Owning an investment property is an extremely rewarding project, and one that can generate great revenue for you if nurtured well. However, despite the hard work you would put in as an individual, it can also be a difficult and time consuming project.
Managing properties requires absolute dedication, both in the effort and in time. For many people, especially in this day and age, time is an extremely rare resource, and soon enough you could possibly find yourself bogged down, if you decided to manage your own properties.
That's where property advisors come in. An investment property advisor will be able to handle all of the work that goes into setting up and running the investment property, allowing you to reap the rewards without any of the added hassle.
There are many other reasons why you should consider hiring a property advisor. Here are five of the best ones, illustrating just what they can offer, on top of minimising the workload for yourself, and maximising the potential of your assets for constant revenue and future growth.
A professional property advisor will ensure that your asset is set at the correct rental rate, based on the home itself, its location, and the amenities nearby. They will be able to find and set a rate through their diligent research that will be both attractive to prospective tenants, whilst maximising the return on your investment as much as possible.
They will also be able to make sure that your vacancy rate remains as low as possible through setting the rental rates. This will ensure that your asset is always working for you.
Anyone that has gone it alone can tell you that managing rental payments can be extremely time consuming. A dedicated property advisor will have procedures in place to make sure that monthly rental payments are processed on time, removing much of the stress and hassle for you.
For those with vast property portfolios, this will be especially important as the paperwork for multiple assets will be far too much for someone who is not an expert in managing investment portfolios to deal with.
An investment property advisor will know the best way to market your asset, which demographics to target, how to make the most out of its location, and in turn find the right tenants to utilise your property. They are adept at identifying marketing opportunities, and will be able to utilise all the tools at their disposal to make sure your property gets seen as much as possible.
They will also conduct important research to make the most of your property's location, making sure that nearby amenities are highlighted and that the neighbourhood helps to further advertise your property.
Facilitating a positive tenant relationship is vital to make sure that your property has a low vacancy rate, and that the asset remains hassle free. Experienced property advisors are experts at creating a positive relationship with tenants, and are essentially able to take care of any maintenance requirements, inspections, or any other emergency type situations.
They are also there to resolve any unforeseen issues that may come up, allowing you to have peace of mind in knowing that your asset is in the right hands.
Your portfolio without a property advisor does have the inherent risk of not growing, due to numerous issues such as time, work involved, and even geographical spread. Having a dedicated individual to oversee your portfolio means that you won't just get the most out of any individual asset, but all of your properties overall will benefit hugely by having such an individual looking after them.
They will also be able to identify growth areas and pass on this valuable information on to you. They will offer you ways in which you can expand your portfolio, growing your revenue in turn.