by Brenda Ledwith on Friday, 6th of December 2019
It is often said that property is amongst the most expensive investment we can make as individuals, both for the purpose of owner-occupier living, or investing to build a portfolio of assets as a form of income. Whilst expensive to acquire, properties introduce a sense of opportunity, financial freedom, security, peace, family and growth, as well as a place of lifestyle and comfort.
Maintenance, upkeep and repairs can often be one of the most challenging aspects of getting the most out of your property, which is why investors should give careful consideration to choosing the right property investment agency to manage their asset. A responsive agency is always one of the key aspects to finding the right fit, and we explore the benefits of this below specifically for investors.
The Market Is Constantly Changing
The Perth property market is an ever-evolving landscape of supply and demand, with population growth, the strength of the economy and a series of market conditions driving peaks and troughs. One of the most famous quotes from Warren Buffet (business magnate, investor and philanthropist) advises that this market uncertainty should be welcomed, as he states, “Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.”
Having a responsive property investment agency behind the scenes can provide key efficiencies to ensure your property is leased to a quality tenant for the right price, given the current conditions.
Timely marketing campaigns can help landlords find the right tenant for a longer tenancy through the introduction of leasing incentives ahead of the property curve, helping to minimise vacancies and maximise the ability for returns. Gone are the days of ‘set and forget’ property management with today’s agencies required to remain nimble, dynamic and adaptable to change.
Things Don’t Always Go According to Plan
It’s an age-old phrase but Murphy’s law states that "Anything that can go wrong will go wrong." Appliances break down, structural wear and tear is inevitable and unplanned events can lead to damages, all of which require a property investment agency to have their finger on the pulse for quick-response solutions that minimise financial impact whilst maximising efficiency.
When maintenance issues occur, this can often introduce frustration for both the tenant and investor. An efficient property manager ensures problems can be diagnosed, communicated and quoted without delay, leading to faster resolutions.
Investors should be mindful of the networks of tradies and supplier relationships available to them when choosing an agency to help manage their property. This will ultimately ensure you are prepared for future issues which may arise and allow cost efficient, timely and high-quality solutions.
From competitive quotes and capacity for timely call-outs, through to quality suppliers and contractors, a responsive property investment agency is sure to have all of these boxes ticked.
Time Is Money
Time. It is the most valuable commodity in the world, and the key reason investors work with property investment agencies. Managing properties takes time, and for busy investors, this is something they are in short supply of. Choosing a responsive property management agency ensures your asset will be managed with minimal time required by the investor, leaving time to go about your priorities with the knowledge that your asset is in good hands. The hallmark of a great property management agency is one which responds quickly to maintenance issues, leading to a satisfied and loyal tenant and a happier landlord.
Whilst communication is extremely important with investors, a responsive property management agency will understand the balance between consulting landlords on significant issues and taking the initiative to handle smaller maintenance jobs without interrupting the busy day of the investor.
With prior consent and approval from the investor this can speed up the process of finding solutions, causing less friction to all parties. After all, the property management agency should be giving back more time to the investor, rather than taking away from it.
Investors Are Busy People
The sign of an efficient property investment agency is one who understands the need for flexibility around the schedules and commitments of busy investors. Some landlords who run businesses or are in full-time employment would rather communicate out of office hours or on lunchbreaks. These time poor owners prefer to communicate in ways that suite their lifestyle.
As is often the case for investors with extensive portfolios, work commitments can extend beyond different time zones, either interstate or internationally, throwing out the times of day to communicate and availability for phone conversations. A responsive property investment agency will have ways of communicating around these existing commitments, utilising software, technology and processes that slot conveniently into the busy lives of investors, with minimal disruption.
Long lengthy emails can scar investors with too much detail and information overload, with shorter, regular updates preferred as a way of communicating bite sized updates to help keep investors in the loop. The main objective of a property management agency is always to take the worry out of the equation so that investors can relax in knowing their property is in capable hands.
The Era Of The Digital Age
Poorly handled communication, lengthy delays in fixing up tenant issues and failure to be flexible in times of crisis can often lead to dissatisfaction from tenants. Keeping quality tenants satisfied is an underrated and commonly overlooked part of property investment. A quality tenant who is loyal can be a valuable element of an investors portfolio.
The best property management agencies recognise this and focus their attention on looking after tenants before issues become out of hand, helping to ensure there is no fallout from inevitable maintenance issues which may arise in rental properties.
This can be done by ensuring tenants have clear communication platforms available to them in times of crisis management, so that maintenance is done in a streamlined manner for optimal efficiency and minimal friction. By introducing dedicated software and sound processes, alongside a team of exceptional communicators, the formula for optimal efficiency can be achieved.
Choose an Award-Winning Agency
The aforementioned factors go a long way in helping Perth investors determine the most suitable property investment agencies, with responsiveness a key driver to maximise profit, efficiency and results all round. One clear way of determining this is to look for an agency who have proven themselves on the main stage of Perth’s most prominent agencies.
Perth Property Management were honoured to have taken home the award for 2019 Residential Property Management Team Of The Year, alongside our very own principal, Kristy Yates, being crowned 2019 Residential Property Manager Of The Year, in what has been one of the most successful years to date for our boutique agency.
Covered in our blog article here, these awards highlighted our approach to becoming the most responsive agency we can be, helping to drive results for our investors, whilst providing exceptional service to our valued tenants.
Unhappy with your current property investment agency and considering a change?
We welcome you to contact us today to explore award-winning service from our exceptional team.