There are many factors which influence how long a rental property may remain on the market before a suitable tenant is found. Some of these relate to the property itself, others to the agent selected to list the property, and others to the rental market at the time of listing.
While the following list is not exhaustive, it provides a good starting point for understanding the reasons impacting how long a property may remain on the market, and what can be done to up the pace.
There are many advantages of consolidating your investment property portfolio to be managed by a single property management company. The benefits range from operational aspects which make life easier for you as an investor, to being able to maximise your return on investment through having visibility of your investment properties as a whole.
When considering turning a home into a rental property in Newcastle, one of the first questions asked by a new landlord will be "How much will the rental property management fees be?".
As we advise each investor we meet, property management fees should be considered alongside a mix of many other aspects. The old saying "cheapest is not always best" certainly applies to rental property management fees.
Why? Here a just a few reasons (but don't worry, we also answer the question...!).
It's a question as old as property management itself. How many properties should a property manager be managing? How many is too many?
It is not a question we are asked frequently, but from time to time it crops up in meetings we have with investors.
The response to this question was interestingly responded to in the article "How Far Can A Property Manager Walk?". In summary, the idea is that if you were to be asked how far a property manager (or anyone for that matter!) could walk, your mind would be over-run with variables which make it difficult to come to a clear answer. How fit is the person? What supplies do they have with them? What incentive do they have to keep going? What support do they have along the way? How appropriate is their footwear? What are the conditions like that day? And so on.
It is a common misconception that when you buy an investment property, the same agency who sold you the house needs to manage the rental property for you.
Real estate agencies which offer both sales and property management services can make it seem easier or otherwise beneficial to use their services to manage the investment property for you once it has been sold. In reality, there is negligible benefit in this approach.
Leah Jay Property Management is a large property management company servicing Newcastle, Lake Macquarie and Maitland. As one of the first property management only services in the area, Leah Jay has been operating for more than 23 years.
Often when people working outside the industry learn what we do at Carnelian Property Management, we hear the comment "Oh, so you're like a Leah Jay". In some ways, this is flattering. Leah Jay Property Management is a very successful business and Leah Jay herself an inspirational woman.
There is no property management business perfect for everyone. As an independent, family-owned property management business in Newcastle, we know for example that some people are more comfortable with a "big name". Our personal and directly-accessible service is not for everyone.
We see part of our role in the local market as helping to educate investors and potential investors. At times, this means we will take a more detailed look at other property management options - not to coerce, but to clarify the differences.
Carnelian Property Management Newcastle NSW
We are a family-owned and run Newcastle real estate agent offering expert property management across Newcastle and Lake Macquarie.
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