Property Management—The hidden ingredient of successfully investing in property. August 2004 RETURN
Purchasing property is just the start of the process needed to create wealth by investment. With out solid and sustainable returns from your property over time, any investment can be highly compromised. As Estate Agents heavily involved in creating wealth for our clients, we see many different approaches to Property Investment from ultra conservatism to full on speculation. As different as individual investors may be, it is pleasing to note most will still go through an exhaustive process to select their purchase. Lots of consideration may be given to location, rental income, depreciative write offs etc. What is totally baffling to us is the lack of attention given to the selection process for the Management of the property. The reasons for selection can be many: we bought through them, we like their boards, the Sales staff are great etc. The Property Manager chosen can effect a property’s income by up to 40% per annum. This will dramatically influence its overall returns and the costs associated with funding one’s investments. The prime reasons for selection of your Managing Agent should be all about whether they the have the capacity to do the Service professionally and can maximise your income ie: Are they specialised in Property Management and have experienced, Professional staff with full admin support or do they expect a defacto receptionist/Manager to handle your business? Can they provide the proper Investment fundamentals to help you select your purchase and determine the maximum price range to pay? Do they use state of the art computer systems to cope with the requirements of modern Asset Management? Can they analyse the performance of your Property Portfolio or provide detailed summaries for your Taxation requirements? Do they have prominent office locations that attract Rental inquiry for vacant properties? Do they have long term experience in the immediate area of your Property to establish Rental values and read the Rental Market for you? Will they take all the cares & worries of renting property off your shoulders? If any Agent cannot meet the above criteria, your returns may be compromised over time. We have specialised in Property Management for decades and efficiently handle property for hundreds of our clients. Should you have any queries regarding the Investment or Management process, please contact Sharon Thomas and her friendly staff at 9376.2211.
Purchasing property is just the start of the process needed to create wealth by investment. With out solid and sustainable returns from your property over time, any investment can be highly compromised. As Estate Agents heavily involved in creating wealth for our clients, we see many different approaches to Property Investment from ultra conservatism to full on speculation. As different as individual investors may be, it is pleasing to note most will still go through an exhaustive process to select their purchase. Lots of consideration may be given to location, rental income, depreciative write offs etc. What is totally baffling to us is the lack of attention given to the selection process for the Management of the property. The reasons for selection can be many: we bought through them, we like their boards, the Sales staff are great etc. The Property Manager chosen can effect a property’s income by up to 40% per annum. This will dramatically influence its overall returns and the costs associated with funding one’s investments. The prime reasons for selection of your Managing Agent should be all about whether they the have the capacity to do the Service professionally and can maximise your income ie: Are they specialised in Property Management and have experienced, Professional staff with full admin support or do they expect a defacto receptionist/Manager to handle your business? Can they provide the proper Investment fundamentals to help you select your purchase and determine the maximum price range to pay? Do they use state of the art computer systems to cope with the requirements of modern Asset Management? Can they analyse the performance of your Property Portfolio or provide detailed summaries for your Taxation requirements? Do they have prominent office locations that attract Rental inquiry for vacant properties? Do they have long term experience in the immediate area of your Property to establish Rental values and read the Rental Market for you? Will they take all the cares & worries of renting property off your shoulders? If any Agent cannot meet the above criteria, your returns may be compromised over time. We have specialised in Property Management for decades and efficiently handle property for hundreds of our clients. Should you have any queries regarding the Investment or Management process, please contact Sharon Thomas and her friendly staff at 9376.2211.