Everything in life that you wish to truly excel at involves a sharp learning curve and your journey as a property investor is no different.
One of the most important lessons all successful investors have to learn is to look at property investment as a business operation involving a number of key players.
There is no one alive who can go it entirely alone and you soon realise that it requires a great strategic advisory group around you to ensure your financial investment is performing the best that it can be.
So who are the potential players you will need in your team?
- Accountant
- Lawyer
- Mortgage Broker
- Financial Planner
- Property Advisor
- Wealth Coach
All of the above are going to have a major effect on how well your investments perform and it is crucial that they have your trust and are able to work together in your best interests.
Then of course there is also the role that your property manager plays in this team as well, after all you have actually spent numerous thousands of bucks on an investment property.
It’s vital to make sure that your residential property manager recognises their role within your team as a successful property investor. It is their job to optimise the return that you’re obtaining, which when executed correctly, is an invaluable asset to your investment team..
Your property manager exists to manage your “business”, your property, on behalf of you, the client. They offer customer support in your place to your business client, which is your tenant.
It’s easy to see your property manager as merely a rent collector. Still, it’s important to understand the nitty-gritty to ensure you make wise strategic decisions long term regarding your investment property.
They’re going to promote your property, take individuals through the inspections and application process. They’ll likely handle your rental defaults, and they understand the legislative framework that your investment operates within.
They’re going to review your rental amounts and also ensure that you’re optimising your return. They’ll manage maintenance on your property, and also take care of emergency issues that require a quick response and solution.
What about if your tenant intends to break the lease early? Or you need you to break the lease? Do you know the legal obligations surrounding those scenarios and/or the time to enforce the correct procedures?
Your property manager is also likely handling water invoicing, bill settlements and a number of other regular tasks that they tick off as your manager.
And let’s not forget the most integral part, managing the communication and smooth operation of all the above elements and associated parties.
I hope that gives you an idea of how much is involved in running your investment “business” effectively and successfully and why it’s, actually essential that you pick a property manager that understands the importance of their role and goes above and beyond to deliver.
Property management is actually quite a big task with a lot of components so you don’t want to work with somebody that doesn’t understand the basics of the game.
Realising the importance a property manager has in your property investor journey is a big part of long-term property investment success.
Like every other person you work with, your property manager needs to be a team player who understands the bigger picture of your investment objectives and ensure their every move is in your best interest.
Hopefully, that’s given you plenty to think about and please get in contact with us if you have any queries.
