 5 REASONS YOU SHOULD USE A LOCAL PROPERTY MANAGER

Choosing a company to manage your investment is the second most important step following the initial decision to buy an investment property. Not only is it essential you do your research and ensure a few things like the company is experienced, operates with the service you are looking for and aligns with your values, but it is also important that your chosen property manager understands the local area your investment is located in. Engaging a property manager that lives and breathes the local market is essential. It can minimise vacancy periods, increase your rental return and will boost your confidence knowing that someone is close by should a crisis arise.

 

 

1. LOCAL PROPERTY MANAGERS KNOW THE AREA

This one is simple really. A locally based property manager knows the local rental market. If they have been based in an area long enough, they will understand the ebbs and flows of the local rental cycle. For example, if a particular time of the year is quiet rental wise or busy, being armed with this insider knowledge is very valuable to an investor who may be considering getting rid of tenants or increasing the rent. If the cycle is in a slow period, you could be out of pocket for a significant amount of time until the market improves or a new tenant is found. Like with anything locals-only knowledge is invaluable. If your property isn’t renting because a new housing development has popped up around the corner, an out of town agency may take a few weeks before they work out why. In that time valuable income has been missed because you’ve priced it too high as a result of competing with a larger supply of properties in better condition than yours.

 

2. LOCAL PROPERTY MANAGERS WILL PRICE THE PROPERTY RIGHT

A vacant property costs you money, and our job is to minimise vacancy periods. One of the quickest ways to increase a vacancy period is by advertising the rent too high. A locally based property manager will be armed with actual rental data, not just what is currently being advertised on the internet. Start too high, and you can guarantee there will be no enquiry and each day there isn’t enquiry your prime advertising position gets pushed further and further down the list of available rentals.

 

 

3. LOCAL PROPERTY MANAGERS WILL RENT YOUR PROPERTY FASTER

There are a few reasons a local property manager can rent your property faster. Being locally based and close to your investment means that they can schedule viewings several times a week (iThink Property opens properties twice a week and always on Saturday). If your property manager isn’t local the viewing times would be minimal to avoid wasting time with a trip to the property. A local property manager is also able to open the property to potential tenants at short notice and after hours if required for a good prospect. Local property managers also have the flexibility of sharing properties with tenants, one good applicant may miss out on a property, but with other a host of other properties locally they can be moved onto another property.

 

4. LOCAL PROPERTY MANAGERS CAN KEEP AN EYE ON YOUR PROPERTY

Local property managers can keep an eye on the property, not just when you have you Routine Inspections but in between inspections as well. There’s every chance a property manager has other properties in the area as well, so they will be around your property a lot more regularly than if they weren’t close and had minimal other properties in the vicinity. For example, they would be able to check if lawns are overgrown or cars are parking where they shouldn’t be. If the you know what hits the fan, a local agent is also close by to check at short notice, for example, if they suspect the tenants may have abandoned the premises.

 

 

5. LOCAL PROPERTY MANAGERS FOSTER BETTER RELATIONSHIPS WITH TENANTS

A local agency is invested in the local community and understands their tenants better than anyone. Good property managers aim to make tenants feel content and comfortable in their new home. The more satisfied tenants are more likely they are to stay in the property longer, look after it and cause fewer hassles. If maintenance is dealt with promptly and they have someone they can communicate with over issues or rental payments, you usually develop a good relationship with them. Keeping good tenants is critical for an investor, less vacancy means more money in your pockets and less hassle finding new tenants.

 

I guess at the end of the day if you wanted to sell your property in Brisbane, you probably wouldn’t use an agent from Sydney, the same principle applies to property management. I can also speak from professional experience, it is very hard to manage properties outside of your core areas, unless you have a very experienced and dedicated property manager with a smaller portfolio, so that they can dedicate effective time into their schedule to deal with non-local properties and issues as they arise.

 

 

KYLIE WALKER – DIRECTOR – BUSINESS DEVELOPMENT & MARKETING
07 3202 3040
Starting out with a career in the media, Kylie brings a wealth of communication and marketing skills to the team at iThink Property. She helped launch and develop the company’s rent roll several years ago and has organically grown the business with iThink Properties rental network now spanning Ipswich, greater Brisbane, Toowoomba and the Gold Coast.

 

 

 

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