Kim from Bundall has asked a question…
[blockquote]”I’m looking at buying an investment property but wondering what the rental market is currently like and if there is a high demand at present. I’m scared I will not rent it out. If I engage a Real Estate, what should I look for in a Property Manager?”[/blockquote]
The Market is very buoyant at present with good rents being achieved for good quality units in all areas on the coast at present. Most of the First National agents are reporting less than 1% vacancies rate at present
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Getting good financial advice before you embark on the journey is always advisable, how much can you afford, will you be positive geared or negative, location, pre-existing verses new build are all matters to be considered, are you eligible for first home buyers grants. What sort of property attracts good quality tenants, is ground floor better that higher floors. Will a lock up garage secure more income that a security park. Talking to a financial adviser and a good real estate agent should answer all your question to enable you to make the right decision.
What to look for in a Property Manager
Experience is the most important area I believe, how long have they been in property management, how often do they participate in training, what technology do they utilise to ensure high levels of communications, timely leasing of the property and management of maintenance issues. What strategies do they have in place for tenant selection. Lease renewals and rent reviews, What are their procedures if the tenant falls behind in the rent. How often do they conduct routine inspections to ensure the tenant is maintaining the property and how do they report. You should think of it like a job interview, go armed with lots of questions.
Remember, if you discount the fee, you discount the service, cheap is not always best, you may get a discounted price but at what cost.