How to Increase the Value of your Investment Property
If you lack the time or expertise needed for day-to-day management of your residential property investments, have you considered a property manager? The team at Upward Property Management can help you achieve the following:
Marketing
Marketing your rental property effectively to minimize vacancies and maximize income, knowing the rental market, what comparable properties are renting for, and what potential renters are willing to pay for a rental property. Upward Property Management has the marketing know how to reach potential tenants and the experience and resources to identify potentially bad tenants.
Vacancy Factor and Quality
Filling vacancies with the best possible tenants – this means low vacancy and quality tenants. Often, good tenants will only rent through a real estate agency because everything from initially viewing the property, negotiating and signing the lease agreement, dealing with maintenance and repairs - to making rental payments is more efficient and streamlined if a professional company is coordinating this service.
Typically bad tenants will target owner-managed rentals because they can't pass the stringent application process with property managers. They know that when a property is for rent by owner the rent will be less and there will be less scrutiny of their financial situation. Because bad tenants can't be evicted without notice and an eviction can take months and cost you money, Upward Property Management will perform reference checks as well as a TRA search which will help avoid potential bad tenants and associated problems. Also, a good quality tenant will often advise the agent if there is a repair needed, rather than let it keep occurring until the agent comes through for the inspection. This can often lead to a swift repair by the agent to prevent it from becoming a larger issue.
Negotiation
Upward Property Management will negotiate rental agreements on your behalf when a rent increase is due or even a new lease to achieve you the highest return possible. They will also respond to tenant requests and deal with problem tenants. This is always handy, particularly if the case ever leads to the Tribunal. A good negotiator can most times prevent a Tribunal hearing occurring, saving you on unnecessary tribunal expenses.
Maintenance
If your property is not maintained regularly, this can become quite costly for you down the track. Upward Property Management handles and coordinates six monthly routine inspections which include any maintenance items, handling of repairs as well as emergency repairs. They have the experience to avoid unnecessary repairs to save you money and they maintain and keep your rental property in good condition. After every tenant commences their lease, Upward Property Management will do an inspection within the first three months and then proceed to the six monthly inspections. If they find it necessary, Upward Property Management will organize to do quarterly inspections.
Communication
Upward Property Management will communicate effectively and continuously with you. This means they will relay everything to do with your property in the areas of maintenance, leasing, rent collection and arrears, advertising and tenant relations. They will return your calls and answer any questions you may have in relation to your property. Effective communication is often a breakdown in the relationship between agent and landlord which then leads to improper management of a property.
Rental Increase
If your property is not at the rent it should be you could be missing out on vital movements in the market and therefore substantial rent increases. A good knowledge of the local market and these trends provide Upward Property Management with the price that your property should be achieving. This can achieve a higher return from your property for you as the investor.
Collection of rental monies
Rent collection is vital to your investment – if the rent is not paid your investment is potentially not earning you any return. At Upward Property Management a rigorous rental collection process is adhered to ensuring the monies are collected and then transferred each month to the owners. This is pure peace of mind knowing that your investment is working for you.